A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Apartment Hotels

Castle Residences in Sydney&#39;s CBD has the enviable address of being right on the doorstep of Hyde Park, one of the CBD&#39;s most sought-after areas.

A collection of 131 Manhattan-style apartments, Castle Residences, is conveniently located both a stone&#39;s throw to Hyde Park and the convenience of Town Hall train station.&nbsp;

It&#39;s a light rail, train, or general stroll to some of Sydney&#39;s best attractions, including&nbsp;the Harbour Bridge and Opera House up at Circular Quay, the historic areas in The Rocks, the business hub in Martin Place, and the home of the arts, The&nbsp;Art Gallery of NSW.

[smartcode_project:default project_id=7758 project_image_fid=150461]

Hyde Park&rsquo;s lush green lawns and grand avenues of figs becomes residents&rsquo; front garden, while luxury labels such as Gucci, Chanel, Ermenegildo Zegna and Rolex are located in close proximity.

Some of the city&#39;s&nbsp;most celebrated restaurants,&nbsp;Bambini Trust, Alpha Restaurant, and Tetsuya, are all nearby.

Adding further to the desirability of the Castle Residences, major changes are on the horizon for Sydney&rsquo;s CBD, with billions of dollars in infrastructure projects now revitalising the look and experience of the city centre.

[smartcode_project:default project_id=7758 project_image_fid=79424]

The light rail provides well-serviced links from the harbour&rsquo;s edge of Circular Quay all the way to the Eastern Suburbs. Additional upgrades to key train stations are in the works, as well as new priority city centre bus routes and separated bike lanes.

On the CBD&rsquo;s western harbour edge, the $6 billion transformation at Barangaroo includes a new ferry hub, linked by Wynyard Walk, taking pedestrians quickly through to Barangaroo&rsquo;s Headland Park, harbour walks, lifestyle retail, and entertainment precinct.

[smartcode_project:default project_id=7758 project_image_fid=150450]

Comprising one, two, three and four-bedroom apartments, like celebrated apartment houses on London&rsquo;s Hyde Park or New York&rsquo;s Central Park, Castle Residences offers an unsurpassed Sydney experience of living.

In a graceful pairing of past and present, historic Porter House is home to a luxury MGallery boutique hotel, with residences soaring above.

Together, this fusion of residential living and hotel services creates a desired lifestyle in a coveted Hyde Park setting.

[smartcode_project_cta: project_id=7758]

In a graceful pairing of past and present, historic Porter House is home to a luxury MGallery boutique hotel, with residences soaring above.

alisonwarters@gmail.com

Sydney's Castle Residences: A rare location on the doorstep of Hyde Park

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Real estate giant CapitaLand subsidiary, The Ascott Limited (Ascott) is buying an additional 60% stake in serviced apartment operator Quest Apartment Hotels for $180 million.
Ascott’s stake in Quest will now rise from 20% to 80%, making it the largest serviced residence provider in Australasia, the company said in a media release. It has the option to acquire the remaining 20% stake in Quest later.
The deal gives Ascott access to Quest’s 180 properties across Australia, New Zealand and Fiji and boosts its portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally, it said. 
Ascott’s chief executive Lee Chee Koon said the stake buy will “leapfrog Ascott to become the leading serviced residence provider in Australasia”. 
The trend of consolidation in the hotel sector is also due to rising competition from peer-to-peer accomodation platforms such as Airbnb which has changed the rules of the hospitality sector.
Koon said scale was important as it allows Ascott to “offer more options to customers, strengthen our sales and distribution, and help speed up Ascott’s growth”. 
“Besides entrenching Ascott’s presence in the developed and stable market of Australia, we will be able to capitalise on the established Quest brand and its highly scalable business format franchise systems and know-how, and further apply the franchise platform as a driver of growth for Ascott,” he added. 
Since Ascott first bought a 20% stake in Quest in 2014, Quest’s network revenue has grown 6% annually.
Quest Apartment Hotels chairman and founder Paul Constantinou said the deal would expand Quest’s reach, offering guests access to accomodation across 29 countries in the Americas, Asia Pacific, Europe and the Middle East. 
“Quest will now further leverage the strength of Ascott’s globally recognised, award-winning brands and fast track its international expansion, whilst maintaining its successful franchise format business, along with the value and integrity of the Quest brand,” Constantinou said.
Quest properties are managed by franchisees.  
Earlier this year, the historic Grand Hotel Melbourne was officially rebranded as a Quest property, as the group targets more business travellers. 
Ascott has also acquired its first serviced residence in Brisbane as part of its partnership with Quest. 
The 100-unit freehold serviced residence to be developed on a turnkey basis was acquired from an unrelated local property developer for $24 million. It will be named Quest Cannon Hill and operated as a Quest franchise when the property opens in 2018. 
Quest Cannon Hill is the second acquisition under Ascott’s strategic partnership with Quest. In mid-2016, Ascott acquired the 221-unit Quest NewQuay Docklands in Melbourne for A$71 million (S$71 million). Quest NewQuay Docklands will be Quest’s largest property in its network when it opens in 2019. 
With the addition of Quest Cannon Hill, Ascott currently owns and manages 10 serviced residences with over 1,300 apartment units in Brisbane, Greater Sydney, Hobart, Melbourne and Perth under the Citadines, Somerset and Quest brands. 
The company is a wholly owned subsidiary of Singapore-listed CapitaLand, which has a global portfolio worth more than S$78 billion.
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Singapore's Ascott takes controlling stake in serviced apartment group Quest with $180 million deal

