Villasqueenstown.com's Wayne Foley and business partner Bert Govan, of Christchurch, are behind Killarney Way, an enclave of eight luxury villas in what the company calls a "dress circle" on Queenstown Hill.
Each three-bedroom, "three-and-a-half bathroom" villa has an area of about 300sq m.
Mr Foley said the villas were designed to have a "great appreciation" of amenity value, with emphasis on living areas that flowed into gardens and courtyards.
"When we looked at the design, we wanted features that would really set us apart from other villas or apartments on the market, with real points of difference."
Jim McKie, of Dalman Architecture in Arrowtown, had designed villas with multiple levels of connection to one of the most spectacular sites on Queenstown Hill, he said.
The properties could be occupied full-time or bought as holiday homes, or put into the company's accommodation-management project.
Villasqueenstown.com recorded 12 out of 14 Commonage Close villas sold in 2008, sales for the year coming to just under $12 million with an average sale price of $2.87 million per villa.
"All the buyers have been international, most from Australia.
"We've also successfully sold . . . fractional-ownership interests in villas that have enabled purchasers to secure ownership and usage of these villas for a quarter of the price," Mr Foley said.
The company saw the evolution of fractional ownership as the way of the future, he said.
The Killarney Way development was being offered for sale with deposits by cash or bank letters of credit, settlement to occur in early 2011.
"This enables buyers to secure a future market position in Queenstown at a fixed price.
In our view, the market in 2011 will be much stronger than it is now, and unique product such as Killarney Way will be one of the few new developments completed at that time."
Work on the project is scheduled to start in June 2009.
Resource consents are already in place.
