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Scott said that 85 percent of the apartments in the building had been sold.

Of the remaining units, the initial price for one bedroom is around $ NZ800,000 and rises to around $ NZ10 million for one of the lower penthouses. Average house prices in Auckland reached a record in March of $ NZ950,000, according to the Real Estate Institute of New Zealand.

He continued that although the recent closure of COVID-19 in the country had thrown the key into his company’s plans, it was not all doom and gloom. “We sold one of our penthouses during that period [of the shutdown] around $ 7 million, “Scott said.” I was very surprised. I think the activity will stop, but that is not the case. “

The penthouse occupies two full floors of the building.

The sale was against the overall downward trend in first-quarter Auckland 2020 housing sales, according to the Knight Frank report, which showed a 0.7 percent negative change in sales volume over the past 12 months and a sharp decline of -2.7 percent over the last three months.

In addition, the asking price of the “super penthouse” is high enough to make it compete with tent properties in global financial centers such as New York, London and Singapore. In these markets, overall demand is equally unwavering: They have suffered for several years due to supply saturation and reduced demand.

However, Scott said that the volatility associated with COVID-19 can currently work for the penthouse. “New Zealand has become a consideration for some people,” he said. “Of course, expatriates look back to New Zealand and say, ‘Maybe I should go back and bring my family.'” (The country is pursuing an aggressive elimination strategy that seems to have worked. Today, the number of daily infections is only in single digits. and on May 11, the government announced that it would break out of the seven week confinement.)

In addition, the penthouse holds a trump card: Although New Zealand law says foreign buyers must obtain approval from the Foreign Investment Office before buying a house, the developer says that the penthouse (along with the rest of the units in Pacifica) is excluded from it. ban. The building was already under construction when the law came into force. “Therefore Hengyi can apply […] and given an exception to this restriction, “Scott wrote in a follow-up email.

One corner of the apartment includes a double-height living room.

Warm shell

At present, the penthouse is a “warm shell”, meaning that the outside already exists but the inside is not yet finished. If the buyer wants to buy the apartment as it is, the price is around $ NZ35 million. Scott said that this was the most likely scenario. “The warm shell provides the most flexibility in what a number of buyers might achieve,” he said. “They don’t need to go in and try to repeat something, which in itself can be very futile.”

The kitchen is visible; floor plan shows the second “kitchen waiter” where messy cooking can be done.

However, if the buyer prefers the finished product, the developer has a plan. The proposed floor plan includes the lower floor with an open concept dining room, living room, kitchen and lounge. (Not to worry: There is a closed “servant kitchen”, where real work can be done.) That level also has a glass room, a media room, an office and a “board room”, and a library.

On the second floor there are five bedrooms, including the main room which occupies a full corner of the building. Upstairs plans require a gym, sauna and own spa.

Aside from the thin space, Scott said the position of the building overlooking Hauraki Bay was “truly amazing”. The penthouse might be the most expensive sale in New Zealand, he said, “but if you compare our offer globally with similar apartments in global cities, the price is very good”.

Finished apartments – or even empty shells – “are certainly consistent with what many people expect”, he said.

Pacifica Tower is above the clouds next to Auckland’s Sky Tower.

Bloomberg



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