Huge interest is expected in a 150-section subdivision called Bridesdale Farm, at Lake Hayes.
The development, between the Kawarau River and the Hayes Creek subdivision, is understood to be offering sections, some as small as 300sq m, for less than $200,000.
It will also offer more expensive 700sq m to 900sq m plots.
The company's application to consider the land a ''special housing area'' has the Queenstown Lakes District Council's conditional approval. It will be forwarded to Minister of Housing Nick Smith for approval.
Today's marketing push for Bridesdale Farm comes at a time when local property experts say Queenstown urgently needs more residential subdivisions.
Not only will Bridesdale cater for the burgeoning population but a surge of new sections should ensure property prices do not get out of control.
Queenstown's Bayleys Locations executive director Stacy Coburn, whose company is the listing agency for Bridesdale Farm, said: ''There's a scarcity of new, developed residential land of this size coming on line, and given our growing population, timing couldn't be better.''
The 40ha Bridesdale farm, formerly owned by Queenstown's King Allen, was bought last year by Bridesdale Farm Developments.
A price list has not been released yet but it might cost about $450,000 to buy land and build a three-bedroom house.
That compares with Queenstown's median property price for the past 12 months of $595,000.
Council communications manager Michele Poole said there had been 16 expressions of interest from developers for ''special housing areas'' in Wakatipu.
Under a Queenstown Lakes housing accord signed by the Government and council last October, qualifying developments in these areas can be fast-tracked. - Mountain Scene
