NZ’s tallest residential tower to be showcased in Singapore

Artist’s impression of The Pacifica in Auckland, New Zealand.

CBRE will hold a property exhibition for The Pacifica in Auckland, which is set to be the tallest residential tower in New Zealand, at the Four Seasons Hotel Singapore on 22 and 23 April.

This comes as rising values of Auckland properties have sparked much interest among Singaporean investors for the project. Property values in Auckland have risen 55 percent over the last four years.

“The historic long term growth trends for Auckland property show that, regardless of market cycles, property prices double every six years,” said Gavin Lloyd, CBRE’s National Director of Residential Projects in New Zealand.

“On top of that, there’s no stamp duty or property purchase tax in New Zealand, the government here really welcomes overseas investment. All of this is driving interest in The Pacifica.”

At 178m tall, The Pacifica comprises 295 apartments priced from around NZD$657,000 (S$647,000). The luxurious three-bedroom, two-bathroom sky homes located between the 42nd and 49th floors go for around NZD$2.25 million (S$2.2 million), while prices for the penthouses are available upon request.

Facilities at the 54-level tower include a cinema, lap pool, steam room, sauna, gym, library, spa, barbecue terrace and residents’ lounge. A 24-hour valet parking service will also be offered.

“Apartment living is really on the rise in Auckland. There’s a chronic shortage of housing and the city is starting to build up,” said Lloyd.

Also, with Auckland’s population forecast to increase to 2.6 million by 2030, Lloyd expects home prices to continue rising. “New Zealand’s long term financial outlook is bright and the forecasted GDP is testament to that,” he said.

In fact, the Asia Pacific region has surpassed Europe as the second most popular destination for Asian outbound investment, noted Dr Henry Chin, CBRE’s Asia Pacific Research Head, citing its Investor Intentions Survey.

“I do believe more Asian capital will come down to the Pacific region, particularly New Zealand,” he said.

“New Zealand is definitely a safe place for investors to put money into the real estate market.”

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg