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The mystery investor in rural property owner and manager PrimeAg has been identified as Australian-based Laguna Bay Pastoral Company, advised by US commodities trader Jim Rogers.
Laguna is the trustee of the Laguna Bay Pastoral Company Crop Fund no 8, which has acquired an 11% stake in PrimeAg, which is up for sale and seeking to delist from the ASX.
Earlier reports had suggested the mystery buyer <a target="_blank" href="https://www.propertyobserver.com.au/rural/rural-property-owner-primeag-attracts-rumoured-us-interest-as-business-for-sale-signs-go-up/2012091656596">had acquired 8% of PrimeAg</a>. The 11% stake was acquired at the previously reported $1.30 a share.
Laguna is run by joint managing directors Tim McGavin and Tim Biggs.
McGavin told the Australian Financial Review in November it had been created to “unlock the value of Australia’s best farmers”.
The investment in PrimeAg is expected to kick start its investment in Australian farms.
It aims to raise up to $350 million to buy farms in northern NSW and has already identified 16 properties for acquisition covering 80,000 hectares.
Laguna is based in Noosa Heads on the Sunshine Coast and backed by the Global Endowment Fund based in Charlotte North Carolina.
It was launched in November last year when Rogers visited Australia and forecast a soft commodities and rural land boom
“It’s the farmers, the producers who are going to be in the captain’s seat when the prices go through the roof,” Rogers said at the time of launch of the fund.
He is predicting a rise in prices for Australian soft commodities due its proximity to Asia.
Rogers founded the Quantum Fund with legendary US investor George Soros.
While Laguna is not pushing for a seat on the PrimeAg board, the AFR’s Street Talk column speculated that the fund could push to be the “leading contender to operate PrimeAg if and when it de-lists”.
The fund’s advisory committee includes Rogers as well as UniSuper Investment Committee chairman Mervyn Peacock, executive chairman of Caledonia Investments Mark Nelson, Harvard University professor Jonathan West and former federal minister for defence John Moore.
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Australian fund advised by US commodities trader Jim Rogers buys 11% of rural property owner PrimeAg

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Online scams that have troubled global real estate firm RE/MAX for 12 months have spread to Australia, with the remax.com.au home page now including a pop-up message warning consumers to be vigilant and report any suspicious-looking emails. The most suspicious emails include use of the RE/MAX logo or RE/MAX distinctive hot-air balloon, but with spelling mistakes and other obvious errors.
With the heading “Scam alert” the RE/MAX home page pop-up warns Australian consumers of a recent phishing scam, “which exploits the RE/MAX brand in an effort to gain consumers' e-mail login credentials”.
The real estate network reminds consumers that it will never ask for passwords or personal information and asks that all suspicious emails be sent to remax@remax.com.au
Click to enlarge
<img src="/images/stories/2012/09/remaxscam.jpg">
Lisa Campbell, national marketing and communications manager at RE/MAX, says the scams are targeted at both its estate agents and the public in different ways – the agents by asking them to verify their email accounts in order to steal their identities and the public with the rental scams.
“When the first run of scams commenced, I believe we did have one member of the public who did transfer money to a scam email account.
“Since then however, we have found that we have received calls from the public checking with us first and to see if it was a legitimate email and are warned instantly to discard the email.
“We have kept at the forefront with email notifications, pop-ups on our website, along with social networking the scams through our public pages to ensure the general public and our network are all aware to be careful and that we will never ask for money nor your log-in details ever,” she says.
RE/MAX is also working with The Australian Communications and Media Authority (ACMA) to address the issue.
One scam email seen by Property Observer came with the email address of <a href="https://mce_host/MAILER@RAMAX.COM.AU">MAILER@RAMAX.COM.AU</a>, sent on September 4, 2012 with the recipient asked due to a “recent upgrade of our systems” to confirm his or her RE/MAX account.
Click to enlarge
<a href="/images/stories/2012/09/remax3large.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/remaxscam2.jpg"></a>
“So you are required to logon to your Online RE/MAX Account with the provided link below.” 
Another scam email sent to an agent on September 13 reads:
“Am interested in purchasing a property in your territory. I want to find out if you have got any property for sale. How much is it and other details ? Please send me a message to my personal Emai: <a href="https://mce_host/joemalouf1@aol.com">joemalouf1@aol.com</a> Hope to hear from you soon.”
Click to enlarge
<a href="/images/stories/2012/09/remax2large.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/remax4.jpg"></a>
The RE/MAX global home page warns of an apartment rental scam that has caught out people in the US, Australia, the United Kingdom, and other countries with as much as US$2,000 involved in one transaction.
“In one version of the scam, the consumer who answers the ad receives an e-mail from someone purporting to be the property owner.
“The e-mail includes a link to a Web site that describes the fake rental transaction service.
“The Web site may look somewhat official because it uses RE/MAX logos and graphics and it may include links to actual pages of remax.com.
“In some cases, the e-mail refers the consumer to the actual RE/MAX website, remax.com (although RE/MAX World Headquarters, which operates remax.com, does not operate a rental transaction service)."
The RE/MAX global site explains that the renter is also asked for a mailing address – and then receives an e-mail that looks as though it was sent from RE/MAX.
“The e-mail may have an official-looking transaction number in the subject line or text. The e-mail lists the renter's address for the supposed delivery of the keys and lease and gives instructions to wire the apartment deposit via Western Union or Money Gram to a RE/MAX representative.”
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RE/MAX global online phishing and rental scams spread to Australia

