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.

Joel Robinson

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.

[smartcode_project:default project_id=152737 project_image_fid=377679]

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.

[smartcode_project:default project_id=152737 project_image_fid=377675]

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.

[smartcode_project:default project_id=152737 project_image_fid=377685]

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.

[smartcode_project:default project_id=152737 project_image_fid=377680]

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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Developers

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Property developer Dyldam has announced a transitional generational change in its senior management team as the value of the group’s development pipeline of residential and mixed-use projects has reached $6 billion in the company’s 50th year of operation. 
Over the next few months current chief operating officer Fayad Fayad will be promoted to chief executive and current development director Remon Fayad will assume the role of chief operating officer.
Both Joseph Khattar and Sam Fayad will continue to mentor the new senior executives as they transition into their new roles and will both further increase their involvement in their philanthropic commitments.
Khattar said it was time for a change.
“It is now time to hand over the reins to the next generation of executives, with Fayad working his way through all aspects of the company’s operations since 1999.
"Remon has been with us since 2005 and has played an important role in delivering a record pipeline of projects we are now developing.
“I established this business in 1969 with my father Naim and believe Dyldam is in its strongest ever position in its fiftieth year and I have every confidence in its future under these two experienced and very capable men” Khattar added.
Fayad Fayad shares his enthusiasm.
“Remon and I are honoured to accept these senior executive roles at Dyldam as we are on the threshold of delivering an expected and much needed 9,000 apartments in Sydney’s major growth corridors," Fayad Fayad said.
"We pay homage to the achievement of Dyldam’s illustrious history and will strive to build upon this success as we develop the portfolio of landmark sites in the coming decades.
“We have accepted these roles with the full knowledge that we carry a heavy responsibility to ensure the company continues to grow over the next 50 years."
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j.ballantyne1990-6AQqhLzZaK

Dyldam handing over the reins to next generation of executives

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A Canada Bay property associated with the family of the bankrupted property developer Salim Mehajer was pulled from weekend auction.
The family’s Canada Bay investment property came with plans for a mega mansion.
The site has a rundown 1970s home at <a href="http://www.timerealty.com.au/1P0567" target="_blank">555 Lyons Road West.</a>
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The auction sign had “withdrawn” slapped across the sign.
Canada Bay Council had rejected Mehajer’s plans for the huge Canada Bay home.
“We’ve had an offer, but it wouldn’t be accepted,” Century 21s Fay Petrou told The Sunday Telegraph.
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Mehajer family Canada Bay investment offering pulled from auction

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A Melbourne-based Italian family has listed their 153-hectare farm on the city's northern fringe.
It is tipped to sell to developers for more than $100 million.
The site at 750 Craigieburn Road East, is 23 kilometres north of the Melbourne CBD within the Urban Growth Zone.
It includes 97 hectares of developable area with the potential to yield 1700 residential lots.
Greenfield land prices in Melbourne have surged above $1 million a hectare in recent times highlighted when Chinese giant Country Garden purchased a 363-hectare site in Melbourne's west for a record $400 million,
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The Craigieburn site is being market by RPM Real Estate Group who calculate the median lot price for Craigieburn rose 28 per cent compared to the previous 12 months.
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$100 million hopes for Melbourne fringe farm at Craigieburn

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GUEST OBSERVER
Whilst looking at job ads on Seek recently, I noticed one of my industry peers running a job ad for a “Tier 1 developer.” It got me thinking; what does that actually mean?
Having worked in recruitment for the development industry for 2 years and talking with a range of industry contacts, categorizing developers is not that easy. Building and construction is simpler, with the idea of Tiers relating fundamentally to turnover and the job size the business can handle. In loose terms, builders can be classified as:
• Tier 1: $1B plus turnover, jobs $250m+ • Tier 2: $200m turnover, jobs $50m+ • Tier 3: $50m turnover, jobs $10m+
So what are the rules for classifying developers, and do they exist? Can you classify them by the revenue they generate, value of acquisitions, or the related construction costs? Maybe total debt and how well the banks know them? Most people have the perception that the large corporate companies (Mirvac, Frasers, Stockland and Lend Lease) would be classified as Tier 1 developers simply due to the size of the company, but this does not consider project sizes or values, and how successful their projects are.
Looking at Victoria’s residential market (the market I cover), if the turnover or revenue of projects is how Tier 1 developers are classified, then companies like Yarra Park City/OSK Property (Melbourne Square - ~$2.8Bil) and Glenvill (Yarra Bend - ~$1.2Bil) would clearly be up there. But these companies are not that large in terms of their team sizes, and don’t necessarily have a high annual turnover, thus may not fit the typical Tier 1 description.
Tier 1 contractors are geared to only take on projects above a certain constructing cost. Why? Because their overheads need big jobs to support their machines. Developers on the other hand, are not governed by project size, but by the equity they have, the funding they can obtain and, the return hurdles they need to achieve.
Taking all this into account, anyone who tells you that a developer is a ‘Tier 1’ may be using a catchy phrase without having thought about what this means.
My final suggestion on Tiers is as follows:
• Tier 1: Owner or CEO has appeared in the Fin Review looking pensive and strategic, most likely owns a supercar or yacht. Knows the Planning Minister on a first name basis. • Tier 2: No longer has to work but trying to be bigger/better/shinier than the people they went to private school with. • Tier 3: Currently “consulting” whilst raising equity/begging to get the first acquisition away. No fingernails left in case they have to tell the wife they may need to sell the house.
What do you think?
Jordan Ralph is a recruitment consultant for the Kingfisher Recruitment and can be contacted <a href="https://www.kingfisherrecruitment.com.au" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Do Tier 1 developers even exist? Jordan Ralph

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Sydney-based developer Dyldam’s founder and chief executive Joe Khattar has been named Property Person of the Year by Urban Taskforce. 
Khattar arrived in Australia from Tripoli in 1967 when he was 17 and joined his father in the construction industry just two years later. He led Dyldam from a small operation 47 years ago into a leading provider of affordable apartments with a special focus in Western Sydney, according to a media release.
<img src="/images/2016/09/19/Khattar.png" alt="">
Urban Taskforce CEO Chris Johnson said, “Joe Khattar seems to be everywhere in Western Sydney with Dyldam as sponsors of the GWS Giants AFL team, the Sydney Kings national basketball team, junior rugby, football and AFL sporting teams along with charities and community organisations.” 
Dyldam’s projects include the award-winning Koi Parramatta apartment project, a three-tower development at 142 Macquarie Street and a precinct proposed at Gateway South in Parramatta. The developer has 2,000 apartments and 50,000 sqm of commercial space in the planning approval stage in Parramatta alone, said the release.
Urban Taskforce Chair, Peter Daley said “Joe has worked his way up through the building and development industry to becoming one of the major developers in NSW.”
Adds Johnson, “Joe Khattar’s life is a fascinating example of a migrant working his way up in Australia. Joe arrived from Tripoli in 1967 at the age of 17. Just two years later, having studied at Arthur Phillip High School, Joe became the third generation of the Khattar family to work in the construction industry.
“In 1969, he joined forces with his father Naim Khattar to build a humble red brick six unit walk-up – establishing what was to become one of Australia’s leading high density residential developers.”
Khattar is also president of the Australian Lebanese Chamber of Commerce.
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jonathanchancellor-7SQnKwU6yx

Sydney developer Dyldam’s Joe Khattar is Urban Taskforce’s property person of the year 

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Developers in South East Queensland faced with the double whammy of increased construction costs and a challenging lending market are shifting their focus to lower risk projects, says construction finance group HoldenCAPITAL.
The stricter lending regime from the big banks and increased costs is forcing many developers to go for boutique apartment projects and townhouses in the middle ring suburbs of the Brisbane CBD as high rise inner-city apartment projects come under increasing cost pressures, according to HoldenCAPITAL director Daniel Holden.
“Developers are finding construction costs have risen significantly for some projects during the planning stages and this has had a severe impact of forecast profit margins," he said.
“HoldenCAPITAL has had a surge of inquiry from developers seeking funding for that type of product,” he added in reference to boutique apartment and townhouse developments.
Leading Queensland quantity surveying and construction experts firm Mitchell Brandtman partner, Darryl Bird, said construction costs rose about five per cent over the past year with a similar trend expected through the remainder of 2016. 
“Construction cost increases of this scale, combined with a distinct shift in the development product mix and amenity, have seen the cost per unit rates for inner city apartments soar,” Bird said.
“In a market where there is little sign of sales price growth, these changes are significantly impacting project feasibilities. However, we are continuing to see new projects that still stack up from both a market and a finance risk perspective."
Brisbane-based HoldenCAPITAL, which specialises in deal structuring and the sourcing of debt and equity solutions, was named best commercial broker in Australia at the 2016 Better Business Awards. 
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Brisbane developers choosing boutique apartments, townhouses over risky inner-city units: HoldenCAPITAL 

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Melbourne businessman Lloyd Williams has listed property developer Hudson Conway's HQ with $9.5 million expectations, and a DA approval.
Williams, owner of Hudson Conway, has held the property for 20 years and is selling the building with a permit for a 16-level project with 91 apartments.
Last year Williams plans for a twisting 123 metre tower on the site were rejected by Victoria's Planning Minister Richard Wynne with concerns that many of the buildings planned 228 apartment would not have adequate sunlight.
Hudson Conway are said to be looking at the Southbank market.
CBRE has been appointed as the selling agent for the site, and senior director Mark Wizel said a lack of quality inner city Melbourne development opportunities is expected to underpin interest in the property. 
The building is located next to Melbourne's Arts Centre at 250 Stuart Street in Melbourne.
 
