One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Apartment Market

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The former Silverchair front man Daniel Johns joined with the other owners in his 1960s Bondi Beach apartment block hoping to ride the wave to property riches.
The seven apartments were offered in one line at auction last night, but the bidding went no higher than their $12 million vendor bid.
The Bondi Beach apartments that have beach views attracted two developer bidders when <a href="https://www.realestate.com.au/property-unitblock-nsw-bondi+beach-122859458" target="_blank">offered through Seaton Jones of Ray White TaylorJones.</a>
Johns owns two of the higher level apartments in the four level Campbell Parade complex having bought in 2001 costing $1.6 million.
He lived in the building for a short time before leasing the properties. He stands to secure around 33 percent of any eventual sale proceeds.
Spanning four levels, the entire block comes with six two-bedroom apartments and a one one-bedroom unit.
It was marketed as a duplex project or for the buyer to create their own home.
A group of 12 Queenscliff apartment neighbours triumphantly pocketed $10.1 million for their virtually uninhabitable clifftop apartment complex last month.
A private northern beaches builder bought the Queenscliff site, beating interstate investors and a Chinese group.
Auctioneer Damien Cooley noted there's an emerging trend across Sydney where neighbours - more so houses than apartments - are banding together to sell their homes in single amalgamated deals to developers.
It has been happening especially in response to government infrastructure programs on established or proposed public transport routes.
Estate agent John McGrath recently suggested "the ‘mega lot’ trend was a fantastic example of people power and creatively leveraging market conditions to your benefit."
"Some home owners are motivated by the financial windfall that comes with selling to a developer."
In St Leonards, nine home owners sold to a Hong Kong developer for about $66 million, netting an average of $7.3 million per vendor, he said.
McGrath suggested that caution was needed.
"You’ll need an iron-clad agreement with your fellow sellers stipulating the terms of the sale (especially settlement periods and whether the sale relies on official re-zoning before exchange), the division of sale proceeds and a commitment from everyone to proceed."
This article was first published in the Daily Telegraph.
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Daniel Johns' Bondi Beach auction result

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Beenleigh, the fringe Brisbane to Gold Coast locality, was again the location of the nation's cheapest sale.
Some $231,000 was paid for a two bedroom <a href="https://www.realestate.com.au/property-unit-qld-beenleigh-122721650" target="_blank">90 sqm Hawthorne Street unit </a>last sold at $295,000 in 2009, at the height of the first home buyers' frenzy in the Logan district.
There were two registered bidders, both investors, who were excepting $285 a week tenants attracted by new carpets.
The Kalua complex's most recent sale was the adjoining 90 sqm apartment that sold earlier this month also through the Harcourt's selling agent Susan Foley at $213,000 having previously selling at $300,000 in 2009.
The earlier offering was advised as a $280 a week rental which sold to a local investor who was one of three registered bidders.
The cheapest price at any auction across the long weekend ending June 14 was $213,000 at Beenleigh.
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Beenleigh, again, the cheapest weekend property auction opportunity

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The Darlinghurst apartment of the late interior designer Garth Barnett sold at its recent onsite auction.
Listed through Anthony Birdsall of Laing Real Estate with $3.5 million hopes, it fetched $3.85 million in a battle between Vaucluse and Mosman buyers.
<a href="https://www.laing.com.au/2931620/" target="_blank">The Altair apartment's</a> 180-degree harbour aspect allowed for Vivid views of the Bridge from the 17th floor three bedroom apartment decorated in Barnett’s signature dark, moody colour palette.
The 190 sqm Kings Cross Road apartment auction attracted good mates including Eileen Bond. 
His interior business continues since his death last October under _the existing creative direction of Thomas Waterman and the design team.
This article was first published in the Saturday Daily Telegraph.
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Garth Barnett's Altair apartment sells at auction

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A $150 million hotel being developed by Frasers Property Australia and Sekisui House at Sydney’s $2 billion Central Park urban village is to be branded a Starwood hotel.
Starwood Hotels &amp; Resorts director of acquisitions and development, Andrew Taylor, said the 297-room hotel will be branded Four Points by Sheraton Central Park.
<img src="/images/2016/06/16/Screen%20Shot%202016-06-16%20at%2011.28.06%20AM.png" alt="" width="683" height="421">
It was designed by British architects Foster + Partners to appeal to both leisure and corporate travellers.
The Australian reported Starwood, which will merge with Marriott in a $US14bn ($19bn) deal next month, creating the world’s largest hotel company, won the tender against three other international operators including one of Frasers Property’s own brands.
The hotel will be open by early 2018.
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Frasers Property and Sekisui House appoint Starwood Hotels at Central Park

