<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.

Joel Robinson

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.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

Asic

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MyState Bank Limited (MyState), a Tasmanian bank, has refunded more than $230,000 in over-charged interest and fees to more than 1,040 customers with mortgage offset accounts.
Following a customer complaint, and after a review of its accounts, MyState found that some customers:
<ul>
<li>Did not have their offset accounts linked to their mortgages – meaning that they were over-charged interest</li>
<li>Were charged ‘offset account’ fees after their loan had been discharged or changed to a kind that could not be linked to an offset account.</li>
</ul>
This was due to errors in MyState’s manual administration processes, including failures to link loans and offset accounts, and failures to deal with offset accounts when loans were switched or discharged.
The matter was reported to ASIC by MyState.
MyState has worked with ASIC to refund customers and improve its internal processes, including by ensuring employees have appropriate account administration training.
"Banks need to ensure that their products are delivering the benefits that they are promoting," ASIC Deputy Chair Peter Kell said.
"This is another example of a single customer complaint revealing a systemic issue, and we are pleased that MyState has taken the appropriate action in response."
MyState has contacted customers who are eligible for a refund. Customers who have questions about their accounts should contact MyState on: 138 001.
MyState is a wholly owned subsidiary of MyState Limited, a national diversified financial services group headquartered in Tasmania.
The breach was detected when a customer enquired about their accounts being linked. MyState conducted a review of accounts set up in a similar manner.
MyState found customers with loans and unlinked offset accounts, customers with offset accounts but no loans, and customers with offset accounts together with ineligible loan products.
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j.ballantyne1990-6AQqhLzZaK

MyState refunds more than $230,000 of over-charged fees and interest

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Financial Choice Pty Ltd (Financial Choice), an Australian financial services provider, has paid two ASIC infringement notice penalties totalling $21,600, after making misleading representations in marketing emails sent to consumers and on its website.
The first infringement notice related to a representation made by Financial Choice in bulk emails the company sent to around 215,000 consumers in 2016.
The emails falsely stated that Financial Choice had been asked by the consumer’s superannuation fund to conduct a survey about their superannuation. 
The second infringement notice related to misleading representations on the website findmysuper.com.au, which is operated by Financial Choice. 
ASIC considered that those representations would lead consumers to believe that they needed to use Financial Choice’s services to:
<ul>
<li>find their lost superannuation for free; and</li>
<li>maintain contact with their superannuation fund while overseas. </li>
</ul>
The representations were false and misleading given the other ways consumers can search for lost superannuation (including the free service offered by the Australian Taxation Office), and maintain contact with their superannuation fund.
As a result of ASIC’s concerns, Financial Choice has:
<ul>
<li>agreed to stop sending communications that state or imply that Financial Choice is seeking consumers’ opinions because superannuation funds have asked it to do so; and</li>
<li>removed the misleading statements from the Find My Super website.</li>
</ul>
ASIC Deputy Chair Peter Kell said, “Consumers can be heavily influenced by promotional materials published by financial services providers.
“For this reason, ASIC will continue to take action where we believe those materials are misleading. 
“Firms must ensure their marketing materials and promotional statements are based on fact.”
Under the ASIC Act, a person involved in the supply or promotion of financial services must not make false or misleading representations:
<ul>
<li>that services have sponsorship, approval, performance characteristics, uses or benefits (s 12DB(1)(e));</li>
<li>that the person making the representation has a sponsorship, approval or affiliation (s 12DB(1)(f)); or</li>
<li>concerning the need for any services (s 12DB(1)(h)).</li>
</ul>
The payment of an infringement notice is not an admission of a contravention of the ASIC Act consumer protection provisions.
ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.
ASIC has taken action for false and misleading online-representations against other entities.
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Financial Choice pays $21,600 in penalties for false and misleading representations

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ASIC has permanently banned Ms Thuy Thi VU, a former finance analyst in Darwin, NT from the credit and financial services industries.
Ms Vu, a former finance analyst in the Darwin branch of Alldrive Holdings Pty Ltd, trading as United Financial Services (WA), was convicted on nine charges of submitting false or misleading information to Esanda in support of loan applications.
ASIC's investigation found that Ms Vu changed loan applicants' postcodes from remote to suburban postcodes and submitted the applications.
Generally, the loan applicants had been referred to United Financial Services WA (UFS) for finance by car yards in the Northern Territory as they were seeking finance.
ASIC Deputy Chair Peter Kell said, “Dishonest conduct exposes consumers and credit providers to financial risk. ASIC will not hesitate to take banning action to remove those engaging in misleading conduct from the industry”.
Ms Vu has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.
ASIC's investigation found that between June and August 2015, Ms Vu submitted nine loan applications containing false information and documents relating to the borrower's residential address postcode.
The loans were approved and disbursed, totalling $238,069.
The false information resulted in loans being approved that the lender would otherwise have rejected or referred for further assessment.
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ASIC permanently bans former Northern Territory finance analyst for suburb postcode switch

