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Receivers have been appointed to sell two Queensland golf courses bought in 2002 by a Babcock &amp; Brown investment syndicate.
 The Robina Woods golf course, considered by many to be the most picturesque on the Gold Coast, has been listed for receivership sale through CB Richard Ellis and McVay Real Estate, along with the nearby The Colonial course.
 The courses have been listed for sale under instructions from Joseph Hayes and Jamie Harris from McGrathNicol as receivers and managers of Playmore Golf Pty Ltd.
 Former Babcock &amp; Brown chief executive Phil Green has been one of the three directors of Playmore since 2002, along with Sydney entrepreneur Danny Goldberg, and Malta-based Eric Lucas.
 The property was bought in 2002 for $7.28 million from the American Golf Corporation.
A recent meeting of creditors was attended by 16 creditors with claims totalling $3.86 million.
Reporting on its purchase, the Australian Financial Review noted the investment syndicate was managed by Babcock &amp; Brown.
Noting Babcock &amp; Brown was one of Australia’s savviest property investors, the newspaper quoted Babcock director Michael Maxwell as saying golf was a sector with growth potential as a wave of people retired from the main cities.
Maxwell said Robina Woods and The Colonial were examples of golf courses where there was a mature environment that could generate acceptable investment returns.
“It’s not a sector you can just waltz into,” Mr Maxwell told the AFR.
The highly rated championship golf courses are within a few kilometres of each other in the master-planned residential community of Robina.
 Offers are due by August 18, with agents Mark Witheriff and Paul Nyholt of CBRE, with McVay Real Estate’s Will and Sam McVay, expecting international interest.
“Courses of this standard are rarely offered to the market, with Royal Pines being the last Gold Coast course to change hands in 2009,” Mr Witheriff said.
 Prospective purchasers could include time-share and hotel operators.
 Robina Woods is an 18-hole, par 71 course on 61 hectares.
 The Marsh Waston-designed course opened in 1990 and incorporates a landmark clubhouse with food and beverage facilities and banquet rooms. There are tennis courts and access to a wedding chapel.
 The Colonial is an 18-hole, par 72 course on 75 hectares designed by Mitsuaki Kobayashi, which opened in 1992. Built by Nara Australia Pty Ltd, the course opened as Paradise Springs Golf Course. Its facilities include a Queenslander-style clubhouse, pool and spa.
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jchancellor-FAypfDUnLy

Babcock and Brown’s Queensland golf course investment caught in the rough

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Residential building activity has surged in Victoria, with the value of building permit activity for high-rise apartments up 70% to $2.9 billion, according to the Building Commission.
Overall building permit activity in Victoria in the 11 months to the end of May was valued at $22 billion – just 1% higher than the same period in the previous financial year.
“Residential was the standout category,” acting building commissioner, Peter Donald says.
Domestic housing building permit activity remained steady when compared with the same period last financial year, creeping up 0.6% to $12 billion.
Mr Donald said there was a 33% decrease in the value of building permits for public buildings over the 11-month period, reflecting the ongoing wind-down of government stimulus programs.
Commercial building was 5% below the same period in the 2009-10 financial year.
Inner Melbourne was the only region to record a rise in building permit activity, improving 11% to $8.9 billion.
The falls in building permit activity ranged from 0.3% for outer Melbourne to 18% for the north-east region of rural Victoria.
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High-rise apartments lead Victoria’s residential building surge

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Standards Australia has sold its Sussex Street, Sydney office block for $32.5 million.
 The 12-storey B-grade building, on the corner of Bathurst Street, was last traded at $15.25 million in 1999 – reflecting a 6.2% annual capital appreciation. The sale shows a passing yield of 9.5%. The block was bought by Queensland’s Cornerstone Properties, which is backed by Brisbane’s Pidgeon family.
 It has eight levels of offices, plus four levels of parking with a net lettable area of 6151 square metres.
 Tenant SAI Global, which bought Standards Australia’s commercial businesses in 2003, and the University of Newcastle occupy most of the office space on leases that expire in 2014 with options for renewal.
 Standards Australia, an independent, not-for-profit organisation recognised by the Australian government as the peak non-government standards body in Australia, moved its headquarters to the Exhange Centre in Bridge Street in 2007.
 Standards Australia, originally called the Australian Commonwealth Engineering Standards Association, was founded in 1922.
 Its 2009-2010 annual report valued the Sussex Street building at $32 million, amid its $178 million investment portfolio, which now has no direct property holding.
 Since the building’s listing last September, marketing agents Ian Triganza and James Aroney at Jones Lang LaSalle had suggested it had residential conversion potential.
 Jones Lang LaSalle noted Sydney's central business district western corridor had accounted for 62% of the total stock increase in the Sydney city centre during the past 10 years.
 Colliers International had sought to secure $40 million in late 2008 for the office block.
 Cornerstone owns five industrial Brisbane properties, which were bought between 2005 and 2007 at an $18 million cost.
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Sussex Street office sale yields 6% annual growth

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China's central bank has raised interest rates by 25 basis points – the third rate rise this year and its fifth rate increase in the latest round of tightening.
The government continues its fight against high inflation in what is the world's second-largest economy, although some commentators in China have raised concerns that the central bank had already tightened policy too far, choking off credit to small and medium-sized companies.
As the Wall Street Journal notes, how China balances controlling inflation with keeping up growth is of keen importance to the global economy.
China's consumer price index rose 5.5% in May from a year earlier – the fastest pace in nearly three years. Analysts widely expect inflation to top 6% in June before gradually declining in the second half.
The inflation figures are due to be released on July 15, along with gross domestic product figures that will likely show the rate of economic growth slowed in the second quarter.
"With inflation over 6% in June, the focus on inflation is understandable," Mark Williams, an economist at research firm Capital Economics, told the WSJ.
The PBOC said in a statement it will raise the one-year yuan lending rate to 6.56% from 6.31%, and the one-year yuan deposit rate to 3.50% from 3.25%, effective Thursday.
The move comes after the PBOC announced increases in its benchmark lending and deposit rates on April 5 and February 8, following two such rises in 2010. The PBOC also raised banks' required reserve ratio six times in 2010 and six times so far this year.
Bloomberg reports Chinese Premier <a href="https://topics.bloomberg.com/wen-jiabao/">Wen Jiabao</a> said last month that the government may not reach an annual inflation target of 4% after the rate was 5.2% in the first five months.
Besides raising rates, policy makers have boosted banks’ reserve requirements to record levels, restricted mortgages and home purchases, and allowed gains by the yuan against the dollar.
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China lifts rates for third time this year

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Mining magnate Clive Palmer, Queensland's richest man, has bought the Hyatt Regency resort at Coolum on the Sunshine Coast.
"The Hyatt Regency is one of the state's leading resorts and has a rich history," Mr Palmer said.
The purchase price has not been revealed but it was expected to fetch considerably more than the recently sold $35 million Sheraton Mirage at Port Douglas, which Mr Palmer gave consideration to buying.
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Mining magnate Clive Palmer snaps up Sunshine Coast resort