 
 
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jrobinson-rf4aSBido9

Property developer Hudson Conway lists Melbourne HQ

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<img src="/images/2016/03/15/Holdencapital_banner.jpg" alt="" width="494" height="104">
SPONSORED POST
I am often asked to how I would advise developers who are in the formative stages of building their businesses and over time I have listened to the war stories and reflections of many experienced players in the market so I thought I would compile the following ‘Dear Younger Me ‘ letter drawing on their input and my own observations.
1. UNDERSTAND THE DEMAND AND SUPPLY DEMANDS: The key to having your project succeed where perhaps others do not, lies with having an appropriately planned and executed marketing strategy that is built around an understanding of what the market wants and being positioned to deliver it. It is no use building a project that the market doesn’t want, can’t afford or is spoilt for choice when considering. This means doing your homework, having the right marketing delivery strategy and engaging with your marketing team early in the design process to ensure you are in line with what the market wants in terms of product size, amenity and price.
2. DEVELOPMENT IS NOT CONSTRUCTION: You do not have to be a builder to be a successful property developer. What you do have to have is a good relationship with builders/contractors who have the appropriate skills and capacity to deliver projects for you and who will work with you early in the projects formative stages to provide input and advice regarding their practicality and cost to deliver. This is important to ensure that the vision does not drive the project beyond what the market can sustain. Remember also that your builder needs to make a dollar as well as you and often the cheapest price for a construction project is not the best way to go – if your builder fails during the course of a project then the consequences for you can be catastrophic.
3. DON'T BE SCARED OF DEBT: Almost every property developer has to borrow to make their projects become a reality – and probably more than they have ever borrowed before. For various reasons, this is an area that many developers spend the least amount of effort into either because it frightens them or is too far removed from the actual development process but the reality it is a critical driver in the overall business success. But just like any other part of the development process, harnessing the skills of the right professional can save you a lot of angst and actually improve the outcome. Utilising the expertise of your Finance Consultant to correctly structure and negotiate your borrowings is the most efficient and productive step in the process of turning your project into a reality. There will be times that an increase in borrowing costs is far outweighed by other benefits in terms of less restrictive conditions precedent, and you need to know when this is the case. Borrowed money should always cheaper than your own capital, most developers should have their capital working at 60-200%IRR per annum, if it isn’t then you should review your business model and talk to an expert.
4. ASSEMBLE A GOOD TEAM AROUND YOU AND KEEP THEM: You will soon recognise that your time is best spent on strategic management and forward planning. To do this you need to assemble a good team and utilise their expertise to complement your own skill set and fill any critical gaps. The key here is to secure a team that can grow with you and that is capable of managing their areas of responsibility while understanding how that fits with your overall objectives. So the key is to take your time and be prepared to make changes. Friends and family are rarely a good mix.
You will also need to remunerate them appropriately to ensure they are motivated and see themselves as part of a united team that benefits from the individual as well as collective contributions. The structure is not important, what is that they all see it as appropriate to what they are contributing. Building a team takes time but is the critical platform on which you will build a successful business. Importantly you do not need all the issues that come with having a big payroll.
Also remember that consultants provide a wide range of expertise in their respective fields to supplement your team’s experience. Pay them on a project by project basis but be sure to develop strong and lasting relationships with each of them to ensure loyalty for when things don’t quite as they were planned. Typically this would include a good town planner, architect, QS, finance consultant, accountant and lawyer.
Summary
The common theme here is utilising the expertise and motivation of other like-minded people either by employing them or engaging them as professional consultants to fill the gaps in your own expertise but also because at the end of the day, you cant do it all and expect to get the best outcome. So, put simply, the key lesson learnt from these seasoned developers is that following this advice will give you more time to focus on the areas that you create significant value in as well as giving each individual project the best chance of succeeding.
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arrange construction finance and invest in projects through their equity fund, Queen Street INVEST. To discuss your project finance requirement please call (07) 3171 4200 or visit HoldenCAPITAL <a href="https://www.holdencapital.com.au/" target="_blank">here</a>.
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Dear Younger Me -- Four things I would have done differently as a young developer: HoldenCAPITAL's Dan Holden

