Country’s biggest apartment project funded from China

Chinese investors from Nanjing Dadi Construction Group are behind New Zealand’s largest high-density residential apartment development at Albany on Auckland’s North Shore.

Eight hundred one-, two-, three- and four-bedroom apartments will be built in the $300 million NZ Rose Garden Development company’s four-stage project along with shops, restaurants and services. The development is a series of towers with ground floor retail and flexible live/work options.

The 7000m², 201-apartment first-stage will be completed next year and most of the apartments have already been sold. The apartments wrap around the 25 Don McKinnon Dr 20,000m²  bare site’s perimeter and feature views overlooking Albany Lakes and out to the Waitakere Ranges. Apartment prices started at $399,000.

The development will be officially launched tomorrow by Economic Development Minister Stephen Joyce and Sir Don McKinnon at Westfield Albany, which overlooks the development site.

Harcourts is marketing the development and says the developers have employed local contractors and are using New Zealand suppliers for the apartments’ kitchens, bathrooms, joinery, carpets, fixtures and fittings.

Martin Cooper of Harcourts Cooper & Co says while the development is being funded by international investors it is contributing to economic expansion and affordable housing.  

Rose Garden Development company says it has carried out a range of successful investment and residential projects in Auckland and established good relationships with Auckland Council. The company's developments include four Albany subdivisions and one at Pukekohe carrying 222 residential sections and a 32 terraced-house development at Albany. New Zealand International Cargo was also established by the company to export premium New Zealand items to China. 

The financing company, Nanjing Dadi, was established in China in 1953 and privatised in 2004. The group's foreign and domestic turnover of $NZ2 billion a year has increased by 10% year-on-year for many years, according to a background briefing.

Work is due to get under way on the rest of the development in October.