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Quest Apartment Hotels has partnered with property developer MAB to build its biggest apartment hotel complex.
The $71 million developer at New Quay in Melbourne's Docklands represents the first transaction for the $500 million strategic partnership established by Quest and Ascott, the world's largest serviced apartment owner-operators.
The Ascott Limited is a subsidiary of SGX-listed CapitaLand, one of the largest real estate companies in Asia.
The partnership was established between the companies to invest in new Quest developments across Australia's eastern seaboard.
MAB will design and develop the property, which will begin construction early next year and open in 2019.
It will offer 221 rooms.
Quest chairman Paul Constantinou said this deal represents the blueprint for how the partnership will operate in the future.
“We established this $500m strategic partnership with Ascott to provide our development partners with greater certainty of return through certainty of property take-out," he said.
"We expect this to enable Quest to accelerate its network rollout particularly across CBD and suburban Sydney, Brisbane and Melbourne.
 
Constantinou suggested that whilst the domestic accommodation market remains strong and has continued its growth for over a decade, supply of new rooms has lagged in most markets. 
"This is mainly as a result of the lack of support from domestic institutions in the sector.
"Investment from large scale Asian groups like Ascott, will enable the sector locally to meet the demand.”
It's the first of what will be many development under Quest's collaboration with Ascott.
Quest continues to actively seek opportunities within the suburbs and CBD’s of Melbourne, Sydney and Brisbane, particularly with blue chip development partners with a strong track record of delivery.
Quest is the largest and fastest growing apartment hotel operator in Australasia with over 150 properties located across Australia, New Zealand and Fiji.
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Established in Melbourne, Victoria in 1988, the growth of Quest has been achieved through its commitment to meeting the accommodation needs of the extended stay business traveller. 
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Quest Apartment Hotels set for 221 room Docklands development

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The Wanda Ridong Group and Brookfield Multiplex are formalising their agreement to build the $1 billion Jewel development at Surfers Paradise in the Gold Coast.
A delegation from Wanda's head office in Beijing has travelled to the Gold Coast to meet officials from Brookfield Multiplex, and to sign a formal agreement.
The signing will take place at the Palazzo Versace, in the presence of Acting Queensland Premier Jackie Trad (also the Minister for Infrastructure &amp; Planning), and Minister for Tourism &amp; Major Events, Kate Jones.
Expected to be completed in 2018, Jewel will be Australia’s largest beachfront hotel and residential complex, the Gold Coast’s first absolute beachfront location in 30 years. 
Jewel's three crystalline towers will stand across 130 metres of direct beach frontage, and host 512 residential apartments, a 169-suite, five-star hotel, three levels of basement as well as retail and culinary precincts.
"Jewel will be the finest residential and hotel development ever seen in Australia, with levels of luxury never previously experienced here," said Chen Guocai, the vice president of Wanda Commercial Properties.
"Wanda is very excited to be working with Brookfield Multiplex to bring this vision to life."
Other guests at the event will include Dr Zhao Yongchen, Consul-General of the People's Republic of China, and Councillor Donna Gates, Deputy Mayor of the City of Gold Coast.
For more information, <a href="https://jewelgc.com/" target="_blank">click here</a>.
 
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Wanda Ridong and Brookfield Multiplex sign agreement for $1 billion Jewel project in Gold Coast

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Quest Apartment Hotels has opened the first of its three new New South Wales properties planned for 2016 – the Quest St Leonards at 10 Atchison Street in the lower North Shore suburb of Sydney.
One of Sydney’s suburban skyscraper clusters, St Leonards has 79 studio apartments, gymnasium, swimming pool and a car park.
The building is five kilometres from the CBD. 
Quest CEO Zed Sanjana emphasised the importance of the Sydney market in the company’s growth strategy. 
“According to STR Global data from the September quarter 2015, occupancy in Greater Sydney increased to almost 86% – positioning the city as the top performer in Australia’s hotel market. This demand is simply not being met by supply – an issue we are addressing with the three properties scheduled to open this year,” he said. 
“Quest St Leonards is located within a triangle of prominent commercial centres of Sydney – the CBD, North Sydney, and Chatswood – with a growing number of national and international companies choosing to base themselves in these areas.
“I am looking forward to considerably growing Quest’s presence in Sydney, expanding our offering in 2016 to include St Leonards, Bella Vista and Macquarie Park,” he said.
Bella Vista will follow in June and Macquarie Park in December
St Leonards’ own commercial centre continues to expand, providing one of the largest office markets in metropolitan Sydney.
Quest has a strong pipeline of property openings this year, opening in 11 new locations. In addition to St Leonards, this includes: West Perth, Mounts Bay Road, East Perth and Fremantle (WA); Newcastle West, Bella Vista and Macquarie Park (NSW); Port Adelaide (SA); Dandenong Central (VIC); and Petone (New Zealand). 
 
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