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The RBA should not cut the cash rate as some economists are urging it to do, former Property Observer columnist Christopher Joye has tweeted, following the release of today’s September monetary policy meeting minutes.
The minutes have been interpreted as suggesting the RBA has an easing bias, with a rate cut possibly as early as October.
But Joye, who now files for the Australian Financial Review, tweeted that it should not act on this bias:
 
<a href="https://twitter.com/cjoye" target="_blank"><img src="/images/stories/2012/09/joyetweet2.jpg"></a>
He later tweeted what he believed would guide the RBA’s cash rate decision-making process over the next two months:
<a href="https://twitter.com/cjoye" target="_blank"><img src="/images/stories/2012/09/joyetweet1.jpg"></a>
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The RBA should not cut rates, says Christopher Joye: Tweet of the day

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The minutes of the September 4 monetary policy meeting indicate the RBA is moving closer to cutting the cash rate, but both Westpac chief economist Bill Evans and HSBC’s Paul Bloxham still favour a November rate cut.
Earlier today ANZ changed its forecast from a November rate cut to an October easing and even countenanced a 50-basis-point rate cut in one hit.
Examining the September RBA board minutes, Evans says Westpac believes the RBA is “close to moving on rates but, in a close call does not assess that there is sufficient evidence from these minutes to revise our view that the cuts are likely in November and December”
Evans focused on the term "scope to adjust policy" deeming it to be “quite important”.
“The condition required for policy to adjust is described as ‘any significant deterioration in the outlook for growth’.
“That definition can be used quite flexibly to justify a rate cut,” he says.
“For example, the ‘high level of the exchange rate’ might be assessed as significantly  affecting the outlook for growth, or a bigger than expected fall in the terms of trade might also fall into that category.
“In short, because the condition refers to the outlook rather than the actual level of growth, there is a high degree of subjectivity involved.
“The commentary links this view to further falls in iron ore prices. For the moment these appear to have stabilised, but the outlook remains volatile.”
HSBC Australia and New Zealand chief economist Paul Bloxham says the bank still expect one more cut before year-end, probably in November, though October can't be ruled out.
He says the “tone” of the minutes suggest the RBA remains “seemingly fairly comfortable, having gotten rates down in May and June to below average”.
“However, the minutes do give a stronger suggestion that the RBA does have a conditional easing bias and that this is largely dependent on global conditions, particularly conditions in China,” says Bloxham.
“Locally, growth was close to trend and they reiterated that they are still yet to see the full effects of the previous cuts working their way through the economy. However, there are some hints in the minutes about some concern that the labour market could have eased a bit in the past couple of months.”
But he says global conditions present the main downside risk.
“There was further acknowledgement that the RBA has scope to lower rates if the global economy weakens further” says Bloxham with a fair bit more time spent “articulating the Chinese slowdown story”.
Unless there are signs of an upturn in China, Bloxham says the RBA has scope to ease policy further.
But as observed by Bill Evans, Bloxham says an easing bias is conditional on RBA assessing there to have been a 'significant deterioration' in the outlook for growth.
<a href="/news">AMP Capital chief economist Shane Oliver, along with Market Economics’ Stephen Koukoulas and BNP Paribas’s senior Asia economist Dominic Bryant</a> were the only three economists to back a rate cut in October when surveyed by Bloomberg last Friday.
Today, Oliver remained adamant that an October rate cut is on the cards saying the September minutes revealed a "somewhat more dovish tone than indicated by the post meeting statement released straight after the meeting, with significant discussion regarding the risks to global growth and China in particular, the risks to the mining boom and even the observation that the benign inflation outlook provides scope to ease policy if needed”. “We remain of the view that the RBA will cut the cash rate to 2.75% over the next six months, starting with a 0.25% rate cut next month," says Oliver.
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Westpac’s Bill Evans and HSBC’s Paul Bloxham favour November rate cut – AMP’s Shane Oliver sticks with October