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With Little Bay Cove prices to start from $475,000 for apartments, the first soil sod has been turned at the 13-hectare coastal Sydney site, marking the beginning of construction of Sydney’s newest residential coastal community.
Little Bay Cove, set at the southern end of the city’s eastern suburbs coastline, is a $600 million master-planned community being developed by Charter Hall, through its fund, CHOF5, in a development partnership with Malaysian-based, TA Global Berhad.
The site was formerly UNSW’s Little Bay Campus at 1408 Anzac Parade, Little Bay. The university took over the site after sand mining concluded in 1959.
Little Bay hit international headlines when international artists Christo and his wife Jeanne-Claude came to Little Bay in 1969. Jeanne-Claude and Christo put Australia on the map of international art when they wrapped the Little Bay coastline in fabric – reputedly the largest artwork produced anywhere in the world. 
The site’s history dates back to the arrival of smallpox in Sydney in 1881, when the government set up a temporary quarantine station on a coastal bushland site at Little Bay on the La Perouse Peninsula.
The camp was officially commissioned as a hospital and in 1934 it became the Prince Henry Hospital of Sydney – much of which has now become premium coastal housing estates.
The 13.6-hectare community will include 570 dwellings, with a selection of apartments, courtyard homes and vacant land lots for buyers to build freestanding homes.
The architects engaged by Charter Hall include William Smart, SJB, Fox Johnson and Tony Caro.
More than half the estate is intended to be open space, with the public domain featuring parklands, walking trails, coastal lookouts and tree-lined streets. It adjoins the Coast Golf Course.
Upon its purchase the site had existing development consent for a 149-lot residential subdivision from a 2007 application.
Charter Hall joint managing director, David Southon, expects strong interest in the project. Sales are scheduled to begin in October, once formal Randwick Council approvals are secured.
TA Global Berhad’s executive chairman, Datuk Tony Tiah Thee Kian, says the company had been looking for a property development presence in Australia for some time, to add to its holdings in Malaysia, Singapore, China and Canada.
The group, one of the largest listed property development companies in Malaysia by market capitalisation, owns the Westin in Melbourne and the Radisson Blu Plaza Hotel in Sydney.
The current master plan was approved in 2009 by the Land and Environment Court’s Commissioner Murrell, who ruled the proposal was not an overdevelopment.
“There is a great deal of merit for a development that provides for a variety of housing types with a central core area of open space and the proposal will provide for interest and visual differentiation to provide for the identity that should be welcomed and embraced in this particular area,” Commissioner Murrell ruled.
The neighbouring 85-hectare holding, which was the official Prince Henry Hospital site, has been developed by Landcom, Stockland and other developer partners, with a developable 35-hectare area.
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Wraps come off Sydney’s newest coastal community

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Australian investors who hold New Zealand property in their portfolio are going to be watching the upcoming election closely.
The Labour Opposition seems set to unveil plans to introduce a capital gains tax on investment properties if it wins the November election.
Labor's proposed tax overhaul, which will be unveiled next Thursday, is presumed to be grandfathered and only apply to property purchased after its instigation.
But any new tax will have a serious dampening effect on the attraction of its property market (internally and externally) given the New Zealand commercial property market has become increasingly attractive to Australian investors over recent years.
The light tax regime has been a strong factor in seeing Australian investment across the ditch, although presumably the Australian government can tax investors for capital gains made offshore. The rise in the value of the Australian dollar during the past two years against New Zealand’s currency has assisted the buying interest from Australia, along with the effects of its three-year property price downturn.
Mortgage interest rates in New Zealand are more than 2% lower than they are in Australia, increasing the attractiveness of buying for investors who sourced their funding from New Zealand banks.
There’s also been no stamp duty and no land tax. And New Zealand’s 4% deprecation allowance is higher than Australia’s.
Last month an Auckland CBD office building providing a rental yield of just under 9% was sold to an Australian, with the buyers borrowing half of the price from a local bank at a fixed 6.5% interest rate for five years.
New Zealand property investment is not quite a national obsession like it is in Australia, but there are about 200,000 property investors in New Zealand.
It typically seen as the kiss of death to propose a tax before getting into government, but Labour, seeking lower deficits, has little choice but to find a new source of revenue to keep fiscally credible. Just like Prime Minister John Key saying before the last election he would not raise GST, and then doing so.
It is understood the capital gains tax rate would be set at about 15%, so if an investor had bought an investment property at about $400,000 and sold it for $500,000, making a profit of $100,000, the investor would pay 15% or $15,000 of that to the government in tax.
It has been reported Labour has been swayed by the prospect such a tax could raise up to NZ$4.5 billion. In 2009, the Tax Working Group estimated a broad-based capital gains tax could raise once in a steady state up to $9 billion a year, and excluding the family home, would cut that to NZ$4.5 billion a year. Its estimates were based on property price inflation of 2% a year.
The Prime Minister has been quick to say the only short-term winners from a capital gains tax will be accountants, as the tax doesn't raise a lot of money upfront.
"People only pay the tax when they sell the asset and so people tend to hang on to those assets for longer. They are hideously complex and people spend their life with their tax accountants," Key says.
Key has said a capital gains tax would need to be levied at 30% to raise the NZ$4.5 billion revenue. At 15%, it would be 15 years before the government collected $500 million a year, he said.
The Greens have previously supported a capital gains tax.
"New Zealand's problem over the last decade has been a lot of capital has gone into housing because of the tax incentives when where we really needed it was in the productive sector," the Greens co-leader Russel Norman has been reported as saying.
Labour leader Phil Goff has declined to comment about the tax before the official announcement on July 14. It is understood the party considered many options, including a land tax, before settling on capital gains.
Capital gains tax was introduced in Australia on September 20, 1985 – one of a number of tax reforms by the Hawke/Keating government. The tax applies only to assets acquired on or after that date. Gains (or losses) on earlier assets, called pre-CGT assets, are ignored.
New Zealand had a property speculation tax, introduced by Labour in 1973, and repealed in 1979.
By not comprehensively taxing capital gains, New Zealand is unusual amongst OECD countries. In contrast with the treatment of capital gains and property, New Zealand taxes corporate taxable income at a relatively high rate.
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Aussie property investors fear introduction of CGT in NZ

