Chinese developer Far East plans $300m NZ pipeline
An overseas property developer has announced plans for a $300 million pipeline of commercial and residential projects in New Zealand.
Chinese-backed Far East plans to start with a 39-terraced housing project in Auckland's Hobsonville, and says it is the first stage of a wider 150-house development.
The same company has bought a 3406 square metre site adjacent to Albany Mall on the North Shore, which is earmarked for more than 200 apartments plus retail and parking.
Far East marketing manager Daniel Zou said the company had also identified other potential development sites in Auckland and Wellington, which could include office buildings.
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He said Far East's move into the New Zealand market was spurred by the strong demand for housing and the wider range of housing options that Kiwis were considering.
"We spent a long time analysing the New Zealand market to determine the developments that would best suit local demand."
Pre-sales are underway through Bayleys, and the terraced housing project is due to be completed in late 2018.
Far East is part of the JiaHe JianAn Group, based in China, which has built apartment developments in Perth and Sydney.
The project will managed by New Zealand's Greenstone Group.