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Residential property developer Sunland Group has reported a strong rise in interim profits for the half-year to December 31 driven by the sale of the Palazzo Versace hotel on the Gold Coast for $68.5 million at the end of 2012.
This was up from $185,000 in the previous corresponding period.
<a target="_blank" href="https://www.propertyobserver.com.au/leisure/as-palazzo-versace-sells-check-out-15-global-flashy-fashion-branded-hotels/2012121656738">The fashion-branded hotel </a>was reportedly sold to unnamed Chinese buyers with the deal requiring Foreign Investment Review Board approval.
Sunland declared a 2¢ fully franked special dividend to shareholders on the back of the sale.
Despite the improved result, Sunland continued to warn of “challenging and subdued” market conditions.
Sunland managing director Sahba Abedian said the group would continue to focus on its core market of residential land and housing.
But in contrast to the recent write-downs for residential land banks and apartment projects from listed developers Stockland and Mirvac, Sunland said it would continue to hunt for acquisitions following $37.8 million of them in the first half of the year.
Sunland managed 111 contracted sales over the six month period totalling $59 million with 204 settlements generating $77.4 million – well down from $132 million worth of settlements in the second half of fiscal 2012.
Settlements occurred at Glades, Gardene and Royal Pines on the Gold Coast and Kellyville in Sydney.
In addition, Sunland has 330 pre-sales contracts on hand totalling $183 million.
Sunland reported that sales had “slowed over the period”.
The developer has a land bank pipeline of 3,110 allotments with a potential end value of $1.3 billion, but it could be years before any of these projects come to fruition.
Despite the tough market conditions, Sunland plans to go ahead with off the plan marketing of its Brisbane CBD high rise apartment project previously named Carrington in the second half of 2013 financial year.
During the six month period Sunland acquired residential development sits at <a target="_blank" href="/news">North Kellyville</a> in Sydney’s west and <a target="_blank" href="/news">Point Cook</a> on the Melbourne fringe.
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Palazzo Versace hotel sale helps lift Sunland interim profits as residential sales slow

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Retailers selling products that can be bought cheaply online were among the worst-performing tenants of shopping centre landlord GPT in 2012.
Annual results for the year to December include a breakdown of how various retail categories performed in GPT shopping centres.
They show that the leisure category was a very poor performer in 2012, with sales down 7.5%. This includes sellers of books, CDs and games, all of which are cheaper to buy over the internet.
The other poor-performing category was department stores, including most notably David Jones and Myer, whose recent struggles in retailing have been well-documented.
In contrast, the top-performing tenants were those offering retail services such as banks, health fund stores, repairers with sales up 7.2% in 2012.
Second best performing, other retail and mobile phone sellers, which both recorded a 6.1% rise in sales and food catering, which rose 5.9%.
Other retailing includes travel agents, lotto, automotive accessories, cinemas, and other entertainment providers.
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GPT has a retail portfolio comprising 17 shopping including the recently expanded Highpoint Shopping Centre in Maribynong, Melbourne covering 123,000 square metres of retail space and Erina Fair on the Central Coast.
GPT put its 50% share in Erina Fair up for sale with a price tag of around $400 million.
Carmel Hourigan, head of investment management at GPT, says structural changes in retail spending have seen the leisure category continue to be impacted “in particular books, music and games”.
“On the positive, ‘other retail’ which includes cinemas and travel, has had another strong year at 6.1% moving average turnover growth."
To respond to the structural changes in retailing, Hourigan says GPT is changing the mix of tenants in its shopping centres by down-weighting apparel which represents a significant proportion of speciality gross lettable area and up-weighting to retail services, food Catering and other retail.
“We continue to see a number of key themes including, new concept stores, the introduction of additional international retailers, further focus on operational efficiencies as well as increased control over brand and distribution strategies by retailers.
GPT also implemented a number of digital initiatives in 2012 including launching mobile applications for both Highpoint and Melbourne Central, recording over 5,000 mobile app downloads in the first two months.
“Mobile applications for Charlestown, Rouse Hill and Wollongong Central will be rolled out during the first quarter of this year,” says Hourigan,
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Cinemas trump books and CDs: GPT highlights top-performing retail tenants and changes retail mix