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St George Bank, a subsidiary of Westpac, has cut its one- and two-year fixed-rate home loans to 5.49%  per annum effective today.
The rates are available under its Advantage Package.
The bank joins a veritable procession of lenders that have cut some of their fixed-rate mortgage products in the last two weeks, including the Commonwealth Bank, ME Bank, Greater Building Society and Citibank.
Until October 7, St George is also offering $700 towards switching costs for customers who refinance into a home loan unders its Advantage Package, provided the loan amount is $250,000 or more.
St George has not cut its three-year fixed-rate home loan – considered the benchmark fixed-rate product – which is offered at a rate of 5.59% and also applies to its four-year and five-year fixed-rate offerings.
The NSW-based bank says it now offering one-, two-, three-, four- and five-year fixed rates lower than all the major banks.
Westpac's three-year fixed rate is 5.84%.
St George general manager for retail banking Andy Fell says fixed loans can provide "peace of mind and help customers more effectively manage their household budget".
<a href="/news">To find the current cheapest fixed and variable rate offerings click here.</a>
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St George Bank cuts one- and two-year fixed rates to 5.49%

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The Reserve Bank has “ample scope" to use cash rate reductions to change mortgage lending rates despite regulatory changes impacting marginally on bank funding costs, says assistant RBA governor Guy Debelle.
His comments, delivered in a speech in Adelaide today, follow the release of the September 4 monetary policy meeting minutes, which said there was "scope to adjust policy in response to any significant deterioration in the outlook for growth".
Since the start of the current rate cutting cycle in November, banks have claimed that their funding cost pressures mean they are no longer as closely tied to the monetary policy settings of the RBA with ANZ going it alone on interest rate decisions since December (though the bank has not moved outside of RBA announcements since April).
Debelle said the impact of Basel III banking reforms,  which come into effect on January 1 next year, were likely to be “small and the effect on overall funding costs would be smaller still”.
He added that any costs of this magnitude were “well worth paying for a more stable financial system”.
Under Basel III reforms, Australia's largest deposit-taking intermediaries in Australia will be required to hold "high-quality liquid assets in quantities sufficient to withstand a 30-day period of stress".
“As regards the broader macroeconomic impact of the increase in Australian deposit-taking institutions’ (ADIs) funding costs, it is important to remember that in the setting of monetary policy, the Reserve Bank Board is conscious of the various rates at which credit is being priced.
“Consequently, where there has been an overall rise in the funding cost structure for intermediaries, the Board is able to set its cash rate target to appropriately take into account the effect on lending rates.
“In the current environment, there has been ample scope to lower the cash rate sufficiently so as to bring these other rates to where they need to be to achieve the desired stance of monetary policy, be they mortgage rates or business lending rates,” says Debelle.
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RBA has 'ample scope' to cut the cash rate further and with impact on mortgage lending rates: Guy Debelle

