A $560 million Orewa property development placed into receivership over a week ago is still touting for sales via its website.

Kensington Park Properties, headed by well-known developer Patrick Fontein, was developing the 800 house Kensington Park subdivision.
As reported on nbr.co.nz last week, the company was placed into receivership on September 12.

But its website – which describes Kensington as a “verdant enclave without rival” and highlights the project’s three recent awards at the CNBC Asia Pacific Property Awards – is still taking enquiries for sales.

Kordamentha is handing the receivership and it’s not yet known whether other companies in the Kensington Properties group, such as Kensington Construction, will go under too.

Kensington Park was financed by BNZ, Fidelity Finance and NZ Funds Management’s Super Yield Fund.

A raft of contractors and suppliers are also owed millions.

Hibiscus Coast Scaffolding director Craig Mathers said his company is owed more than $200,000 and he is now at risk of losing his home.
“In times like these, how do you recover?” he says.

Mr Mathers says Kensington had been struggling all the way through to pay its bills, and had gotten slower and slower in the last few months.
Another sub-contractor, Sunrise Earthmovers, is already in receivership.

Receiver Malcolm Innes-Jones from BDO Spicers confirms that Sunrise’s receivership was due to Kensington defaulting on a “large sum” of money.

Kensington Park’s design was inspired by United States town Seaside, a location used in the film The Truman Show.

Its 15.4ha site was bought in 2006 for $38 million.
The project is marketed as an eco-friendly development and is the first sub-division in the country to install “fibre to the home” broadband.
It is partially complete, with people moving into the earlier stages last year.

Kensington Park Properties is owned by Titmotu Investments (29%), a company associated with South Island businessman Ken Cummings; Tesla Securities (27%); Mr Fontein’s Kensington Properties (26%); and Allee Holdings (18%), which is part-owned and directed by Allan Clarke.