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Mirvac has sold just over half of the 205 apartments in its Array residential tower in Melbourne's Docklands, its interim results reveal.
Marketing of the 39-storey development commenced six months ago (September 2012), with apartments priced from $520,000 for a one-bedroom apartment to $7 million for a penthouse.
The $218 million development is due to be completed in 2016, with first settlements occurring in mid-2015. Site works on the project have already begun.
Mirvac <a href="https://www.propertyobserver.com.au/news/mirvac-profit-slumps-with-residential-outlook-mixed-but-improving/2013021459345?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">reported a 69% slump in net profits </a>in the six months to December 31, with the expectation that the Victorian market will underperform relative to other capital city residential markets.
Mirvac is the developer of the Yarra’s Edge portion of <a target="_blank" href="/news">Docklands</a>, a 14-hectare site on the southern banks of the Yarra River that extends out from the <a target="_blank" href="/news">Southbank </a>promenade connected to the city via the new South Wharf precinct.
Mirvac’s vision for Yarra’s Edge is for “an exclusive village-style neighbourhood … offering the ultimate in waterfront living”.
Array is one of five residential towers planned for Yarra’s Edge, alongside a full-service marina, parklands, a day spa and a mix of shops, cafes and restaurants along the promenade.
Mirvac has almost completed construction of another residential tower Yarra Point featuring 201 apartments, of which 170 apartments have been sold with prices ranging from $510,000 to $2.4 million. First settlements are due from next month.
The other residential projects at Yarra’s Edge are the 82 luxury Riverfront homes, which have all been completed and of which just two remain available for purchase and the marina, featuring 149 yachting berths of which 105 have been sold.
Mirvac plans to have built 2,000 residences in Yarra’s Edge by completion of the 18-year project in mid-2017.
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Half of apartments in Mirvac’s Array development in Docklands sold

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Dexus has delivered on its promise of an improvement in its operating performance reporting an 83.3% rise in interim net profits to December 31 of $267 million.
The vastly improved result follows the commercial property developer, owner and manager reporting a 67% slump in full year profit in August last year.
The six month result was in line with guidance given to the market at the end of 2012.
Dexus executive general manager for office and industrial Kevin George described the office market as “tempered”  but says there are “positive signs” in core markets and “solid interest” in "high quality buildings".
In the tough business conditions, George says a number of firms are seeking to modernise and “gain workplace efficiencies which has flowed through to increasing enquiries in our portfolio”.
George added that suburban tenants are looking to relocate to CBD offices due to competitive conditions and a reduced rental price differential.
The $5.5 billion Dexus office portfolio delivered a return of 10.3% over the six month period.
Over the reporting period Dexus disposed of its US industrial property portfolio worth US$561 million at a 13% premium to its book value and made a number of Australian office acquisition to rebalance the group’s portfolio to its target of 80% weighted to Australian offices and 20% to Australian industrial property.
“The US portfolio sale considerably improves the quality of the group’s earnings profile as the proceeds are re-allocated to the Australian market,” said Dexus chief executive Darren Steinberg.
Dexus spent $504 million of the money generated from the US sale to acquire stakes in three Sydney CBD office buildings including a 25% stake in Grosvenor Place at 225 George Street, which will settle at the end of February.
Dexus has a total commercial property portfolio valued of $7.1 billion with offices making up the bulk of this, worth $5.5 billion.
It completed 239,000 square metres of new leasings over the six month period with the occupancy rate across the portfolio increasing from 93.4% to 94.7% Dexus will pay shareholders an interim distribution of 2.89 cents per security, an 8.2 per cent rise on last year.
Steinberg said the company still expected to post full-year earnings of 7.75 cents per security and an annual distribution of 5.8 cents. 
"We are well positioned for growth with a strong and conservative balance sheet, and confident that we can continue to deliver superior risk-adjusted returns for our investors from our quality Australian real estate portfolio," he said.
A thousand square metres of office space will become available at level 17 in the flagship green building, One Bligh Street in the Sydney CBD during the 2013 financial year.
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Dexus profits up 83% as suburban office tenants relocate to the CBD

