The housing slump is starting to hurt one of the country's largest and most eco-friendly new housing projects.
Patrick Fontein, managing director of the $450 million, 750-house Kensington Park development at Orewa, said everyone involved was trying to make sure the project was a success but the market
was extremely tough.
Some houses at the project are for sale for more than $1 million, although others are in the $450,000 bracket.
"We are in an industry currently facing difficult economic times," Fontein said in a prepared statement issued with consent from others involved. "All stakeholders are working towards ensuring completion of the project."
Fontein also wants to build 455 houses at the Huka Falls Resort near Lake Taupo.
Sunrise Earthmovers did extensive ground works on the Orewa site.
Fontain said work was carrying on as usual and he shrugged off industry concerns about the project. He said 60 houses were already finished and people who had paid deposits for houses not yet built had nothing to worry about.
People moved into Kensington Park months ago and some streets are finished.
Fontein said Kensington Construction was building a further 60 houses there.
Fontein has a high profile in the industry, instrumental in foundingthe Green Building Council, former Property Council president and on Auckland City's powerful urban design panel which vets otherconstruction projects.
Construction work was proceeding as usual, he said.
The luxury housing estate was partly inspired by Florida's Seaside, a resort town used in the filming of The Truman Show. The project has won global prizes in awards entered by developers from 64 countries.
Kensington Park - formerly a camping ground - won CNBC Asia Pacific prizes for the best overall development and for the best project marketing.
Kensington Properties has developed large office parks and luxury housing in Auckland.
Fontein went to the US to find the best master-planned housing estates and examine the feasibility of bringing their best aspects to New Zealand.
ECO HOUSING
* Kensington Park is renowned for:
* Eco-friendly houses and apartments.
* High levels of energy efficiency.
* Building waste recycling.
* On-site stormwater systems.
