The multibillion-dollar Jacks Point resort comprises more than 1300 residential sections, 600 visitor apartments, a 150-room luxury hotel harbour, an 18-hole par 72 championship golf course and extensive trail system within a 1400ha nature preserve on the shores of Lake Wakatipu.
A village centre beside a 4ha lake is to be at the heart of the township and will have a retail, commercial and residential elements.
Speaking after being approached following the announcement yesterday that Five Mile Holdings went into receivership, John Darby, principal of Darby Partners Ltd, said Jacks Point funding was in place, "none of which involves finance companies".
Queenstown-based Darby Partners took on a sixth development associate when Australian investment company Babcock and Brown Residential Land Partners invested $43.3 million into the adjoining Jacks Point and Henley Downs sites last November.
"We have all the necessary resource consents in place to undertake the full development," Mr Darby said.
"To date, we have achieved $200 million of sales and already built and sold in excess of 350 of the 650 residential lots.
All necessary infrastructure is in place for the full development at Jacks Point.
"As Queenstown district's largest growth zone, it will be developed in stages, in accordance with market demand over the next five to 10 years."
Babcock and Brown has a 50% stake in the adjacent 681ha Henley Downs, which has 959 lots.
It is yet to be developed but is expected to be completed by 2015.
Porter Group subsidiary Remarkables Park Ltd is behind the development of more than 50ha of the extensive 150ha Remarkables Park Zone.
More than 12ha will be developed as large-format retail, 10ha for employee accommodation, 10ha for potential development of schools, 15ha for golf and recreational facilities, 2ha for a retirement village and 1.5ha for hospital and aged-care facilities.
Porter Group co-director Alastair Porter said the company and its subsidiaries, Remarkables Park Ltd and Shotover Park Ltd, two of Queenstown's largest property development companies, were in a strong financial position.
"The Remarkables Park Shopping Centre, which was recently sold to DNZ, one of New Zealand's largest property funds, is extremely successful, attracting approximately two million visitors in the past financial year."
Porter Group's Queenstown companies were working on major retail expansion projects, community and resort amenity developments within the 150ha Remarkables Park Zone, and a significant expansion of the Shotover Park light industrial area north of the airport.
"All these projects are firmly based on . . . existing demand," he said.
The group had not required finance company funding for its Queenstown projects, he said.
The Kawarau Falls Station is a $350 million resort village consisting of five-star hotels and four-star accommodation named the Westin Queenstown, the Quadrant and the Intercontinental.
The Westin, which will have 178 rooms, is due to open in 2009.
The Quadrant will incorporate 200 studio and one-bedroom apartments, with restaurants, bars and a boutique cinema, opening in 2009.
The two-level Intercontinental, which will have dining, gym, spa and pool options, is set to open in 2010.
The Kawarau Falls Station will also feature a range of visitor and residential accommodation, from luxury penthouse to "affordable" resort staff accommodation.
Restaurants, cafes, indoor heated swimming pools, outdoor hot tubs, saunas, steam rooms, Jacuzzis and spas, plus conference and business facilities are proposed.
Melview Developments spokesman Klaus Sorensen, of Auckland, said construction was on schedule, with the first two hotels well under way.
"Kawarau Falls Station is much further down the track and is fully consented. Significant international investment is locked in and there is nothing left to do but build it."
