The beleaguered Pegasus Town project in north Canterbury has been given a fresh lease of life, with new owners stepping in.
Todd Property Group has purchased the development for an undisclosed sum after the original developers went into receivership.
The settlement, which already houses more than 600 people, is built around a lake and golf course and can accommodate 1700 dwellings.
Todd spokesperson Conor Roberts says the project is also expected to create 1400 jobs.
"So that will mean people having to help build, but also once the town centre is established, with some of the retail, commercial and other offerings that will be there as well."
The land was unaffected by the earthquakes.