Financial services group First Capital has acquired the Oasis residential development and golf course lifestyle community in New Zealand for $NZ17.8 million ($14.59 million approx).
The Brisbane-based company said its entry into the buoyant New Zealand property market would enhance the group’s growth strategy and diversification.
First Capital has established a joint venture with the vendor, Gateway to Queensland Homes, to develop 137 elevated blocks over 7.8 hectares near a 1,000 berth marina.
The vendor will manage the construction, sales and marketing of house and land packages.
The residential component of the joint venture is estimated to have an end value of $NZ96 million.