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The Reserve Bank has left the door open to a rate cut, minutes of the September 4 monetary policy meeting show.
The minutes also noted subdued conditions in the housing sector and said recent sharp falls in commodity prices would be reflected "relatively quickly in export prices" as well as "slightly softer" global economic conditions".
However the <a target="_blank" href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/04092012">RBA board </a>appeared less concerned about a drop in mining investment than other economic commentators, saying that if the fall in the iron ore and coking coal prices were to be sustained, it could lead to somewhat lower mining investment, "but given the large LNG and other mining investment projects already under way, the staff still expected there to be a substantial increase in resource investment over the next year or so".
The board concluded that the "current assessment of the inflation outlook continued to provide scope to adjust policy in response to any significant deterioration in the outlook for growth".
Looking at the housing market, the RBA notes:
"Conditions in the housing sector were subdued, but there were tentative signs of an improvement.
“Building approvals had increased strongly in the June quarter, and fell back in July, but remained a little higher than earlier in the year.
“Loan approvals for new dwellings and first-home owner grants had also risen in recent months. Dwelling prices had increased slightly over the previous three months in Sydney and Melbourne and were broadly unchanged in other cities, with turnover remaining low.”
In the September 5 post-cash rate decision statement, RBA governor Glenn Stevens noted that the impact of earlier cash rate cuts  were still working their way through the economy, “but dwelling prices have firmed a little”.
Today's September minutes reveal that the RBA board remains concerned about the global economy noting that new information over August “pointed to slightly softer conditions in many parts of the global economy”.
Locally, it noted a slight downturn in the mining and business environment reporting that “after a surge in mining investment in the March quarter, growth in business investment was estimated to have moderated in the June quarter”. 
The minutes also acknowledge challenges faced by non-mining sector such as "some parts of the retail sector".
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Room for rate cut as housing sector conditions remain 'subdued': RBA September minutes

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ANZ has changed its monetary policy call and now expects the RBA to lower the official cash rate by 25 basis points on October 2 to 3.25% and by a further 25 basis points on November 6 to 3% and to maintain an easing bias thereafter.
The bank’s economists Ivan Colhoun and Justin Fabo say there is also some “tactical argument that rather than enact back-to-back cuts as has occurred over the past year, one larger 50-basis-points cut could have a better effect on confidence and possibly in reducing upward pressure on the Australian dollar.
Colhoun and Fabo made the call ahead of RBA governor’s Glenn Stevens' monetary policy statement, which is expected to give further clues as to future rate decisions and direction.
<a href="/news">Last week ANZ said the fall in commodity prices and the persistently high Australian dollar had raised the likelihood of an October rate cut</a>, but said a November rate cut was still more likely, with another rate cut in the first quarter of next year and unchanged rates thereafter – though with a bias towards lower interest rates.
Colhoun and Fabo say the RBA is unlikely to wait until the release of September quarterly inflation data (due out on October 24) because underlying inflation is already around the bottom of the 2% to 3% RBA target band.
Among their reasons for forecasting an October rate cut is the smaller impact rate cuts have been having on encouraging households’ appetite for taking on more debt, including mortgage debt.
“While the RBA rate cuts since November last year have lowered actual borrowing rates for households and businesses by around 90 to 100 basis points, arguably the interest rate-sensitive parts of the economy have not and will not react in the same way as over the past decade or two.
“The key reason for this expectation is that the community’s appetite for debt has waned significantly as debt levels have risen, housing prices are no longer seen as a one-way bet, perceived job security has lessened and significant uncertainty remains over the global economy.
“The Westpac consumer confidence survey for September showed that the proportion of households viewing bank deposits as the ‘wisest place for savings’ was the highest since 1974.
“Supported by the relatively muted response of housing market activity and prices to the rate cuts to date, notwithstanding that it’s still early days, we see very little danger in terms of renewed asset price inflation from shifting rates lower.”
They also re-affirmed earlier concerns about the impact of falling commodity prices and the high Australian dollar on the wider economy and further fiscal tightening at both federal and state level.
“The main reason for the change of view is that lower commodity prices coupled with the persistently high Australian dollar will have a significant contractionary effect on the economy.
“With inflation comfortably at the low end of the Bank’s target band, global growth continuing to moderate and leading indicators of unemployment deteriorating, there is no reason for the RBA to wait another month to ease policy and overall financial conditions,” they say.
 
