ContentPage was not found error, when creating new xamarin.forms portable app

I have visual studio 2015 community installed on windows 10. I'm getting an error 'ContentPage was not found' after i do the follow simple steps.
* In Visual Studio 2015 add new project select 'Blank app (xamarin.forms portable)'
* then i update Xamarin forms nuget package to the latest stable build
* then i add a new file 'Forms Xaml Page'
* then build the app

Now there are 2 errors (for each item on the xaml page, a contentpage and a label) both related to the controls not being found. This is the first.
* The type 'ContentPage' was not found. Verify that you are not missing an assembly reference and that all referenced assemblies have been built.

I've tried reinstalling Xamarin, and repaired Visual studio. I'm a bit lost, and would really appreciate any pointers.