SINGAPORE (EDGEPROP) - Catalina Bay Apartments, a waterfront residential development located in Auckland, New Zealand, will be launched to prospective buyers in Singapore. In a press release, marketing agent Knight Frank says the development will be showcased at an event in Singapore to be held on Oct 18.

Catalina Bay Apartments is part of Catalina Bay, a mixed-use, waterfront development by New Zealand developer Willis Bond located at Hobsonville Point. The project is about a 30-minute drive to the Auckland CBD area. Comprising 73 apartments and nine townhouses, Catalina Bay Apartments is estimated to be completed in 4Q2024.

The site for Catalina Bay was formerly a Royal New Zealand Airforce base. In August 2016, Willis Bond acquired the rights to redevelop the land. The first stage of the development, which includes the refurbishment of Air Force buildings into new hospitality, commercial, office and retail spaces has been completed. Local amenities now include the Catalina Bay Farmers Market, co-working space The Hangar and various eateries.

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“We are incredibly excited to bring Catalina Bay’s opportunity to Singapore,” says Clarice Lau, head of sales, residential at Knight Frank Singapore. “It offers a unique blend of waterfront lifestyle living to homeowners, and investment appeal to Singaporean buyers by placing quality retail, commercial and amenities at their doorsteps.” Prices of homes at Catalina Bay Apartments will start from NZD1.05 million (about $860,000).

Nicholas Keong, Knight Frank Singapore’s head of residential and private office, points out that Knight Frank's The Wealth Report 2023 shows New Zealand ranking in the top seven countries of choice among Singaporean home buyers, who are especially drawn to Auckland. “Not only are they attracted by the lifestyle on offer, education options and long-term migration plans, they also recognise the long-term investment appeal of the city, which has a strong track record of capital appreciation and rental growth.”

According to Knight Frank, rents for Auckland properties have seen a 28% y-o-y increase over the last six years. Meanwhile, New Zealand’s interest rate has also shown signs of peaking, with the cash rate holding steady at 5.5% over the last two quarters.