$2b Jacks Point development

News Release
Friday 16 February 2007

Leading resort company throws weight behind $2b Jacks Point development

A world leader in destination resorts has leapt aboard a visionary project, already underway, to build an inclusive and environmentally sustainable $2 billion community on the shores of Lake Wakatipu.

Canadian-based Intrawest ULC has joined forces with private equity firm Equity Partners, master-planners Darby Partners Limited and New Zealand’s biggest construction company, Fletcher Construction to develop the village centre at Jacks Point, about 15 minutes from Queenstown.

The Jacks Point development has been five years in the planning and eclipses in size, scale and quality any other building project undertaken in this country. It is the largest parcel of land to be comprehensively developed by one entity in the history of New Zealand.

Some 1800 homes, 600 visitor apartments, and a 150-room luxury hotel are being built in the township.

Intrawest, which operates some of the world’s premier resorts, will use its considerable resources to market the development internationally as well as to New Zealanders looking for healthy living in this idyllic location. It has teamed up with Colliers International to bring access to international buyers.

“We see huge potential in this development,’’ Stuart Carson, Senior Vice President, Intrawest (Playground Division) said.

“Intrawest has been very successful in iconic locations such as Whistler/Blackcomb, Mammoth Mountain, Tremblant and more recently Maui, Napa Valley and Les Arcs. We choose destinations based on what we believe are irreplaceable locations. Truly Jacks Point is one of those locations.

“We are very excited to be part of a great team and believe Jacks Point is visionary in its planning and location. The interest in this development internationally will be huge,” Stuart Carson said.

The village centre, set beside a 10-acre lake, will be the heart of the township. It will have a mix of retail, commercial and residential elements similar to central Queenstown but all designed to blend into the environment and to capitalise on the breath-taking beauty of the lakefront and majestic Remarkables mountain range.

Work is well advanced on the first stage of 200 homes and building the roads, bridges and stonewalls and that will link the township together. Jacks Point 18-hole world-class championship golf course _ a key draw-card of the development – is already complete and will open in October this year.

Jacks Point is owned by Equity Partners Land Group Limited, an affiliate of Equity Partners. Equity Partners is a New Zealand-based private equity firm focusing in land, infrastructure, industrial and financial assets.

Director of Equity Partners Land Group, John Darby says with Intrawest’s involvement Jacks Point will become one of the most sought after places in the world to live.

While Jacks Point boasts some of the priciest real estate in the country, the town has been planned as an inclusive community offering a wide variety of home options.

“Jacks Point includes Queenstown’s most affordable and the area’s highest priced properties. The highest price per metre square for residential land in Queenstown Lakes District was recently achieved at The Preserve Jacks Point. However it is designed to be inclusive, offering affordable housing as well as multi-million dollar lakefront acreages,’’ John Darby said.

Only about 5 per cent of the 1200 hectares (3000 acres) that make up Jacks Point will be built on; the rest remains protected so that future generations will be able to enjoy the area’s natural beauty. A network of walking, cycling and bridal trails will provide superb recreational activities for residents and visitors.

Mr Darby says the undeveloped nature of the site _ Jacks Point has never before been inhabited _ allows it to be used as a model for sustainable development.

The emphasis at Jacks Point is on eco-friendly construction and design excellence. Local materials like stone and timber with strong natural character will feature prominently.

New Zealand’s largest general contracting company Fletcher Construction is to build the township.

Mark Binns, Chief Executive of Fletcher Building’s Infrastructure Division said Jacks Point represents an ideal partnership for Fletcher Construction.
“The time taken in developing the architectural themes of the development make this more than just another construction project to us. The willingness to look beyond architectural norms, while still preserving the matchless character of the area really speaks volumes as to the integrity of the developers,” Mark Binns said.

And with an international airport just 10 minutes away and the picturesque Remarkables mountain range and Lake Wakatipu on its doorstep, Jacks Point offers international buyers an unparalleled investment opportunity.

For further information go to: www.jackspoint.com

ENDS

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