Pegasus, a planned new town north of Christchurch, yesterday raised $122 million in under seven hours of property sales.
The proposed 340ha Pegasus Town, 25km north of Christchurch, will be the biggest development of its kind in New Zealand and yesterday's auction was one of the country's biggest residential property
sales.
Bob Robertson, the chief executive of the company behind the development, Infinity Investment Group Holdings, told The Press the sales had exceeded the $50m to $100m target.
About 78 per cent of the more than 700 sections on offer yesterday were sold and Mr Robertson expressed confidence the remaining sections would sell quickly.
Pegasus is expected to cost about $1 billion to build and will eventually house 5000 residents, if all goes to plan.
It will also have several luxuries exclusive to its residents, including retail sites, apartments, a 13ha lake, wetlands, golf course, primary school, surf club, aquatic centre, hot mineral pools, equestrian centre, library, retirement village and a hotel.
- NZPA