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ANZ changes rate cut call to forecast October and November RBA cash rate cuts with possibility of single 50-basis-point cut

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Citibank has become the latest mortgage lender to cut its fixed-rate home loans following recent reductions announced by the Commonwealth Bank, ME Bank and the Greater Building Society.
The pace of lenders cutting fixed-rates has picked up as the appetite for the product grows among cautious borrowers.
Citibank has repriced its one, two and three year fixed-rate home loans to 5.55% per annum, a reduction of 44 basis points over the past month.
Citibank also reduced its five year fixed-rate by 35 basis points to 5.89% and says it’s the first lender to offer a five year fixed-rate below 5.9%.
The Commonwealth Bank’s five-year fixed-rate is 5.99%, Westpac and NAB offer a five year fixed-rate of 6.19% and ANZ at 6.24%
The cheapest advertised five year fixed rate on RateCity.com.au is 5.95% offered by Greater Building Society.
Citibank offers a standard variable rate of 7.09% and a basic variable of 6.87%.
Property Observer has scoured the most well-known mortgage comparison websites to determine the lowest variable rate home loan and one- and three-year fixed home loans currently available.
The following results are based on advertised mortgage rates listed by <a target="_blank" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" href="https://mozo.com.au/">Mozo.com.au</a> and <a target="_blank" href="https://www.infochoice.com.au/">infochoice.com.au</a> as of September 18:
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="158" valign="top">
Provider
</td>
<td width="151" valign="top">
Loan name
</td>
<td width="123" valign="top">
Rate
</td>
<td width="132" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="158" valign="top">
UBank (NAB)
</td>
<td width="151" valign="top">
UHomeloan Refinance
</td>
<td width="123" valign="top">
5.62%
</td>
<td width="132" valign="top">
5.62%
</td>
</tr>
<tr>
<td width="158" valign="top">
Mortgage View
</td>
<td width="151" valign="top">
Mortgage View Pro Pack
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
5.67%
</td>
</tr>
<tr>
<td width="158" valign="top">
Loans.com.au
</td>
<td width="151" valign="top">
Dream Catcher
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
6.02%
</td>
</tr>
<tr>
<td width="158" valign="top">
Nationwide Mortgage
</td>
<td width="151" valign="top">
True Saver Home Loan
</td>
<td width="123" valign="top">
5.65%
</td>
<td width="132" valign="top">
5.65%
</td>
</tr>
<tr>
<td width="158" valign="top">
State Custodian
</td>
<td width="151" valign="top">
State Custodians Standard Variable Offset Loan (LVR&lt;75%)
</td>
<td width="123" valign="top">
5.72%
</td>
<td width="132" valign="top">
5.94%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="137" valign="top">
Provider
</td>
<td width="123" valign="top">
Loan name
</td>
<td width="95" valign="top">
Rate
</td>
<td width="114" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="137" valign="top">
ME Bank
</td>
<td width="123" valign="top">
Super member fixed
</td>
<td width="95" valign="top">
5.39%
</td>
<td width="114" valign="top">
6.05%
</td>
</tr>
<tr>
<td width="137" valign="top">
Newcastle Permanent
</td>
<td width="123" valign="top">
Fixed rate home loan
</td>
<td width="95" valign="top">
5.49%
</td>
<td width="114" valign="top">
6.39%
</td>
</tr>
<tr>
<td width="137" valign="top">
Greater Building Society
</td>
<td width="123" valign="top">
Fixed rate ultimate home loan
</td>
<td width="95" valign="top">
5.49%
</td>
<td width="114" valign="top">
6.29%
</td>
</tr>
<tr>
<td width="137" valign="top">
CUA
</td>
<td width="123" valign="top">
Fixed rate home loan
</td>
<td width="95" valign="top">
5.50%
</td>
<td width="114" valign="top">
6.23%
</td>
</tr>
<tr>
<td width="137" valign="top">
Citibank
</td>
<td width="123" valign="top">
Fixed rate home loan
</td>
<td width="95" valign="top">
5.54%
</td>
<td width="114" valign="top">
7.06%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="133" valign="top">
Provider
</td>
<td width="133" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="108" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="133" valign="top">
ME Bank
</td>
<td width="133" valign="top">
Super member fixed
</td>
<td width="97" valign="top">
5.39%
</td>
<td width="108" valign="top">
6.46%
</td>
</tr>
<tr>
<td width="133" valign="top">
UBank (NAB)
</td>
<td width="133" valign="top">
UHomeLoan for Refinance – Fixed Rate Loan
</td>
<td width="97" valign="top">
5.54%
</td>
<td width="108" valign="top">
5.69%
</td>
</tr>
<tr>
<td width="133" valign="top">
Bank of Queensland
</td>
<td width="133" valign="top">
Fixed Loan
</td>
<td width="97" valign="top">
5.55%
</td>
<td width="108" valign="top">
6.54%
</td>
</tr>
<tr>
<td width="133" valign="top">
Newcastle Permanent
</td>
<td width="133" valign="top">
Residential Fixed
</td>
<td width="97" valign="top">
5.59%
</td>
<td width="108" valign="top">
6.24%
</td>
</tr>
<tr>
<td width="133" valign="top">
HSBC
</td>
<td width="133" valign="top">
Fixed rate loan
</td>
<td width="97" valign="top">
5.59%
</td>
<td width="108" valign="top">
6.37%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a target="_blank" href="/news">Refinancing and the Interest Rates Riddle</a>
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Citibank cuts fixed rates: a guide to the lowest fixed and variable rate offerings

