Its optimism over land sales comes after recent speculation was raised in the town that Aqua Reef was experiencing financial difficulties.

Aqua Reef director Stavros Patiniotis said while land sales started off slow, the first 10 allotments have been sold with houses being built.

He said an earlier slump in sales, due to the global financial crisis, had been felt by developers across the state.

“This development has loads of potential, because where else can you build a house with close-by facilities of a hospital and schools, and the roll out of the national broadband network?” Mr Patiniotis said.

He also explained, 5 Shillings Estate was almost $50,000 cheaper when compared against other land developments in the region - making it more affordable for people to purchase a house and land package.

The sale of the first stage now means works can begin for the sealing of Kapunda Street, and the release of the next 30 allotments along Sir Sidney Kidman Boulevard.

Aqua Reef has also placed an encumbrance, where landholders must build within 12 months and landscape their front yards.

“It’s important we get things right now because we want this to be an area where people can live and enjoy the many things Kapunda has to offer,” he said.

Land sales are handled by Brock Harcourt and Steve Mann from Kapunda Professionals.

The Kapunda estate, located off Mildred Street, was bought eight years ago by Aqua Reef, which was managed by a group of directors.

However, in December 2010, the Patiniotis family bought out the company and now solely manages the estate.

The 35-hectare development located around Gundry’s Hill, which overlooks Kapunda, will involve about 300 allotments with an average size block of 800 square metres.

It will feature three reserves, each measuring about 3000 square metres.

In addition, 5 Shillings Estate has been named in memory of Sir Sidney Kidman, who in 1870 came into Kapunda

by horse and in time managed to turn the five shillings he had into the largest private landholding in Australia.