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A landmark heritage office building in Collins Street, Melbourne, has sold for about $14 million.
Agent Knight Frank had been confident it would set a benchmark price for 2011, in predicting $13.5 million-plus for the former New Zealand Loan and Mercantile Agency building prior to the sale.
It last sold in early 2003 for $6.94 million.
Built in 1909-10, the six-level retail and office building is on the Victorian Heritage Register.
The four upper office levels in the red brick and freestone building are vacant, with the Knight Frank marketing suggesting its easy conversion into a boutique hotel.
It was designed by Oakden and Ballantyne and built by Swanson Brothers, with its corner tower and metal-clad cupula accentuating the building's prominent corner siting on Collins and King streets.
Heritage Victoria attributes the building’s significance to its unusual and eclectic style, which was symbolic of a transitional time in Victorian architecture.
"The use of the Free or Edwardian Baroque styles in commercial buildings was unusual in Melbourne, and this building is now a rare example," says Heritage Victoria.
Knight Frank agents Langton McHarg and Marcus Quinn say it has a net lettable area of 3510 square metres and is on a site of 856 square metres.
Mr McHarg said the office space was ideal for refurbishment, with the new owner possibly occupying these floors.
Its 1,284-square-metre retail space is leased to Officeworks  and d-spa dental.
The building could be retained as an investment, subdivided into strata suites or even converted to residential or a boutique hotel.
"Opportunities to purchase office buildings with significant vacancies in the CBD are virtually unheard of," he said.
The New Zealand Loan &amp; Mercantile Agency Ltd was incorporated in England in 1865 and again after its financial collapse in 1894. Its main purpose was to provide investment and loan of money in New Zealand, and it extended its business to Australia in 1874. In 1961 the company merged with Dalgety &amp; Co Ltd.
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Eclectic heritage CBD corner sells for $14 million

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A house in Western Australia that debuted in the SQM most discounted list last winter has returned.
Described by SQM’s Louis Christopher as a seemingly aesthetically pleasing home, the four-bedroom Midland house comes with an asking price of $850,000 – a further $50,000 slashed off the price since SQM last reported it.
”This brings this property's total discount in percentage terms to 55%, having been discounted by over one million dollars since originally priced at $1,900,000,” Mr Christopher said.
It has now been advertised on the market for over 680 days, he said.
“All things considered, perhaps the original asking price was overinflated – with a last sold price of $720,000 in December 2007, a price tag of $850,000 seems slightly more realistic for a property in this Perth suburb,” he said.
Top ten most discounted properties
Rank: 1
Address: 4 Flora Street
Suburb: Midland
Postcode: 6056
First seen: 16/08/2009
Initial price: $1,900,000
Now asking: $850,000
Reduction: 55%
Days on market: 680
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008173508">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008173508</a>
 
Rank: 2
Address: 1350 Wynnum Road
Suburb: Tingalpa
Postcode: 4173
First seen: 06/11/2010
Initial price: $700,000
Now asking: $380,000
Reduction: 46%
Days on market: 231
 <a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579</a>
 
