The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Meriton

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Billionaire Harry Triguboff’s Meriton Group has become the country’s largest home builder, the latest HIA-Colorbond Housing 100 report shows.
It jumped from fourth place after more than tripling the number of housing starts from last year to 7,929.
"The leap to the top from last year's fourth placing reflects the growing trend towards apartment living and a nationwide apartment boom," Meriton's managing director Harry Triguboff said.
Meriton's dwellings commenced in the year 2013/2014 trumped Perth’s traditional home builder BGC, who ran second with 5,004 housing starts.
“We are very proud to become the premier home builder in Australia,” said Triguboff.
 “This became possible because of the hard work and dedication of all our staff. We believe that building apartments is very important for the country, the state, the councils, subcontractors, employees and the purchasers. The main thing is – we all did well.” 
Meriton has been New South Wales’ largest apartment developer for several years and last year became Australia’s number one apartment developer. Its 7,929 starts represents more than 10% of the 66,764 dwelling commencements of the entire Housing 100.
The surge in new apartment starts pushed Brookfield Multiplex (with 2,189) and LU Simon (1,179) into the top 20 builders list.
Among the share of dwellings started by the 100 largest builders, apartments, or multi-residential dwellings, rose in proportion to 24% of the total from 16% a year earlier.
The HIA-Colorbond report predicts 182,416 housing starts for the year to June, up 12.7% from the previous year.
Meriton’s status as Australia’s largest home builder is a significant achievement for a company that operates only on Australia’s east coast.
It has constructed more than 60,000 dwellings in Sydney, Brisbane and the Gold Coast over the past 50 years. 
Currently, Meriton has more than 15,000 apartments in its construction pipeline across 25 sites. 
It has spent $431 million on six site acquisitions in 2014 to date, purchasing in covetable inner-city areas with plans to build both residential and serviced apartment accommodation.
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Harry Triguboff’s Meriton tops HIA-Colorbond Housing 100 builders list

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Meriton Apartments boss Harry Tribuboff says he's only interested in an outright sale of the entire group, not part of the business.
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“It’s everything or nothing,” the veteran negotiator Harry Triguboff told News Ltd.
“I’m only talking with one person, not running around selling to many because it will take too much of my time.”
Meriton’s construction pipeline of 4,000 apartments is mostly in Sydney.
He said Australian apartment prices had plateaued. 
Recently ranked by BRW as Australia’s eighth richest person with an estimated $5.5 billion wealth, Triguboff revealed that a Chinese developer had made an offer to buy part of the Meriton group that he valued at more than $6 billion.
"I will not sell part and I still have to understand how he proposes to buy,” Triguboff said.
Picture of Harry Triguboff courtesy of Wikimedia Commons.
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Meriton's Harry Triguboff says it's all or nothing

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Meriton Group has indicated its support of the current regulations surrounding foreign investment in real estate, but would like their liberalisation.
"Although offshore buyers represent only a small percentage of Australia’s overall sales, this market is an important factor in maintaining business confidence and giving developers the impetus and security to embark on new projects – directly increasing the supply of new housing" the Meriton founder Harry Triguboff advised the House of Representative inquiry into foreign ownership of residential property.
It was among the most diligent of submissions made to the committee which the Treasurer, Joe Hockey asked in March to report back by October. There were an <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Foreign_investment_in_real_estate/Submissions" target="_blank">underwhelming 15 submissions</a> made on the supposed controversial issue which Liberal MP chairperson Kelly O’Dwyer has tried to make her high-profile cause.
"If Australia wishes to keep housing affordable and to keep developers building, it is imperative that we embrace foreign investment in real estate and the certainty it can bring to industry," the Meriton submission said.
"In light of Australia’s recent Free Trade Agreement with China, this review represents an opportunity for FIRB regulations to in fact be liberalised rather than further restricted."
Harry Triguboff said it was his belief that it was a range of other factors, such as excessive local government planning requirements and fees, that added to the cost of housing and which have seen first home buyers effectively pushed out of the market. 
"There are many possible solutions and alternatives to this problem which do not involve restricting the flow of foreign investment in Australian real estate. 
"The outcomes of this inquiry are of major significance to Meriton, as the nation’s largest apartment developer, and the housing market overall.
"In order to ensure consistent and affordable residential housing supply, it is important that Australia strengthen its ties with overseas markets that are not subject to the ups and downs of the domestic economy. 
"Foreign investment remains a welcome source of support for the local housing and construction industries and any changes to regulation would be keenly felt."
He hopes welcome to discuss this issue with the committee. 
Their submission noted Meriton is Australia’s largest apartment builder, constructing over 2,500 new apartments annually, and accounting respectively for 6.4% and 1.6% of annual dwelling commencements in NSW and nationally. 
Meriton provides employment for around 2,700 people across the building and services sectors. It employs either directly, or as sub-contractors, up to 2,000 people in the construction industry on around 15 active building sites in Sydney, Brisbane and the Gold Coast, and over 700 in the services and tourism sector, contributing significantly to the Australian economy.
Meriton’s forecast turnover for 2014 is some $2 billion. 
"Foreign investors contributed to around 13% of Meriton’s sales in the financial year 2012- 2013, and without securing this initial foreign investment, many of Meriton’s complexes may not have been developed," the submission said.
The submission said foreign investment in Australian residential real estate had often been the subject of political controversy. 
"In the late 1980s, concerns over Japanese investment, particularly in Queensland, led to the amendment of the foreign investment legislation and the establishment of regulatory arrangements which are essentially operating unchanged today," it said. 
Photo of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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Meriton's Harry Triguboff says FIRB regulations should be liberalised, not further restricted