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The Australian Securities and Investment Commission (ASIC) has banned Perth financial adviser Jason Sean Atkins from providing financial services for a period of three years.
ASIC found that Mr Atkins provided advice to clients to establish a self–managed superannuation fund (SMSF) and use limited recourse borrowing arrangements to fund the purchase of real property that was in breach of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.
ASIC Commissioner John Price said financial advisers must act in the best interests of their clients.
“ASIC is committed to improving conduct in the wealth management industry and we will act to remove individuals who do not live up to the high standards expected of financial advisers," he said.
ASIC found that in providing advice Mr Atkins had failed to act in the best interests of four clients.
ASIC was not satisfied that Mr Atkins:
<ul>
<li>had identified the subject matter of the advice</li>
<li>a reasonable investigation into the financial products that might achieve  the objectives and meet the needs of the client that would reasonably be considered as relevant to advice on that subject matter</li>
<li>understood what was required of him to comply with the best interest duty.</li>
</ul>
This banning should serve to remind financial advisers of Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175) which includes guidance on complying with the best interest duty and satisfying the 'safe harbour'.
In particular ASIC highlights the following elements of the 'safe harbour', which are relevant even when a client expresses a specific preference for a particular strategy or financial product;
<ul>
<li>identification of the subject matter of the advice sought by the client (whether explicitly or implicitly); and</li>
<li>if it would be reasonable to consider recommending a financial product:</li>
<li>to conduct a reasonable investigation into the financial products that might achieve the objectives and meet the needs of the client that would reasonably be considered relevant to advice on that subject matter; and</li>
<li>to assess the information gathered in the investigation.</li>
</ul>
ASIC's MoneySmart website has useful information on SMSFs and property.
Mr Atkins has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Mr Atkins was a former authorised representative of Magnitude Group Pty Ltd (Magnitude), a subsidiary of Westpac Banking Corporation (Westpac) from 11 May 2015 to 11 December 2015.
Mr Atkins was appointed by a corporate authorised representative of Magnitude called Wealth Plus Solutions Pty Ltd.
Prior to this Mr Atkins was an authorised representative of Genesys Wealth Advisers Limited from 14 June 2013 to 8 May 2015.
The banning of Mr Atkins is part of ASIC's Wealth Management Project.
The Wealth Management Project was established in October 2014 to lift the standards of major financial advice providers.
The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).
ASIC's work in the Wealth Management Project covers a number of areas including:
<ul>
<li>working with the largest financial advice firms to address the identification and remediation of non-compliant advice</li>
<li>seeking regulatory outcomes, where appropriate, against licensees and advisers.</li>
</ul>
As part of its Wealth Management Project, ASIC has banned 34 advisers from the financial services industry.
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ASIC bans former Magnitude Group adviser over SMSF advice

