Sunday, Sep 21, 2008
$450m housing project crashes
New Zealand Herald: $450m housing project crashes
The construction project is the largest and most advanced in New Zealand to go under.
Kensington Park Properties had planned to build 750 houses on the former Puriri Park camping ground in Orewa. Only about 60 have been built.
Posted by hubbers @ 06:45 PM (296 views) Add Comment
1 Comment
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1. enuii said...
Interesting little story that reveals how detached from economic reality developers are; 'lack of confidence in the economy, lack of money and little demand have led to new housing projects being shelved'. Judging by the overall project cost and the level of wages in NZ for the domestic population I am not surprised the development went under. The development also looks 'alien' to the NZ psyche and more suited to european city dwellers taste.