Rank: 3
Address: 3 Boolari Road
Suburb: Gosford West
Postcode: 2250
First seen: 08/07/2009
Initial price: $990,000
Now asking: $580,000
Reduction: 41%
Days on market: 717
 <a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903</a>
 
Rank: 4
Address: 1/21 Ocean Drive
Suburb: Coogee
Postcode: 6166
First seen: 23/05/2010
Initial price: $2,700,000
Now asking: $1,600,000
Reduction: 41%
Days on market: 399
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106550670">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106550670</a>
 
Rank: 5
Address: 232-234 High Central Road
Suburb: Macleay Island
Postcode: 4184
First seen: 11/01/2009
Initial price: $279,000
Now asking: $175,000
Reduction: 37%
Days on market: 896
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007562500">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007562500</a>
 
Rank: 6
Address: 25 Vicary Street
Suburb: Triabunna
Postcode: 7190
First seen: 02/08/2010
Initial price: $299,000
Now asking $189,000
Reduction: 37%
Days on market: 329
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614</a>
 
Rank: 7
Address: 290 Viveash Road
Suburb: Swan View
Postcode: 6056
First seen: 05/06/2008
Initial price: $2,290,000
Now asking: $1,500,000
Reduction: 34%
Days on market: 1117
&lt;<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295</a>
 
Rank 8
Address: 46a Stock Road
Suburb: Attadale
Postcode: 6156
First seen: 21/03/2010
Initial price: $2,690,000
Now asking: ^$1,790,000
Reduction: 33%
Days on market: 462
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106404560">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106404560</a>
 
Rank: 9
Address: 1/16 Dewar
Surburb: Ledge Point
Postcode: 6043
First seen: 15/11/2009
Initial price: $375,000
Now asking: $250,000
Reduction: 33%
Days on market: 588
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106138206">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106138206</a>
 
Rank: 10
Address: 60 Summerfields Drive
Suburb: Caboolture
Postcode: 4510
First seen: 30/04/2011
Initial price: $362,000
Now asking: $249,000
Reduction: 31%
Days on market: 57
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107363856">https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107363856</a>
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WA tops list of 10 most-discounted properties: SQM

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Supporting Colliers International’s research prediction earlier this year that tenants would start decentralising from the CBD, The Spotless Group is set to relocate its international head office to St Kilda Road, Melbourne.
Taking the whole of 549 St Kilda Road on a 10-year lease, the move follows the departure of former owner-occupier Chartis Insurance in November 2010 after the sale of the property to Nikos Property Group.
The deal, negotiated by Colliers International’s office leasing director Ben Christie, will see Spotless relocate from 350 Queen Street in the CBD, which was built by property developer Warren Anderson and Japanese partners in 1990.  It wasn’t until six years later that Spotless moved into the octagonal Queen Street building, taking 5000 square metres on levels two to five of the 20-storey building. The building had been empty six years.
Ryder Commercial’s website indicates it negotiated a recent Spotless lease at 350 Queen Street. It doesn’t give the  date or space but indicates it was at $285,500 per annum for three years.
The St Kilda Road leasing announcement has been billed as the largest new leasing deal transacted on St Kilda Road for more than a decade.
Number 549 St Kilda Road has a total building area of about 9,545 square metres, and 209 car spaces are being taken up with the lease.
Spotless will be use part of the ground level as a staff café, with the possibility to later open it to the public.
“The fundamentals of the building were ideal for Spotless’ needs, because it provided six, contiguous whole floors and large floor plates of around 1,570 square metres,” Mr Christie said.
Ari Singer, asset manager for Nikos Property Group, said since purchasing the building, the private investment group had been planning one of the most substantial refurbishments ever undertaken on a building in St Kilda Road. 
“We saw enormous potential with 549 St Kilda Road, given tightening market conditions and the lack of office stock available for tenants seeking areas of 5,000 square metres and above in the CBD and fringe markets,” Mr Singer said.
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Spotless heads to St Kilda Road in 10-year deal

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Jonathan Chancellor

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