Investors fear the worst for New Zealand development

Albany Heights

BREAKING NEWS: Property investors from Singapore, Jakarta and Kuala Lumpur are said to be "in the dark" about the progress of a New Zealand housing development which was showcased in Southeast Asia during 2011.

The National Business Review (NBR) has reported that progress on the Albany Heights Villas project (pictured) in Auckland has stalled and that the developer cannot be contacted.

The New Zealand publication reported that as many as 100 investors from Asia could have bought into the first phase of the development.

Construction has yet to commence, the project's website is down and no one was present at the sales office when enquiries were made, according to NBR.

"We all fear that the worst has happened," said one Asian investor who contacted the New Zealand media seeking information.

Online forum postings suggest that investors may have paid deposits of up to 20 percent of the total purchase price - equal to RM162,117 - although planning consent had not been granted.

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