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David Devine's Metro Property Development continues to be the top off-the-plan seller in the inner-Brisbane market, with three of its projects ranking as the three top sellers in the December quarter of 2012.
It was the third successive quarter that Metro has been the top performing developer in inner Brisbane, where more than 40 projects are being marketed or under construction.
Metro's The Plaza at South Brisbane ranked first with 57 unconditional sales over the quarter, followed by Cambridge Towers in Fortitude Valley with 25 sales and Brooklyn on Brookes, tied for third with 23 sales.
The figures are based on a report compiled by market research firm Place Advisory.
Metro now has more than 800 apartments across four different projects under construction throughout inner-city Brisbane.
David Devine told Property Observer in November that Metro’s ability to offer apartments to investors that qualify for the federal government’s <a target="_blank" href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155">national rental affordability scheme (NRAS) </a>and that appeal to investors acquiring property through their self-managed super funds are key reasons for its success to date.
The projects – the three mentioned above a well as Madison Heights at Bowen Hills – have combined end value of more than $400 million.
The success of Metro’s projects comes as new research from by Urbis shows that the apartment market is continuing to grow and now makes up 38% of total residential transactions in the inner Brisbane market.
This is up from just 10.2% of all transactions in 1981 with Urbis forecasting that due to the geographical nature and scarcity of vacant land within the Brisbane LGA this proportion may exceed 50% of all transactions by 2016.
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The 12-level The Plaza (pictured below) has been designed by architects Deicke Richards and is under construction at the corner of Russell and Manning streets on a 2,270-square-metre site and will feature 168 apartments.
<img src="/images/stories/2013/02/theplaza1.jpg" width="470" height="393" alt="theplaza1">
It is 83% sold out, with recent sales ranging from $413,000 for a one-bedroom apartment measuring 52 square metres to $562,000 for a 72-square-metre two-bedroom, two bathroom apartment, according to the Midwood Report.
The building will also feature a pool, gymnasium, outdoor dining area and garden reading room.
Approval for the project was granted in August last year.
<img src="/images/stories/2013/02/cambridgetowers.jpg" width="470" height="325" alt="cambridgetowers">
Cambridge Towers (pictured above) is the first building in the six-tower Central Village master planned precinct and includes 163 apartments over 18-storeys.  Apartments range from $275,000 to $550,000 and feature a mix of studio, one bedroom and two bedroom apartments.
Construction at Cambridge Towers has now commenced after Metro appointed PBS Builders to the project.
<img src="/images/stories/2013/02/brooklynonbrookes.jpg" width="316" height="421" alt="brooklynonbrookes">
The 14-level Brooklyn on Brookes apartment block (pictured above) being built on the corner of Brookes and Ann streets in <a href="/news">Fortitude Valley</a> feature 216 one and two bedroom apartments ranging from $305,000 to $750,000 and is 80% sold out. It adjoins the Emporium shopping complex.
The building was designed by architects Wood Bagot to be a New York-style apartment project.
It is a joint venture project with Indian-based developer Pearls Australasia, which has also collaborated with Metro on the completed and sold out Chelsea in Bowen Hills and the Madison Heights apartment tower, also in Bowen Hills and currently under construction.
Pearls Australasia bought the Sheraton Mirage Resort and Spa on the Gold Coast for a reported $60 million in 2009.
Devine says a number of market factors had helped influence the strong sales figures.
“We’ve seen a marked increase in sales over the past few months as interest rates remain low, consumer confidence has risen and the market has stabilised.”
Another strength, he says is finding the right location for the right property including being close to transport, shops, entertainment and parks
“They’re also just a few minutes away from major employment hubs like Brisbane, South Brisbane, Fortitude Valley, Newstead and Teneriffe.
“Combined with communal amenities like rooftop terraces and swimming pools; stylish interiors; and competitive pricing, our apartment projects are in high-demand.”
Devine says the Urbis statistics, combined with Metro’s success over recent years, indicated a fundamental change in the way Australian’s viewed property.
“The great Australian dream is changing… where once everybody wanted quarter-acre block with detached home they are now increasingly looking for a stylish apartment, with great views and amenities,” he says.
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David Devine's Metro remains Brisbane off-the-plan top seller

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Planning Minister Matthew Guy has approved a $190 million office building at 272 Queen Street in the Melbourne CBD.
The 50 storey building, which includes a 11 storey podium with a mix of ground floor retail has been proposed by local private developer Dale Rose.
Guy says the project would create around 580 direct jobs and 3,000 indirect jobs during construction.
“This prominent corner of our central business district will be transformed into a majestic location for a range of businesses, with employment opportunities for up to 2,000 people," says Guy.
“The redevelopment site is located in an evolving area where planning policy encourages development that supports a vibrant and economically competitive central city while making efficient use of existing infrastructure.
“This proposal ticks all the boxes and sets a high benchmark for building design and performance, while increasing competition within the commercial market."
The granting of planning approval for the CBD tower comes as the planning minister comes under fire from Melbourne Lord Mayor Robert Doyle for approving a new tower development on Southbank more than 100 metres taller than the council's preferred height for the site.
The 238-metre tower is due to be built at 54 Clarke Street Southbank. 
The Melbourne city council is consider challenging the approval at Victoria's planning tribunal, The Age reported.
The Melbourne CBD is expected to have around 30,000 extra office workers by 2026.
It is estimated that inner Melbourne, including the central business district, will need to accommodate an extra 30,000 people by 2026.
The Victorian government is currently developing a new metropolitan planning strategy to deal with the growth of inner Melbourne.
To have your say on the development of Melbourne’s future go to <a href="https://www.planmelbourne.vic.gov.au">www.planmelbourne.vic.gov.au</a>
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Matthew Guy approves new 50-storey Melbourne CBD office tower

