24 | PROPERTY Vasist Property Huge risk pays off for Kumar Vasist Right now, the Vasist Property team is working on five separate developments. The slow period for the construction industry can also bring benefits for developers. T T Kelly Deeks Still supporting local employment and providing the capital with essential additional housing stock, Wellington’s Vasist Property is forging ahead with full service development on multiple projects around the city, and completing all the excavation, site works, and construction from in-house. Vasist Property began almost 10 years ago as a construction firm completing full contracts for other developers, and it wasn’t long before owner Kumar Vasist took a huge risk and moved into development. That risk paid off quickly, and Vasist Property was soon unlocking the maximum potential yield on multiple Wellington sites. Multi-unit development was starting to take off as available land in Wellington became scarce, and prices climbed significantly. “Multi-unit living will eventually become standard in New Zealand,” Kumar says. “The situation with the scarcity of land and the price of sections isn’t going to improve, and now the cost of construction is very high as well. We have to adapt to the times.” From the day Vasist Property started, Kumar has continued to look at how the company can be different from the rest of the market, and has focused on smaller developments with a bit more profit on each individual home. “Because we do all of the construction in-house we cut out a lot of outside costs, and we also have control over our own costs.” When other developers slowed down in 2021, Vasist Property continued to progress with projects, with Kumar mindful of the fact he had 40-odd employees to keep in work, and up to 100 people, including his valued team of trusted subcontractors. “It’s hard for us to slow down because we’re doing everything from in-house,” he says. “We have to keep going so we can keep everyone employed. Even if it affects our margins, which it does, but we’re not always looking at the bottom line. We’re thinking about our employees, and we keep going for that reason.” In the current market, Vasist Property perseveres by thinking outside the norm, and then thinking some more. Kumar works closely with his lenders in a lot more detail, making sure project costs are lining up and time frames are being achieved. This slow period for the construction industry brings benefits for developers including Vasist Property. “There is an abundance of tradesmen available, so we can get things done a lot faster. People need work, and being one of the only developers doing a lot of this work we can really optimise a lot of that available labour.” Right now, the Vasist Property team is working on five separate developments. One nearing completion on Liffey Street in Island Bay will add eight, new luxurious townhouses to this really nice part of the seaside suburb. “This is a really good location, close to the shops and the beach, and the site gets northern sun. We have up-specced these homes for the clientele in this part of Island Bay with 178sqm homes, three bathrooms and four toilets, beautiful rusticated weatherboard cladding and framed windows for a cottage-style look, which harmonises this development with the rest of its neighbours.” “The situation with the scarcity of land and the price of sections isn’t going to improve, and now the cost of construction is very high as well. We have to adapt to the times.” Rotorua • Masterton • North Island wide For all your manufacturing needs - Frames and trusses, J Frame LVL Manufactured floors and roof Cassettes Complete Drafting services from concept through to Full Working Drawings
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