Dunedin businessman Roger Fewtrell established DRDL 2023 about two years ago with the aim of selling houses to "people stuck in the renting loop and needing a boost to help with their and their family’s future".
Yesterday, he said the company now had about $15 million or $16m worth of property it was developing — enough for about 200 homes — and its first sales were imminent.
"There’s quite a bit happening."
Consent was granted for a seven-apartment redevelopment of the former Trustees Executors Building in 24 Water St last month.
That project would go to tender in about two months, Mr Fewtrell said.
The city-centre one-bedroom and two-bedroom apartments would go to market after fit-out, he said.
The company had also bought the former Scoullar & Chisholm Ltd furniture manufacturer’s building in Rattray St, which was scheduled to be converted into apartments.
In North East Valley, behind Ross Home, work continued at an 18-lot subdivision.
Retaining walls, roads, drainage and electricity were all being put in at the site.
It would probably be about five months before construction began on houses there and about 18 months before the first houses were occupied, he said.
A greenfield development under way in Kaikorai Valley Rd, where 15 homes were planned, would likely be completed first.
It had about 6.5ha in Panmure Ave, where "70-odd" homes would be built.
There were four properties at the top of Baldwin St, eight in Larnach Rd, three in Challis St and seven in Mosgiel.
"They’re all over the place."
Mr Fewtrell said the company had about 15 subdivisions under way around the city.
He made headlines across the country last year when his plans came to light.
After selling catering and hospitality company Southern Hospitality in 2023 he established DRDL 2023 where first-home buyers with a 10% deposit could apply to be a part of the scheme in which Mr Fewtrell will top up the deposit with an extra $100,000.
Mr Fewtrell said he felt his project was on track despite the weak economic outlook for property markets.
"I’m planning on losing money on it, so it doesn’t worry me too much.
"I’m your crazy property developer, really.
"The budget’s to build 250 houses and lose $25 million, so I think I’ll manage that all right."
