With an eye on the future, New Zealand’s government is building more luxury apartments in a bid to revitalise the country’s economy.
The $7.6 billion $5.6bn project, known as “The Dream,” is being billed as a key element in tackling the countrys economic problems, which have been blamed for a recent housing crisis.
The first luxury apartments are being built in Auckland’s iconic South Shore precinct on the banks of the Auckland River.
The blocks will be available to rent to residents in a 1.2-hectare (0.6-acre) complex in the heart of the city, which will include a hotel, retail space, a restaurant, residential flats and a leisure park.
The project will also include a car park and a retail store.
More than 30 per cent of New Zealand households live in rental accommodation, according to the latest census data, and many of the apartments are rented out for less than $400 a week.
The aim is to provide affordable housing to the middle class.
“We’re building affordable housing that’s affordable to low income households in Auckland, we’re building more affordable housing, that’s just a good start,” Housing Minister Nick Smith said on Monday.
While the apartments will be built on the same land as the residential developments, the developers said the blocks will have their own street names.
The South Shore will feature a large outdoor courtyard and open spaces.
There are plans to develop other luxury apartments, such as a hotel and residential units on the South Shore.
New Zealand’s Housing and Urban Development Agency (HUDA) said the project would help boost the country ‘s rental market.
‘New Zealand has always been a place of opportunity for many people.
This is a great opportunity to create more jobs and increase our economy and social cohesion,” said HUDA Minister Judith Collins.
Housing Minister Nick Harris welcomed the announcement, saying: “We are proud to be investing in a new wave of housing for our country’s most vulnerable people.”
The Dream project will help ensure that our people and communities are given a safe place to live, to work, and to start a new life.”
New Zealanders deserve a safe and secure place to build a life that is good for their families, their communities and their country.
“New Labour’s deputy leader of Auckland, Mike Hargreaves, said he was “absolutely delighted” to see the project go ahead.”
This is a significant project which will see a number of luxury apartments available for rent in a relatively small number of sites, which means there is a high demand for housing for people from low income backgrounds, in a very good location,” he said.
“They are simply there to generate revenue to build more luxury developments.” “
The idea of a luxury apartment complex has been around for a while, but the government has never really done anything to make sure that the apartments have affordable housing,” Mr Hargarev said.
“They are simply there to generate revenue to build more luxury developments.”
The Dream’s developers, the Landmark Group, said they hoped to be building 200 luxury apartments by the end of the year.
In a statement, the company said: “Our first two phases will be complete by the first quarter of 2019, with the remaining phases in place by the middle of 2019.”
But there is an important caveat.
Developers need to apply for permission to build on public land.
Auckland Mayor Lianne Dalziel said the government would be “very happy to work with developers to ensure affordable housing for the South and South-West Auckland communities”.
“It is a big win for the city and I want to congratulate all of those involved in this project.
It is going to be a real game changer,” she said.