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Harry Triguboff’s Meriton has purchased a Sydney CBD western corridor office building for around $60 million with a likely serviced apartment hotel conversion in mind.
The 234 Sussex Street site (pictured below) is Meriton’s eleventh purchase since January 2013.
<img src="/images/2014/05/01/5ac4a803-c983-481f-bf1b-fe546428007b_FS.jpg" alt="">
The Australian report calculated the group spending $576 million on sites.
The 13 storey Sussex Street building last sold at $45.7 million in 2009 through Stephen Kovacs of Colliers International and Colliers International agent Vince Kernahan on behalf of Stockland Property Group to interests associated with Aneurin Bowen. 
Chase Corporation had it on its books valued at $41 million in the late 1980s.
Photo of Harry Triguboff courtesy of Wikipedia/Creative Commons. 
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Harry Triguboff buys 234 Sussex Street Sydney

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Eighty-one year old Harry Triguboff, owner of renowned Meriton Apartments, is potentially looking to sell half of the company to Chinese interests.
The potentially $3 billion opportunity for Triguboff saw him tell the AFR Weekend that he received the offer a couple of years ago from the owner of a property developer who is already prolific overseas – building 200,000 dwellings in China each year. He would not reveal the developer.
Asian interests were <a href="/news/asian-buyers-covet-while-harry-triguboff-considers-one-day-handing-meriton-reins-to-grandkids">identified in Meriton in March last year</a>, however last month, before his visit to Guangzhou, there had already been unsolicited bids reported for Meriton Group. At this stage, he told The Australian that he would likely reject the offers.
Billionaire Harry Triguboff, born in a White Russian Jewish enclave in China, has spent 50 years building ­Australia’s biggest unit company, ­Meriton Apartments.
“I am thinking I could sell part of [Meriton],” Triguboff reportedly told the AFR.
“It is very early stages, but I could be prepared to sell the development part of the business and then the family could continue to collect the rent on the units I already own. Maybe I could retire soon and they could run the investment business.”
Meriton is expected to make $300 million of profit from the sales of $1.1 billion worth of apartments, and the company carries very little debt – worth around $6.3 billion.
He also said that he looks to keep the 2,000 units he currently owns in family hands. They are placed across Sydney, the Gold Coast and Brisbane and return $200 million profit each year, worth up to $3.5 billion.
Admirably, he also said that he was not going to sell anything “if they are going to start firing people”.
“Other people think about shareholders, well, I think about my people. I don’t look at it if it is a good or bad deal, I am looking at the evolution of the company. He [the potential buyer] wants apartments that are able to be sold. Of course there are many Chinese buying in Australia at the moment and what we have is a lot of apartments that already have a lot of approvals. That is why they are interested in me.”
Triguboff’s business acumen has been a revered topic of many in the property space.
At 79, he <a href="/news/meriton-boss-harry-triguboff-eases-into-the-twitter-revolution-at-age-79">signed up for Twitter</a>.
At 80, Property Observer created <a href="/expert-insights/buying/harry-triguboff-s-heaving-wheelbarrow-a-timeline-of-meriton-s-growing-300m-sydney-apartment-site-inventory">a timeline of some of his latest developments</a>. And he also <a href="/expert-insights/buying/harry-triguboff-celebrates-80th-birthday-with-proposed-100-million-inner-sydney-site-acquisition-and-calls-for-more-rate-cuts">celebrated his 80th with a proposed $100 million inner Sydney site acquisition</a>.
YOU MIGHT ALSO WANT TO READ
<a href="/expert-insights/investing/meritons-harry-triguboff-shares-his-business-secrets-no-cottages-no-subdivision">Meriton's Harry Triguboff shares his business secrets - no cottages, no subdivision</a>
Picture of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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jduke-EHk3XBmHkn

Harry Triguboff considers retiring with part sale to Chinese interests

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Iconic billionaire property developer Harry Triguboff has said that apartment prices will tumble and rentals will rise if demand from Chinese developers drops off.
The man known by some as High Rise Harry told The Australian that he anticipates a 10-15% price drop in some areas if Chinese buyers were to stop purchasing Australian properties. He also said that the subsequent halt in new developments would also cause rental rates to rise.
"If production (of units) dropped, the impact would be a huge rise in rents," he told The Australian. Triguboff attributed residential prices to poor national planning systems.
According to the publication, about 70% of Triguboff’s apartments are sold to offshore buyers and Australians of Asian descent. However, Triguboff told Bloomberg earlier this year that his company does not market properties to mainland China and has no intentions to begin doing so. 
"They come to me," Triguboff told Bloomberg in February. "Today, we’re part of the Chinese market, more than 10,000 apartments is nothing," he said, referring to Meriton's construction capacity.
Triguboff established the Meriton Group in 1963 at just 30 years old. According to Triguboff, the business is now worth $6.1 billion. The apartment developer is mostly active in Sydney and South East Queensland, and also owns or manages about 3,000 apartments in addition to its construction and development activities.
According to BRW's 2013 Rich 200 list, he is Australia's eighth richest person, with a net wealth of $5.5 billion. Triguboff was born in China and moved to Australia in 1948. 
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