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Singapore-based hotel group SilverNeedle Hospitality has acquired the four-star Chifley at Lennons Hotel (also known as the Lennons Plaza hotel) in the Brisbane CBD for around $57 million.
The hotel has been acquired from the Abacus Property Group which valued it at $55 million in June this year.
It last traded for $29.75 million in 2004.
SilverNeedle was due to acquire the hotel in partnership with Fijian-based hotel and construction company Reddy Group, but it did not go ahead with SilverNeedle acquiring the hotel on its own.
The sale was brokered by CBRE Hotels senior director Wayne Bunz and Jones Lang LaSalle Hotels vice-presidents for investment sales Peter Harper and Dean Humphries.
The hotel is one of the best located in the city, standing at 66 Queen Street Mall and is already managed by SilverNeedle under its Chifley brand.
It was formerly called the Country Comfort Lennons Hotel and stands on the site of the General MacArthur's Pacific headquarters during the Second World War.
It features 154 guest rooms as well as 3,695 square metres of commercial office space and 750 square metres of prime ground floor retail fronting the Queen Street Mall.
SilverNeedle will convert refurbish the hotel and convert the existing commercial office space into hotel accomodation, doubling the room count to 300.
The revamped hotel is set to open in 2014 in time for the G20 summit and will be rebranded as NEXT hotel, a new brand to be launched by SilverNeedle in Australia.
The purchase of the Chifley at Lennons follows a number of prominent Australian CBD hotels snapped up by Asian investors.
In July the 100-year old Rendezvous Hotel on Flinders Street being acquired in July by Singapore property Straits Trading Company for $61 million as part of its expansion in Australia.
In June the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott were been bought by Malaysia-listed Starhill Real Estate Investment Trust, managed by Malaysian conglomerate YTL Corp for $415 million. The Marriott properties formed part of Colonial First State’s (CFS) Commonwealth Property Hotel Fund.
SilverNeedle, which was formely called Constellation Hotels, owns and manages around 67 hotels across the Asia-Pacific region.
It is a privately owned company, majority-owned by IT entrepreneur Nadathur S. Raghavan.
Raghavan told The Australian he would be looking at other acquisition in Melbourne, Perth and Sydney after “digesting” the Brisbane acquisition.
In Australia, SilverNeedle operates around 4,400 rooms in Australia under the Grand Chifley, Chifley, Australis, Country Comfort and Sundowner brands.
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Brisbane Chifley at Lennons Hotel acquired by Singapore hotel group for $57 million

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

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The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

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The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

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