A Third Of Riverside Sold During Opening Weekend

News Release
For Immediate Release
March 30, 2005

A Third Of Riverside Sold During Opening Weekend

While economists continue to advise New Zealand's house-buying boom is slowing, Generation Development's new Rotorua subdivision proved otherwise, with one third of homes going under contract over opening weekend.

Riverside was officially opened on Saturday and Generation director David Mansel says 11 of the 33 available homes were signed up, with more on hold by interested buyers.

"A third of Riverside homes sold over the weekend and keen interest around other sites, we expect 50 percent of Riverside homes to be snapped up during the next few days - a fantastic outcome considering this is our first subdivision in Rotorua."

Up to 600 groups of visitors went through the Riverside showhome over the weekend, which is now open daily from 10am-4pm.

Five-time New Zealand Ironman champion Cameron Brown officially opened Riverside, cycling to Rotorua from Papamoa after opening Generation's newest subdivision there. The ride took him two hours and 31 minutes.

David Mansel says Generation has been looking to move into the Eastern Bay for some time. Rotorua's current high levels of business and consumer confidence offered the ideal opportunity.

ENDS

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