News Release May 12, 2004

Parkside Subdivision Will Help Cater For Hamilton's Continued Growth

Following the recent successful launch of its latest subdivision in Papamoa, progressive home and land developer Generation Developments are set to duplicate this success with the launch of their fourth major subdivision in Hamilton.

Known as Parkside, the enterprise offers homebuyers home-and-land packages in a new subdivision in fast-growing Rototuna, in Hamilton North.

The three-stage development in sought after Thomas Road will accommodate a large number of properties. A first stage pre-release sees 11 sites up for sale.

Parkside's house-and-land packages will sell from $269,500. Houses in the new subdivision will be three to four bedroom quality homes. The first of them will double as a show home and is expected to be ready by early August.

Generation Developments director, Graham Hockly, anticipates the first stage will sell quickly as huge growth is forecast for Hamilton and there's a shortage of land which can be subdivided for housing.

"Parkside will help ease this shortage," he says. "It's located in Hamilton's fastest-growing residential area and will have easy access to the new expressway."

Hockly says Parkside is unique in that it's a subdivision which will have building covenants in place specifically aimed at protecting the homebuyers' interests. Buyers will also be protected by the Master Builders' seven-year guarantee.

"All houses will be finished in brick and tile, and the completion date is guaranteed so that buyers can book the removal truck the day they sign their purchase contract."

Handy to schools and shops, Parkside will be fully landscaped and buyers will have a choice of house designs.

Hockly says Hamilton is important to the target sales of Tauranga-based Generation Developments with some 40 per cent of its activity being in the Waikato. In the longer term, he says his company plans to expand into other high growth areas.

President of the Waikato-Bay of Plenty district of the New Zealand Real Estate Institute, Mark Winter, says the real estate market in Waikato remains buoyant despite the predictions of economists over the past 12 months.

"Property sales have been at record levels," he says. "The median house sale price in the region at March 31 was $200,000 - a rise of 15 per cent - and March house sales in Hamilton alone topped 440."

Winter says the buoyancy shows that Hamilton's fortunes are not totally reliant on the performance of the dairy industry. He says the city's business and industry infrastructure is fundamentally strong.

Parkside is just one of several major developments underway in Thomas Road. Murray Wallace, whose company Blue Wallace Surveyors, is involved with the Parkside development, is involved with two other projects in this road. One of these has 440 house lots.

"The growth in this area is mind-boggling," says Wallace. "Parkside will help fill a real need. It will be a good, sound residential development."

Grosvenor and Ashmore Park, also in Rototuna, and Sherwood Vale, in Hillcrest, are Generation Developments' other major housing developments in Hamilton.

END

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