The unveiling of plans to build what will be New Zealand’s tallest residential tower has sparked a flurry of interest amongst Singaporean investors off the back of Auckland property values increasing by 55% over the last 4 years, according to real estate group CBRE.
Gavin Lloyd, CBRE’s National Director of Residential Projects in New Zealand, says that investors here are gravitating towards the ‘huge’ returns residential property in Auckland has been producing.
“The historic long term growth trends for Auckland property show that, regardless of market cycles, property prices double every 6 years. On top of that, there’s no stamp duty or property purchase tax in New Zealand, the government here really welcomes overseas investment. All of this is driving interest in The Pacifica,” says Lloyd.
The Pacifica is a 178 metre-tall residential tower being developed in the heart of the Auckland CBD by Hengyi Pacific, a respected Australasian developer. The 54-level tower with 295 apartments will offer its residents views over the Auckland skyline and its iconic harbour.
Interested buyers will have 34 different floor plans to choose from, among them one-bedroom, one-bedroom plus study, two-bedroom, three-bedroom and penthouse apartments.
Amenities include a lap pool, sauna, steam room, spa, gym, cinema, library, residents’ lounge, and barbecue terrace. Twenty-four-hour valet parking will also be available.
Prices for apartments start at around NZD$657,000 (approx. SGD 647,000) and for luxurious, 3-bedroom, 2-bathroom Sky Homes, which sit between the 42nd and 49th floors, go up to about NZD$2.25 million (approx. SGD 2.2 million). Penthouses are also available with prices available upon request.
“Apartment living is really on the rise in Auckland. There’s a chronic shortage of housing and the city is starting to build up.”
“Auckland needs 421,000 new homes built by 2040 and is currently falling well short of what’s required,” says Lloyd.
He adds that with Auckland’s population forecast to increase from 1.6 to 2.6 million by 2030, he expects house prices to continue to rise.
“New Zealand’s long term financial outlook is bright and the forecasted GDP is testament to that,” says Lloyd.
GDP growth expectations for 2017
CBRE’s Asia-Pacific research head Dr Henry Chin revealed to New Zealand’s leading business publication, the National Business Review, recently that its Investor Intentions Survey has found that the Asia-Pacific region has overtaken Europe as the second most popular destination for Asian outbound investments, with the USA retaining top spot.
“I do believe more Asian capital will come down to the Pacific region, particularly New Zealand.”
“New Zealand is definitely a safe place for investors to put money into the real estate market,” says Dr Chin.
The level of interest in Auckland apartments has prompted CBRE to hold an exhibition on The Pacifica for Singapore investors at the Four Seasons on 190 Orchard Boulevard on Saturday 22nd and Sunday 23rd April from 11am-7pm.
The Pacifica Auckland skyline
The Pacifica Auckland – View of North Shore
The Pacifica Auckland – Rangitoto
The Pacifica Auckland
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