Stage one of the intensive housing Springpark estate of 420 dwellings in Mt Wellington has already been sold.
The receivers of a company developing one of New Zealand's biggest, most intensive affordable housing estates say buyers pre-purchase deposits are secure.
Some 420 apartments and townhouses are planned for the Springpark estate on a 10.5ha site in Auckland's Mt Wellington and the first stage of the development is expected
to be completed next year.
Springpark is seen as an affordable homes project, with townhouses in stage one priced from $399,000 to $554,000. Most of stage one has already sold.
One of the companies developing Springpark, Panama Road Developments, was put in receivership earlier this month by Crown Finance, said to be owed $2 million.
In a statement this morning, Panama Road receivers Steve Tietjens and Kevin Gillespie said all pre-purchase deposits paid for homes in stage one of the development were secure in a trust account.
