RP and AP Investments bought the Roxburgh property more than six years ago and gained resource consent from the Central Otago District Council in May 2005.
In April 2007 the subdivision plan was certified under section 223 of the Resource Management Act (RMA), after the council had asked RP and AP Investments to commission a geotechnical report in 2004 before granting consent. In December 2007 the CODC asked for another report, this time confirming all infrastructure of the subdivision had been undertaken in accordance with recommendations in the original geotechnical report.
RP and AP Investments director Steve Grevatt told the Otago Daily Times engineering issues had prevented the subdivision from being granted titles by the District Land Registry.
Before consent holders can apply for titles the council has to sign approval under section 224C of the RMA.
"We are still in the process of working . . . with the council and engineers," he said.
Individual purchasers of 14 sold sections within the 24-lot stage one development have been unable to build.
Mr Grevatt, of Hawkes Bay, said once property titles were granted, the purchasers, whose initial deposits had been held in trusts, would be able to pay the balance and own sections.
It would then be their choice to build.
More than $1 million has been spent developing the site, designed to eventually house stages two and three, comprising 21 residential sections and six prime sections respectively.
