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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

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

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Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

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The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

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Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

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Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

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Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Larry Schlesinger

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