A $24 million sale to overseas investors has brought relief during a time of economic uncertainty for Jacks Point developer John Darby.
Brian Chang and Alice Pei Ru Lee, of Singapore, have bought 14 lots (31.71ha) of the 36-lot Tablelands subdivision around the golf course, near Queenstown, in stage 2 of the $1 billion village development. Mr Darby said he welcomed the investment, which would help after the economic downturn.
"It's great. We've had considerable inquiries and increased sales activity at Jacks," he said.
Just four lots remained unsold at Tablelands, he said.
The two families from Singapore would be building homes on two of the 2ha sections and using the rest as an "investment", he said.
The investment was made with the approval of the Overseas Investment Office.
The office's decision says the pair intend to keep two of the sections and sell the rest.
They will complete earthworks on some of the sections to create ponds and water features.
"Those ponds will improve the properties, enhance the visual amenity values of the Tablelands lots and increase the marketability and saleability of those lots and the Tablelands subdivision generally," it says.
According to Forbes, Mr Chang (63) is the 37th richest person in Singapore, with a worth of $183 million.
He is chairman of Yantai Raffles Shipyard Co Ltd.
The pair were directors of Henley Downs Holdings Ltd, which owned 706ha of the land at Jacks Point but has since been removed from the New Zealand companies register.
Queenstown Lakes District Council made a variation to the district plan in 2004 to allow the residential and commercial development of 1400ha near the Remarkables, earmarked for the $1 billion Jacks Point village development.
Dunedin City Council-owned electricity contractor Delta Utility Services bought 100 sections of the Jacks Point development in July.
The deal is understood to have been for between $2 million and $3 million.
The sections are retailing for about $300,000 each.
