Construction of a new $500 million town centre is about to start on the outskirts of Queenstown.

Jacks Point village will be the central hub of the subdivision of the same name, located between Lake Wakatipu and The Remarkables mountains.

It will include residential, commercial and visitor accommodation as well as a five-star waterfront hotel.

The hub will add to the commercial hubs surrounding central Queenstown, including centres at Remarkables Park and Five Mile in Frankton, and proposals for similar developments at Ladies Mile.

Darby Partners Limited principal John Darby said construction started this week on 110 homes priced from $699,000.

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