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Investment in Australian commercial real estate fell in the final quarter of 2012 but the outlook remains bright for 2013 as global investor confidence rises.
Over the December 2012 quarter, Australian investors – both offshore and local – invested $3.9 billion in commercial property, compared with US$4.2 billion in the September quarter – a decline of 6%, according the latest global real estate report from Jones Lang LaSalle (JLL).
For the calendar year, investment in Australian commercial real estate was up 6% to US$16.5 billion compared with US$15.5 billion in 2011.
Sydney ranked 14th biggest capital city commercial property investment market, attracting around US$6 billion from investors, with London ranking first (around US$30 billion) and New York second (US$25 billion).
The report notes that Australia was boosted by a number of record sales in the hotel sector including the largest ever single asset sale (Shangri-La Sydney) and hotel portfolio sale (Marriott portfolio).
“Capital was primarily sourced offshore, accounting for nearly 80% of the overall dollars invested. 2012 will provide a good barometer for the Australian hotel investment landscape in 2013,”says JLL.
JLL is anticipating that global real estate investment volumes will grow in 2013 by a further 10 % to 15% on 2012 levels, with Australia continuing to be the destination of preference for many institutional investors.
Australia was a solid performer in the Asia Pacific region over the year – substantially better than China (a 26% decline in investment), Singapore (-8%) and Hong Kong (+2%), on a par with Japan but below the standout regional market, South Korea, where investment increased by 14% to US$11.3 billion.
The USA was the top global commercial property investment destination with US$163.7 worth of assets changing hands in 2012, an increase of 11% on 2011.
JLL’s head of investments in Australia, John Talbot, said that globally, and in Australia, the final quarters of 2012 were marked by subdued leasing markets but high levels of investment activity.
“Evidently, global investors are willing to look through a temporary slowdown in rental growth and take a longer-term perspective on real estate returns.
“Within the Asia-Pacific region, Australia continues to be the destination of preference for many institutional investors.
“As we move into 2013 there is no evidence that the attractions of Australian assets are weakening.
“Through 2013, we expect to see continued pressure on yields at the upper end of the market as domestic investors return, challenging offshore investors for ownership of premium grade assets across all real estate sectors,” he says.
Cross-border purchases totalled nearly US$20 billion in 2012, equivalent to 21% of all acquisitions. Australia, Japan, China and Hong Kong accounted for 80% of the region’s cross-border acquisitions, while Singapore was the source of one-third of all cross-border capital in the region.
“Opportunities continue to exist for private debt funds to fill the void left from the exodus of European lenders in Asia Pacific, and senior lenders remain very competitive, with lending margins tightening over the past year,” says JLL.
“Meanwhile, banks are still cautious around the impact that Basel III regulatory changes may have on their commercial real estate portfolios.”
Globally, commercial real estate investment volumes totalled $436 billion in 2012, according to JLL preliminary numbers, a slight increase over 2011’s $435 billion and a 36% increase over 2010.
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Australia’s status as commercial property investment hotspot brightens: Jones Lang LaSalle

