$3 million sections selling in Queenstown

An artist's impression of the new marina and apartment complex. Photo / via Mountain Scene

Squillionaires looking to splash the cash in a new exclusive Queenstown development better get in quick.

Five of 12 sections – each priced at a staggering $3 million – have sold at Homestead Bay, south of Jack's Point.

The home sites, overlooking Lake Wakatipu, are on two terraces in a semi-gated community, and range from one to 2.5 hectares. They are Queenstown's dearest and largest sections, reports Otago Daily Times.

Bayleys Queenstown agent Chris Campbell says they're the best waterfront sites money can buy, with "exceptional" views, location below the Remarkables, waterfront access and privacy.

His firm and New Zealand Sotheby's International Realty's local office have already sold five 'Homestead Peaks' sections to local and international buyers.

Campbell's very familiar with the site, having enjoyed fishing holidays there while growing up.

"The water down there is beautiful for fishing, and at times of the year it's incredibly sheltered."

Construction of the subdivision has almost finished. The developers are Auckland-based Homestead Bay Trustees Ltd, along with Dunedin-based Ian Pillans.

The sections are south of Jack's Point. Photo / Bayleys Queenstown

Homestead Bay was part of the original Jack's Point resort zone, consented in 2004. The developers are also firming up plans for a marina and an apartment-style hotel with about 300 apartments in the vicinity, along with cafe/restaurant offerings. The architect, Francis Whitaker, of Dunedin's Mason & Wales, has also designed many high-end Wakatipu homes.

Apartments will likely cost $1.5m upwards. The marina will include boat-launching facilities and possibly the opportunity to berth your boat full-time. There'll also be a ferry service to and from Queenstown.

And the plans are the tip of the iceberg – the entire 45-hectare zone ranges right back to the Kingston highway.