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Aussie John Symond has said not to panic with the talk of apartment oversupply across Australia.
Speaking to 2GB broadcaster Ross Greenwood, Symond suggested that a purchase in the current market needs to be well thought out.
"I'm saying not to panic.
"If you were a buyer you're going to win out, in terms of if you're after an apartment to buy, but you're really going to have to do your homework," he said.
"Some areas will be impacted and prices will be softer, or lower in certain areas and not other areas.
'"My suggestion is don't buy until you do all your homework, seek independent advice then go and talk to a broker to make sure you get the right home loan," he added.
In reply to the restricted lending criteria which may see a 30 percent deposit required to buy an apartment in a block higher than six levels, he said it's been a long time coming.
"It's been a long time coming with the potential of oversupply of apartments.
"But we've got to remember it's (the oversupply) in different areas so you've got to be careful."
He said that there might be an opportunity to buy an apartment for a significant discount.
"You might get up to 20 percent under where values were a year ago.
"It's unfortunate if you're locked in and you've already paid the deposit, you're taking that risk, but if you're coming in looking for an investment or home to live in, you're going to be able to buy much much better than you would have a year ago."
He did have a warning for investors however.
"You've got to remember, if you're buying to rent, those are oversupplied areas you'll find it much more difficult to find a tenant and you've got to be prepared to have it empty for some time or take a substantial discount on the first year or two with the rent you'll get.
On comments made about the market doing well, Symond suggested that he thinks investors are probably spurred on a bit.
"Not just with the lower interest rates but the fear if Labor was to get in and hit existing properties on the head in terms of negative gearing going forward.
"Labor said that they will grandfathers those so you do have some people saying I better get in because i need to get the negative gearing to make the investment work for me," he said.
"So i think there's a combination of reasons why the market is still bubbling along quite healthily."
Symond also suggested that Harry Triguboff, who topped the rich list for 2016, has done an amazing job.
"I think Harry's in the great position where if he can't sell them he keeps them and rents them out." 
To listen to the interview in full <a href="https://www.2gb.com/article/john-symond-31-may-2016" target="_blank">click here.</a>
 
 
 
 
 
 
 
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John Symond suggests there's no need to panic in the current apartment oversupply

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Data from the ABS show residential building approvals increased by 3 percent in April, exceeding a monthly total of 20,000 according to the housing Industry Association.
HIA economist Geordan Murray said approvals for multi-unit dwellings drove the headline growth in April, with approvals growing by 8.1 per cent during the month.
“The growth in multi-unit approvals was driven by the eastern sea-board states, where we saw multi-unit approvals jump by 20 percent in Queensland, 19 percent in New South Wales, and 7 percent in Victoria. South Australia also posted an increase of 3 percent," he said.
“Approvals for detached houses continue to flow through at a steady rate. While there was a decline of 2 percent in the month, there were a total of 9,695 detached dwellings approved which is still on par with the monthly average over the last couple of years. 
“In contrast to the situation with multi-unit approvals, the number of detached house approvals fell across the eastern sea-board states while all other states and territories posted improvements. It’s pleasing to see the likes of South Australia post the strongest month of detached house approvals in more than two years.
"We maintain our view that the level of new home building activity in to 2016 is likely to be lower than we saw during 2015, however this result suggests the 2016 level may be closer to the peak than initially expected.” 
According to the HIA, during April 2016, total seasonally adjusted new home building approvals saw the largest increase in South Australia (+13.7 percent) with growth in Tasmania (+13.6 percent), New South Wales (+10.4 percent), and Queensland (+6.7 percent). 
Approvals fell by 2.7 percent in Victoria and by 0.6 percent in Western Australia. 
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Resurgence in multi-unit dwelling approvals: HIA

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Macquarie Bank's list of risky postcodes for apartment buyers has been leaked after Macquarie advised mortgage brokers of new requirements, with buyers having to provide at least 30 per cent of the purchase price upfront. 
Nearly 120 postcodes across Australia will be subjected to special lending conditions by Macquarie Bank.
In Sydney, the bank has listed 20 postcodes which will be subjected to special lending conditions, 15 in Victoria and more than 40 in Queensland, the Australian Financial Review reported.   
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Macquarie Group's leaked high risk, high density, high deposit postcode list

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Robert Gottliebsen, the Business Spectator columnist says the Chinese have suddenly turned their back on the Sydney apartment market, with Melbourne and other markets set to follow.
"We are hitting our largest trading partner with an unprecedented series of blows at a time when they are undergoing fundamental change.
"We had better brace ourselves for the consequences because they will not be pleasant."
The new foreign capital restrictions in China, will effectively block them completing their Australian off the plan purchases.
"Vast numbers of Chinese purchases are in danger of lapsing.
"If that happens, it will send property developers to the wall," he wrote.
<a href="https://www.theaustralian.com.au/business/opinion/robert-gottliebsen/dramatic-shifts-herald-a-new-era-in-residential-property/news-story/da9146edc2ade0b8fbc3d5cf0af714a1" target="_blank">A halving in Chinese and other foreign buyers in the Sydney apartment market was suggested last week </a>by Sydney’s largest apartment developer Meriton’s Harry Triguboff.
As Harry Triguboff has repaid all his debts, he is still able to fun the Chinese “off the plan” purchases, but few other developers have such a balance sheet to fund the purchases.
Gottliebsen noted Chinese buying of apartments was one of the biggest forces that enabled Australia to avoid going into recession following the dramatic decline in mining investment.
"If the current dramatic decline in Chinese apartment buying continues, in the absence of some other offsetting factor, it could easily lead to a recession in Australia.
"Australian bank profits are not in the front line of vulnerability but they will be hit."
He also noted the Chinese are now making it much harder for their nationals to take money out of China.
"Nevertheless, Chinese nationals can normally get a 10 per cent deposit on an apartment out of the country — although sometimes it can take credit card gymnastics.
"That means they have the required deposit for an ‘off the plan’ purchase and they can normally get another 20 per cent out of China on settlement so that they have a 30 per cent deposit when the apartment is completed.
"Previously, they could get the remaining 70 per cent required on settlement out of China.
"Now that’s much harder.
"Just when the Chinese are under pressure, at the urging of APRA, the big Australian banks have lowered their loan to valuation ratio from 70 per cent to 60 per cent and have stated that they will no longer recognise self-employed income from overseas."
He suggested that the Chinese have been wonderful borrowers.
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The unpleasant fallout from hitting the wonderful Chinese apartment buyers who could fail to settle