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Italian-based pizza operator Konopizza will open its first Australian outlet in the newly revamped Jam Factory in Melbourne.
The pizza chain, famous for its cone shaped pizzas, will rent a 60 square metre shop in the iconic entertainment centre on Chappell Street in South Yarra.
The rent Konopizza will pay was not disclosed.
Average passing rents in the centre are $553 per square metre.
The Jam Factory is the retail jewel in the crown of Challenger Diversified Property Trust.
Last week the trust reported a 10.6% lift in interim net profits to $20.8 million on the back of the strong performance of the recently refurbished cinema and retail complex.
Challenger spent $20 million refurbishing the Jam Factory and secured a new 12 year lease with Village cinemas, with the centre returning an income yield on refurbishment costs of 8.8%.
The other noteworthy tenant is UK fashion retailer TopShop, which has a 10 year lease over 1,600 square metres in the complex and occupies the prominent corner site once leased by Borders bookstore.
The trust fund manager Trevor Hardie said higher rents at the Jam Factory had boosted the first-half results.
The lease to Konopizza was negotiated by the CBRE Retail Services team of Max Cookes and Zelman Ainsworth.
CBRE is the exclusive retail leasing agent for the centre.
“Topshop selecting the Jam Factory to be their first retail location certainly illustrated the strength of the centre and the prime nature of this retail location within South Yarra,” says Cookes.
“Over the last 18 months our team has worked closely with the Challenger to achieve their desired results on the retail component of the asset which has been repositioned as a destination shopping precinct that has attracted not just Topshop but a number of other major international and national hospitality, entertainment and fashion retailers.”
Other food retailers in the centre include Nashi, Salsas, Nandos, Shuji Sushi, Boost Juice and Romanos café.
Village Cinemas has been the anchor tenant at the Jam Factory since 1995.
Challenger acquired its 60% interest in the Jam Factory in October 2006.
The Jam Factory was first established in 1858 as the Victoria Brewery.
In 1876 the Victoria Brewery closed down. The building and land were then sold for 5,350 pounds to Robert Wright and Robert Payne. No longer a Brewery, the new company was named the Victoria Preserving Company.
In 1895, Mr William Peacock bought the premises and turned it into the ‘OK’ Jam Co.
It is currently valued at $77.4 million.
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Challenger secures Italian pizza tenant Konopizza for refurbished Jam Factory 

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It was a much strong month for commercial lending than mortgage lending in December, according to ABS figures.
The value of total commercial finance commitments rose 8.6% in December 2012 after a fall of 7.7% in November 2012 to just under $32 billion worth of loans,  the ABS reported.
By comparison, the value of owner occupied housing commitments excluding alterations and additions fell 2.7% on a seasonally-adjusted basis over December.
The 2012 calendar year was still a weak one for commercial lending, with commitments down around 5% from $386 billion to $366 billion.
Fixed commercial lending commitments rose 8.6% in December, after a fall of 10.5% in the previous month. Revolving credit commitments rose 8.8%, after a fall of 0.2% in the previous month.
The value of  commercial finance commitments for the purchase of dwellings by individuals for rent or resale reached $6.25 billion in December 2012, a decline of 0.3% on a seasonally-adjusted basis.
The value of total lease finance commitments fell 15.3%, after a fall of 0.9% in November. 
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Commercial lending up 8.6% in December: ABS

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Consumer sentiment lifted to its highest level in more than two years in February despite the Reserve Bank leaving the cash rate unchanged at 3% on February 5.
The latest Westpac- Melbourne Institute reading of consumer sentiment rose 7.7% in February from 100.6 in January to 108.3 in February.
This was the biggest monthly gain since September 2011.
Westpac chief economist Bill Evans says the jump in sentiment in February “follows an extended period in which sentiment has disappointed, posting at best ‘neutral’ readings despite a substantial 175 basis point reduction in interest rates since October 2011”.
“The more positive February reading suggests lower interest rates may finally be starting to gain more traction with the consumer.
“That said, confidence is still well below the levels recorded during the last easing cycle in 2008-09 which saw sustained readings of around 120,” he says.
There was a slight easing in the “time to buy a dwelling” sub-index which was 3.3% lower in February but “coming from a very high starting point”.
The February reading was 135.4 compared with a long-term average of 122.7.
Evans says the housing markets continues to show "signs of recovery although not a particularly vigorous one”.
Looking ahead to the March 5 RBA monetary policy meeting, Evans said the consumer sentiment report is “welcome news" but warns the improvement will need to be "sustained and flow through to actual spending and activity to ensure non-mining sectors of the economy are strengthening enough to counteract the downturn in mining investment that will begin in the second half of this year".
“At this stage, the picture on actual activity is still not convincing.
“Housing finance and retail sales figures point to significantly weaker momentum in these sectors late last year.
“Meanwhile the non-mining business sector also looks an unconvincing prospect to help offset the mining slowdown with higher investment
“We continue to see the case for lower rates as strong and expect the RBA to cut rates by another 25 basis points at its March meeting,” he says.
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Consumer confidence at highest level in more than two years but March rate cut still on the cards: Westpac

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Larry Schlesinger

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