REMAX NZ Chair Sells St Heliers Villa for M+

REMAX NZ Chair Sells St Heliers Villa for $10M+

March 14, 2026 James Parker - Business Editor Business

Auckland Property Deal: REMAX Chairman Sells Historic Villa for $10.2 Million

REMAX New Zealand chairman Don Ha has completed the sale of his St Heliers property, a historic villa on Springcombe Road, for $10,217,391 to Heliers Holding Limited. The transaction, revealed by OneRoof, marks a significant profit for Ha, who initially purchased the property in 2019 for $6.8 million. The sale concludes a period of consideration regarding the property’s future, initially intended for redevelopment.

Initial Plans and a Shift in Strategy

Ha and his wife, Mohini, originally acquired the colonial-era home with plans to demolish the existing structure and construct a modern mansion. Designs commissioned from Sumich Chaplin envisioned a five-bedroom residence with amenities including an elevator, circular staircase, five-car garage, and a rooftop pool. However, those plans were ultimately abandoned. The property was then listed for sale in September 2023 with a guide price exceeding its registered valuation of $8.35 million. The decision to sell, as relayed by agent Aaron Jokhan to OneRoof in September, stemmed from a desire for a more modern home and a reluctance to endure the lengthy construction process. “The kids are now grown up, and the family wants to move into something very modern. They just don’t want to wait. Building a high-end home is going to take too long,” Jokhan explained.

Subdivision Potential and Market Valuation

The villa’s appeal to potential buyers lay in its substantial landholding – over 3000 square meters – and the potential for subdivision, subject to Auckland Council approval. Prior to the sale, a registered valuation in 2023 estimated the property’s worth at $12.5 million, down from a peak valuation of $15 million during the height of the housing market. The final sale price, exceeding $10.2 million, suggests continued demand for prime Auckland real estate despite market fluctuations. Interestingly, despite the loosening of foreign buyer restrictions announced around the time of the listing, there was reportedly no overseas interest in the property.

Internal Transaction and Leadership Connections

The buyer, Heliers Holding Limited, is directly linked to REMAX New Zealand. The sole director of Heliers Holding Limited is Mala Maharaj, who currently serves as the Chief Executive Officer of REMAX New Zealand. Ha himself is the chairman of REMAX NZ. Both Ha and Maharaj declined to comment on the specifics of the transaction. Maharaj’s career trajectory within the company is notable; her journey began in 2004 as a general manager at Don Ha Real Estate, progressing through various roles within REMAX before her appointment as CEO in 2024, as detailed on the REMAX New Zealand website. This internal transaction raises questions about potential conflicts of interest, though no details have been made public.

A History with the Property and Previous Marketing

Ha’s connection to the Springcombe Road property extends beyond his ownership. Prior to purchasing the villa, he was the listing agent responsible for marketing it to potential developers in 2018. His marketing materials at that time explicitly encouraged buyers to capitalize on the property’s size and potential for high-density development, suggesting the construction of townhouses or apartments. This earlier marketing strategy highlights a consistent focus on maximizing the property’s value through redevelopment.

Heritage Concerns and Council Considerations

The initial plans to demolish the historic villa drew criticism from heritage preservation groups, including the Civic Trust, who argued that the proposal exemplified Auckland Council’s failure to protect the city’s architectural heritage. The villa’s colonial-era design and its prominent location in St Heliers contributed to concerns about its potential loss. Any future development on the site will likely require careful consideration of heritage regulations and community feedback.

Broader Auckland Market Context

This sale occurs within a broader context of fluctuating property values in Auckland. While the market has cooled from its peak in 2021, prime locations like St Heliers continue to command high prices. According to Statistics New Zealand, the Auckland region experienced a period of price decline in 2022 and early 2023, but has shown signs of stabilization in recent months. The sale of Ha’s property suggests that demand for high-end properties in desirable areas remains resilient.

Looking Ahead: The next steps involve Heliers Holding Limited determining the future use of the property. Given the zoning regulations and the previous marketing emphasis on subdivision, development appears likely. Any development plans will necessitate to be submitted to Auckland Council for approval, a process that could involve public consultation and consideration of heritage concerns. The outcome will be closely watched by local residents and property market observers.