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The price gap between houses and apartments in many Australian cities is closing as property investors exhibit a significant degree of herding behaviour, according to new research.
The research comes amid speculation that Australia is in a housing bubble. Herding behaviour is leading to excessive borrowing, further fuelling apartment prices, particularly in Sydney.
A major cause of the sub-prime crisis in the US was a herd mentality, in which home buyers were influenced by purchasing behaviour of others. More recently a widely publicised 2015 report by global fund manager PIMCO suggested that low interest rates and rising house prices in Australia were driving similar behaviour.
We examined whether there was formal evidence of a herd mentality in Australian metropolitan property markets. To do so, we looked at the dynamic interaction between house prices and apartment prices in Australian capital cities using monthly CoreLogic RP Data from December 1995 to June 2015.
<h4><a href="/images/2016/05/12/image-20160416-26305-8y7601.png" target="_blank">Click to enlarge</a></h4>
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Figure 1. Monthly house and Apartment prices (December 1995- June 2015) Note: Green dotted lines show the narrowing of the pairs over time. CoreLogic RP Data
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Figure 1 shows house and apartment prices exhibit a strong degree of co-movement and both prices tend to deviate from each other quite often. Nevertheless, every now and then the price gap has narrowed.
Except for Canberra, in all cities the narrowing takes place after a long period of widening. There are at least two reasons why there is a long-run relationship between house and apartment prices. First, houses and apartments are considered as substitutable investments. Second, negative gearing and capital gains provisions encourage people to borrow against the equity in their home to purchase an investment property, which is typically an apartment. When the price of the family home increases, this boosts demand for apartments, pushing up their price as well.
We found that in some cities such as Sydney, investors can equally profit by purchasing apartments because rising house prices eventually push up apartment prices and vice versa.
We found house prices significantly affect apartment prices across all cities. But in only four cities (Adelaide, Melbourne, Perth and Sydney) apartment and house prices influenced each other equally. However, when apartment prices are on the rise (i.e. the market is bullish), the positive impact of house prices on apartment prices is substantially larger. This implies that investors exhibit a significant degree of herding behaviour. Such evidence of herd mentality is highest in Sydney and lowest in Darwin.
Our finding for Sydney is consistent with a widely accepted view by RBA officials who argue that prices have grown too fast and there is a housing bubble threatening to burst. Vernon Smith, who won the 2002 Nobel Prize in Economics and visited Australia in July 2015, also recently said Sydney house prices are in a bubble.
There are various ways in which this herd mentality might be reined in, including adjusting interest rates, tightening lending criteria, changing negative gearing and reforms to self-managed superannuation. Some of these initiatives have already been introduced.
In order to address a similar problem, in February 2014 Canada decided to ban rich foreign nationals from purchasing property and, as a result, some turned to Australia as their next favourite destination.
Although Australia has partially recognised this issue by prohibiting the purchase of established properties by foreign investors, there still remains several loopholes that go undetected, making housing extremely unaffordable for young Australians. This has increased intergenerational inequality between millennials and baby boomers that policy makers must be brave enough to make hard decisions about based on evidence rather than election outcomes.
Abbas Valadkhani is professor of economics, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/abbas-valadkhani-177513" target="_blank">here</a>.
Russell Smyth is professor, Department of Economics, Monash Business School, Monash University and can be contacted <a href="https://theconversation.com/profiles/russell-smyth-144621" target="_blank">here</a>.
Both are authors for The Conversation. 
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The herd driven housing bubble that could trigger an apartment bust

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St Kilda footballer Sam Fisher has listed his the one-bedroom St Kilda apartment.
The <a href="https://www.domain.com.au/14-89-fitzroy-street-st-kilda-vic-3182-7136380" target="_blank">14/89 Fitzroy St </a>apartment was bought in 2009.
Gary Peer agent Jeremy Rosens said he did live there, but has moved out now.
The top-floor property features a spacious outdoor terrace.
A price range of between $400,000 and $450,000 has been advertised for the apartment.
It will be auctioned on May 7.
Fisher was selling as he planned to diversify his investments, Mr Rosens said.
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