CDL Investments New Zealand starts sales at 2 Auckland properties

CDL Investments New Zealand, the 66 per cent-owned subsidiary of City Developments that is listed in New Zealand, said on Monday that sales at its development in Dominion Road, Papakura, South Auckland, have "exceeded expectations".

Sales at the Dominion Road subdivision have exceeded expectations with the first 44 lots of 45 in Stage 1 already under contract, it said in a statement. 

CDI managing director BK Chiu said: "This says a lot about the demand for affordable sections in Auckland... We expect Stage 2 of the Dominion Road development will be ready for marketing in the first quarter of 2020."

Section sizes at the Dominion Road development range from 400 square metres (sq m) to 493 sq m with prices starting at NZ$372,500 (S$333,000).

Separately, CDI's 92-lot residential development at Kewa Road, Albany Heights, North Shore, will commence sales in early-2020. Section sizes range from 500 sq m to more than 1,000 sq m, with prices starting from NZ$650,000. 

Mr Chiu said: "Our Kewa Road sections will appeal to those who are looking to build on the North Shore and our Dominion Road sections will meet the market for affordably-priced sections."

CDI's Dominion Road development is being marketed by Logan Boersma of P&H Realty and its Kewa Road development is being marketed by Raymond Li of Barfoot & Thompson.