Safari Group has recently unveiled its latest development in Queenstown, marking its fifth project in the area and the fourth in Frankton’s Remarkables Park. Marketed by Bayleys, the new complex, named Mountain Oak, consists of 141 units ranging from one to three bedrooms, including private-entry, dual-key apartments, and penthouses.
Prices for the units start at $639,000 and go up to $1.5 million, making it Safari Group’s largest local development with a retail value of around $130 million. Originally planned as a hotel/apartment complex under Wyndham’s TRYP franchise, Mountain Oak has now been transformed into a more residential space, allowing owners to rent out their units for visitor accommodation.
Safari Group owner, Rob Neil, believes that the decision to shift towards a more residential focus aligns better with the current market demand in Queenstown. The complex is set to be officially launched in February, with a focus on attracting buyers from key markets such as Auckland, Sydney, and Melbourne.
Despite the official launch still pending, Neil reveals that there is already significant interest from potential buyers, with 35 to 40 units already under contract in Auckland and several parties in Queenstown showing interest, including first-home buyers. Neil advises potential investors to act quickly, as he predicts a rise in prices by late next year.
Construction for Mountain Oak is expected to commence in late April or early May and is estimated to take about 20 months to complete. The development aims to offer a unique residential option in Queenstown, catering to the evolving needs of the market and complementing the existing hotel offerings in Remarkables Park.
