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By Wandering Eyes · Posted
Speaking before the CHRB during its Nov. 19 meeting in Sacramento, Calif., an executive from the California Thoroughbred Breeders Association spotlighted three incentives aimed at reversing years of contraction in the state's breeding industry.View the full article -
By Chief Stipe · Posted
Crown backs $11.7m of racecourse-edge project with underwrite Four new contracts brings the total number of agreements to nine, with 690 homes backed for a total $165.9 million by Alice Peacock18/11/2025 Share Stage 9D of Trackside, the final phase of the Gillies Group's Wallaceville Estate development. Photo: Gillies Group The group behind a residential development in Upper Hutt says the backing it received from the Government was “indispensible” in enabling them to start building.https://bitofayarn.com Gillies Group is one of four developers to receive a residential development underwrite agreement in the latest round of Ministry of Housing and Urban Development contracts. The pre-sales commitment from the Crown to bail out developers unable to sell homes helps them secure bank finance for consented, costed and ready-to-commence projects. https://bitofayarn.com The Ministry of Housing and Urban Development’s Charles Mabbett says the four latest developments to be approved will deliver around 270 homes. The four agreements bring the number of residential development underwrites to nine, with the value of the contracts for 690 homes totalling $165.9 million. The limited-time initiative was introduced in October 2024, intended to support the residential development sector while the economy recovers by offering a financing bridge to successful applicants.https://bitofayarn.com A total 53 applications have been received, 25 of which are not progressing due to ineligibility or failure to pass the Government’s assessment process. https://bitofayarn.com The ministry agrees to purchase the underwritten dwellings in the case that the developer is unable to sell them on the open market after an agreed marketing period. The ‘underwrite price’ is lower than market value. Trackside is the final phase of Gillies Group’s Wallaceville Estate. It comprises 64 lots in a greenfield development integrating parks and bush into a residential setting and flanked at either side by train stations. The homes are a mix of two-, three- and four-bedroom houses and units. Sales manager Jamie Gillies says the underwrite supports the 30 homes that make up stage 9C. Earthworks are complete and building is underway, with five homes pre-sold. Stage 9D – the other section of the Trackside development – was built first and all but one of the 34 homes are sold. Stages A and B targeted first home buyers and were part of the KiwiBuild scheme.https://bitofayarn.com Gillies Group is “well underway” in having the rest of them sold without the Government having to act on its underwrite, but Gillies says this doesn’t mean the backing agreement wasn’t a crucial aspect to get it started. “Given the timing of when the underwrite was available, it was indispensable. It allowed us to start that development when we wouldn’t have otherwise been able.https://bitofayarn.com “That was because of bank funding; they’re requiring you to get so many pre-sales before starting. It allowed us to go to the bank with 20 pre-sales underwritten for 20 of the houses, albeit at significantly reduced rates than what you’d normally sell them for, and say to the bank: ‘Look, worst-case scenario we’ve got the residential development underwrite behind us’. “So that allowed us to get the funding to get on and start the building.” Gillies notes it’s a lot easier to get funding now than it was 18 months ago. The market is much smaller for homes built off the plan because most people buying a home to live in don’t want to wait up to two years for a house to be built. Buyers are typically speculators and investors.https://bitofayarn.com “This programme has done exactly what it was supposed to do, which was to bridge the gap between a market that had fallen … and stabilisation. Getting confidence and financing from the banks and third party lenders was at that point really difficult. “In a market where there was no building going on, it’s kept a lot of families employed. So it’s been a win-win for everybody.” Mabbett, from the ministry, says the residential development underwrite supports developments that align with local market demand and have a low risk of the underwrite being triggered. If it is triggered, homes could be sold to community housing providers, iwi or sold to the open market. “Developers with eligible projects are welcome to apply for an underwrite. Each eligible application is assessed against the residential development underwrite’s objectives and assessment framework. The highest-scoring applications progress. We expect to make further underwrites as eligible applications are received and processed.” The three other successful applicants in the latest round of underwrites includes CG Waimarie Limited, which is at the helm of the Waimarie development in St Heliers, Auckland; Modus Group, which delivers medium-density developments in Auckland, Christchurch and Queenstown; and a company named CS No.2 Limited. Two of the three companies did not respond to a request for comment. The other did not wish to comment, due to concerns that advertising its Crown backing would put off prospective buyers. Residential development underwrites were also used for the former Labour government’s KiwiBuild scheme, which was aimed at boosting affordable housing supply for first time buyers. The underwrite scheme was later widened out to support stalled affordable housing developments. -
By The Centaur · Posted
Cost is the relevant factor. All the propaganda about the Trackside system being state of the art is bull****. Singapore racing had the system a dozen or so years ago. AI can now view a race preferably in HD and translate the colours from a frame into names and even when the colours are similar with a little human intervention can decide which is which. Why bother with GPS and all that if it is too pricey. Many years ago NZTR decided it was too expensive so I assume now it is realistic. If not that means a few dollars less for stake money. -
By Chief Stipe · Posted
Why would that be @Freda ? The Hunter I spoke to a couple of weeks ago seemed very happy with life. -
By Chief Stipe · Posted
We may never know because it hasn't happened in a timely manner. Now we are in a frantic race against time. Which highlights my point about Racecourses being run like amatuer hobbies instead of businesses. The statutory minimum annual wage in NZ is $49,000. If a Club can't earn enough to pay employees to do the work then someone needs to subsidise them. What would you rather have? A racecourse every 50 to 100km or a much smaller number that pay their way and provide professionally run businesses that provide safe racing and training facilities? I remember in my rugby playing teens the town I lived in with a population of just of 3,000 had 5 rugby clubs - Excelsior, St Marys, Kiwi, Kokatahi and one other I can't remember the name of. Today it barely has one! The population of the town has grown but not by much. Not one of those clubs owned their fields as the local ratepayer provided them and maintained them with professional amenity horticulture experts (some who helped out at the local Racing Club) but they all had Club rooms. Over time the stalwarts of the Clubs have passed on as have their "ladies in the kitchen", membership has dropped and the Club rooms have been sold and the Clubs themselves amalgamated. The Rugby fields are still funded by the local ratepayer and maintained by the council - the Clubs can't afford to do it. Their income is probably about the same as what it costs to train a race horse.
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