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New laws announced by the NSW State Government will deter rogue developers from rescinding off-the-plan contracts for financial gain, and ultimately protect buyers and reputable industry operators.
It is critical for the future of the industry that the rogue operators be stamped out to maintain confidence and integrity in the field. 
We are pleased to see the Minister has been swift in his efforts to close this loophole as the behaviour of a few unethical developers needs to be stopped. 
He said with tighter definitions, the Government’s proposal will now not impact on development finance and the recognition of pre-sales as part of that finance. 
While we are broadly supportive of the initiative, the devil will be in the detail so we will be taking a close look at the legislation when it is available. 
639 submissions were received during the recent public consultation period, which represents only 2.3% of dwellings completed over the past year of available government data*. 
With only 639 complaints out of around 27,350 new houses that were developed over the past year, the issue is clearly occurring on the fringes of the industry. 
It is critical that business dealings within the industry continue to be conducted in good faith and with integrity.
*Figure from NSW Department of Planning Metropolitan Development Program. 
 
Stephen Albin is chief executive of UDIA NSW and can be contacted <a href="https://www.udia.com.au/" target="_blank">here</a>.
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Sunset clause rules will stamp out dodgy operators: UDIA's Stephen Albin

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The redevelopment of Sydney's choicest strata apartment buildings has moved closer.
The NSW government has released draft legislation proposing that ageing blocks can be demolished, if just 75% of the apartment owners approve the sale to developers.
Based on one vote per unit, not on different unit entitlements, it is a big change on the 100% agreement currently required.
Older residents in prime, under capitalised older blocks will be increasingly discomforted that their building could be sold from under them – even with supposed safeguards on the fairness and transparency of the new process. The new process will apply only to existing strata schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
<a href="https://www.fairtrading.nsw.gov.au/ftw/About_us/Have_your_say/Reform_of_strata_laws.page" target="_blank">However draft bills by the Minister responsible for Fair Trading, Victor Dominello</a> aim to pave the way for reforms that reinvigorate increased housing supply and a stronger construction industry.
"By 2040, about half of Sydneysiders will be living in strata," he said.
"The proposed reforms are reflective of present needs and future demands."
The initial strata legislation was introduced in 1961.
The consultation started in 2011 advances the most controversial ability of strata owners to terminate the scheme – and sell or redevelop the building – if 75 per cent of the strata owners agree.
The draft Strata Schemes Management and Strata Schemes Development Bills are open for feedback until August, 12 2015. Final bills will be introduced to Parliament later this year.
Similar models already operate in New Zealand, most states of North America, and the United Kingdom.
Protections would be in place for elderly and vulnerable owner-occupiers of strata units. Fair Trading would establish a Strata Renewal Advice and Advocacy Program to provide free advice for residents.
This would include an assistance hotline and a free advocacy service for vulnerable residents.
The proposed reforms are designed to ensure that owners receive at least the market value of their lot plus an extra amount to cover costs like those associated with moving, as required by the Land Acquisition (Just Terms Compensation) Act 1991.
Any plans for renewal would be referred to the Land and Environment Court for final consideration. The Court would consider whether the process has been properly followed. It would initially seek to resolve disputes through conciliation or mediation.
The Court would be able to reject a renewal plan if:
<ul>
<li>it has not followed proper processes or been developed in ‘good faith’ or</li>
<li>the amount to be paid to a dissenting owner was less than the compensation value of the lot or</li>
<li>the terms of settlement were not just and equitable.</li>
</ul>
There are several stages that strata schemes would need to follow as part of the collective sale and renewal process.
Vote to opt into the process
The new process will apply only to existing schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
Initiate the collective sale/renewal process
A proposal to sell or redevelop a scheme must first be considered by the strata committee (currently known as the ‘executive committee’). A general meeting of all owners is then called to consider the proposal.
Form a strata renewal committee
If the majority of the owners (50% or more) agree to pursue a proposal, a committee is elected to investigate and develop the proposal. The committee can appoint professionals such as valuers, lawyers, and tax experts to assist them.
Develop a collective sale/renewal plan
The strata renewal committee develops a plan that must set out certain information to help lot owners make informed decisions. The strata renewal committee, and the owners corporation will hold meetings to discuss and further develop the plan. The plan will need to address certain areas such as the amount that each lot owner will receive under a collective sale as well as the costs and liabilities that will be faced by the owners corporation, the proposed settlement date and arrangements for moving out of the building. Guidance material will be made available on how to prepare a sale and renewal plan.
Consider the plan
Owners will have a minimum of 60 days to consider the plan and seek independent advice. Owners in favour of the plan will sign a support notice, which will be given to the secretary of the owners corporation. The plan lapses if it is not supported by 75% of owners within 12 months. The plan will list the compensation that is to be paid to each lot owner in dollar terms, as a formula (e.g. a percentage of the sale price) or in kind (e.g. a lot in the new building).
Approval of the plan
Plans for renewal would be referred to the Land &amp; Environment Court for final consideration.
 
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