Sydney-based Hamptons Development Group has officially launched its premium waterfront residential development, Silver Bay, and is offering investment opportunities to investors across Asia, including Malaysia and Singapore.

Located in the popular tourist destination of Queenstown, New Zealand, the development is expected to fill the under-supplied four-star and above residential market. The group is guaranteeing a 6.5 per cent net rental income for three years and is confident of strong capital growth over a five to 10-year period.

Spokesperson Peter Boyes said: “Unlike other areas, the value of property in Queenstown has continued to grow. The rise in visitor numbers also shows no sign of slowing down.”

“In 2006, a total of 1.34 million travellers stayed in Queenstown, with 888,000 of these being international travellers. Experts predict that by 2013 the number of visitors will have increased by 21.3 per cent, to a massive 1.63 million. The number of international visitors will have jumped to a substantial 1.16 million, representing growth of 267,000 or 30.1 percent,” said Boyes.

Boyes noted that New Zealand is very open to overseas investment, not requiring any stamp duty, land tax, property purchase tax or capital gains tax. Coupled with high depreciation rates and favourable exchange rates, he believes that it is lucrative to invest in New Zealand.

Work on the waterfront development is expected to begin in January 2009. Each apartment unit will feature spacious living areas, air conditioning, under floor heating, large balconies and terraces, ADSL (broadband) internet connections, cable TV and secured car park. Natural materials and colours will be used to complement views of the lake – accessible via private jetty – and the Remarkables mountains.

The apartments were presented at an expo in Singapore in August, with 13 apartments sold and a number of enquiries made. The next expo is at Eastin Hotel in Kuala Lumpur from 30 to 31 August and at Evergreen Hotel in Penang from 6 to 7 September. For more information, visit Silver Bay