$46m appeal win over Queenstown build

By on September 23, 2016
$46m appeal win over Queenstown build

Asian investors who refused to settle on Queenstown apartments during the global financial crisis have won a landmark $46 million case.
A Court of Appeal decision, centred on the Kawarau Falls hotels site, has overturned a High Court decision which stung investors for $36m in damages and $10m in deposits.

Appeal Court judges found investors' contracts had been breached because the rest of the development wasn't built.

The investors' lawyer says the decision will help rebuild New Zealand's reputation with Singaporean investors.

Wealthy Singaporeans and Malaysians agreed to buy 111 luxury apartments off-the-plans in buildings at Kawarau Falls.

But the GFC hit, crashing developer Nigel McKenna's ambitious plans for a $2 billion "world-class village resort".

Read the full article online > Otago Daily Times - odt.co.nz