COVID-19 Update

March 23, 2020

We have had one of our strongest weeks ever for sales with over $20m signed. Buyer inquiry is at an all-time high with investors seeking to move into more stable real assets and first home buyers anxious to move funds out of KiwSaver and into property. We are expecting a massive Q2 for sales.

Meetings are able to be held remotely via Skype or Zoom and we are now providing video tours of our properties. Our marketing team are working overtime to provide this service. On the 1st of May, we are launching 50 beautiful terraced homes to the Auckland market as stage 1 of our Rata Terraces project in Papatoetoe.

These townhouses will be offered at an unmatched price point from $599,000. Our pricing strategy is established to sell out in one day on launch. Our Property Advisors are rotating from our Auckland office, display suites, and home and are able to assist you with reservations and detailed project information will be provided on the day.

Across our multi-award winning property management division we have seen huge inquiry for apartment living with one of the strongest weeks on record for leasing. People are looking for healthy independent homes.

Providing accommodation through investment in property is the most financially resilient investment in these times.

Our construction team is fully prepared for any temporary shutdown and we are working with health and safety advisors to implement best practice management. We are also talking to all suppliers ensuring minimal disruption to our supply chain.

The Tauranga office will be temporarily relocating to Auckland to avoid the risk of exposure and the Bay of Plenty team will be based in Auckland. We are delaying the opening of our Wellington office.

Our marketing team are building a remote hub so that we can deliver on advertising and content creation from home should that be required. This week we’ve confirmed $70m of funding providing market-leading funding packages for our NZ projects.

Our London office has signed £34m of BTR transactions in Brighton and presented an institutional offer for a London land position at £150m. Our entire London team has vacated our Mayfair offices to work from home.

Du Val NZ is actively seeking land opportunities and to repurpose hotel and motel assets into long term accommodation.

Build-to-rent is going to be a big focus for us working with government and institutions over the next few years.

Business will be as usual as possible to service our buyers, landlords and tenants. All of us are getting used to “zoom” or “Skype” meetings.

Stay safe folks. Kenyon