Saffron is to be built by Sanctuary Group; Mu Management manages all of Sanctuary's developments. Since 2002 sanctuary has built Empire, Columbia and Princeton and Mu manages all three apartments in the Auckland CBD.

Auckland CBD apartments currently under Mu Management:

Empire apartments at 21 Whitaker Place (Auckland CBD) a 315 unit development valued at NZ$80 million. A two tower project targeted at the general accommodation market. Completed in June 2006 Empire experiences 90%-occupancy.

Columbia at 15 Whitaker Place is a 142 unit apartment development valued at NZ$30 million completed in 2004. Columbia development is targeted at the general accommodation market. Current occupancy is over 95%.

Princeton at 30 Symonds Street is a 138 unit student apartment. Current occupancy is 95%.

Saffron - 4 years of capital appreciation until construction completion in 2014.

The Saffron apartments are leased back to the operator with modest Management Fee. The marketing program for Saffron rental will commence 6 months prior to construction completion.

The key driver for inner city residential developments has been the strong population growth that has been largely due to the overseas immigration and to a lesser extent by internal migration. Immigration has been encouraged by the Government.

Given Auckland’s popularity with migrants and job seekers, and the relatively young median age of its residents, population growth in the city is expected to continue. According to “Statistics NZ”, Auckland City’s population will reach 468,000 by 2011 and 530,600 by 2021 (a 30+ percent increase from the 2001 resident population).

Auckland City has: