Final funding for Pegasus secured
The founders of Canterbury’s new town, Pegasus, has secured funding of $151 million that will allow all the town's amenities to be built. Pegasus, a town 25 kms north of Christchurch, is being developed by Infinity Investment Group and Brookfield Multiplex.
Friday, May 16th 2008, 12:00AM
by The Landlord
The funding facility has just been arranged for the next three years of the town's development from BOS International. BOS provided initial funding of $107 million for Pegasus in late 2006.
Infinity Investment Group chief executive Bob Robertson says the rolling funding facility covers all of the likely requirements for the completion of the project.
"We've already sold 775 sections with a value of $176 million, which is around 95% of all the sites we've put on the market. But this additional funding ensures development of all the town's broad range of amenities will go ahead."
BOS’s first funding covered the first phase of the residential development including the golf course and the lake.
The second round will be to build all the remaining residential areas, complete the town centre and build amenities such as the hot pools, equestrian centre, surf club and the upgrade of Gladstone Park.
So far 325 certificates of title have been issued for the first five stages of the development and settlements are on schedule with $45.4 million of settlements received to date.
The first residential homes are now under construction, with a large number of houses also in the building consent process.
All residential lots, both in Pegasus and on the golf course, are expected to be fully developed and titled by the end of 2009. By this time, the town centre will be under construction, the lake and wetlands will be completed and almost all the other amenity areas will also be complete.
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