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ASIC has reported the Federal Court of Australia has ordered the winding up of 18 companies associated with the Macro Group, all of which have Desiree Veronica Macpherson as a director.
The companies are:
<ol class="ol1">
<li class="li1">AGKM Green Pty Ltd;</li>
<li class="li1">BA Sullivan Pty Ltd;</li>
<li class="li1">Christians Holdings WA Pty Ltd;</li>
<li class="li1">Ferrous Ferric Pty Ltd;</li>
<li class="li1">Macpherson Realty Options Pty Ltd;</li>
<li class="li1">Splendiferous Enterprises Pty Ltd;</li>
<li class="li1">Aiple Enterprises Pty Ltd;</li>
<li class="li1">Brayst WA Pty Ltd;</li>
<li class="li1">Chippere Pty Ltd;</li>
<li class="li1">EDWY14 WA Pty Ltd;</li>
<li class="li1">MCKST Pty Ltd;</li>
<li class="li1">Newkins WA Pty Ltd;</li>
<li class="li1">Kurst WA Pty Ltd;</li>
<li class="li1">MRF Kurra Pty Ltd;</li>
<li class="li1">Dee Vee Enterprises Pty Ltd;</li>
<li class="li1">Hedland Projects Pty Ltd;</li>
<li class="li1">Macro Projects TS PH Pty Ltd; and</li>
<li class="li1">Prime Holdings Group Pty Ltd.</li>
</ol>
Justice Barker made the orders to wind up the companies on the grounds that it would be just and equitable to do so, appointing Mr Hayden Leigh White and Mr Matthew David Woods of KPMG as joint and several liquidators of all 18 companies.
ASIC has concerns that the companies have been involved in multiple breaches of the Corporations Act, were not being properly managed and were potentially insolvent.
The winding up of the companies is part of ASIC's ongoing investigation into a number of land developments in the Pilbara region of Western Australia.
In its application, ASIC alleged that the companies were connected with fundraising efforts for property developments associated with the Macro Group, including The Newman Estate.
ASIC had previously obtained orders appointing Mr White and Mr Woods as liquidators of six central companies within the Macro Group, being:
<ol class="ol1">
<li class="li1">Macro Realty Developments Pty Ltd;</li>
<li class="li1">Macro Realty Developments AFSL Pty Ltd;</li>
<li class="li1">Macro All State Investments and Securities Ltd;</li>
<li class="li1">Pilbara Property Developments Pty Ltd;</li>
<li class="li1">Macro Realty Pty Ltd, and</li>
<li class="li1">511 GTN Pty Ltd </li>
</ol>
Background
One of the companies named in ASIC's original application for wind up orders, Macoften Pty Ltd, has, subsequent to ASIC's application, been wound up by another party. Consequently, ASIC's own application to wind up Macoften was discontinued.
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Federal Court orders winding up of 18 companies associated with Macro Group: ASIC

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ASIC has commenced proceedings in the Federal Court of Australia to wind up a land banking scheme known as the VKK Investments Unit Trust (VKK scheme), as well as the trustee and operator of the scheme, Gem Management Group Pty Ltd (Gem).
The VKK scheme owns land located at 64 Hutton Road, Keysborough in Victoria.
ASIC understands that around 125 investors have invested a total of approximately $22 million into the VKK scheme.
Gem has operated the VKK scheme since May 2010.
ASIC alleges that the VKK scheme constitutes a managed investment scheme which has not been registered, in contravention of the Corporations Act 2001(Act).
ASIC also alleges that Gem, which does not hold an Australian Financial Services licence, has also breached the Act by operating an unregistered managed investment scheme.
ASIC is seeking to appoint liquidators to both the VKK scheme and Gem.
Gem and the VKK investors will have the opportunity to make submissions to the Court in relation to ASIC's application.
These proceedings are part of ASIC's wider and ongoing investigation into land banking schemes. 
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ASIC takes action to wind up land banking scheme and its operator

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ASIC has intervened in relation to 21 superannuation trustees, representing 15 per cent of the trustee population, to improve 'Transparency Information' (TI) on their super fund websites.
Under s29QB of the Superannuation Industry (Supervision) Act 1993 (SIS Act), each superannuation fund must disclose TI on a website and keep it up to date at all times.
TI comprises remuneration, governance and other information related to the fund; for example trustee directors’ remuneration for the last two financial years, fund trust deeds and product disclosure statements, a summary of significant event notices sent to fund members in the last two years and a summary of how the trustee voted in the last financial year in relation to listed shares held by the fund.
ASIC's action follows an earlier review of transparency disclosure requirements introduced as part of the Stronger Super reforms (refer: 15-245MR), and a broader focus on ensuring superannuation trustees deliver transparent and accessible superannuation fund information.
Twenty-one super fund websites were identified as failing to meet TI requirements. Two of the super funds had assets exceeding $10 billion while the remaining 19 were smaller funds.
ASIC Deputy Chairman Peter Kell said the economic significance of superannuation meant that information about the superannuation industry should be transparent, both for fund members and gatekeepers such as analysts, advisers and journalists.
'ASIC's expectation is that super fund websites should be easily found by searching on the fund's name using an Internet search engine and that the website homepage should prominently point to the Transparency Information', Mr Kell said.
The transparency deficiencies identified in ASIC's review comprised:
<ul>
<li>no super fund website (10 funds);</li>
<li>no TI on the fund website (four funds);</li>
<li>no remuneration information (five funds); and</li>
<li>remuneration disclosed in bands, rather than for each individual executive officer (two funds).</li>
</ul>
ASIC wrote to the trustees of the 21 super funds asking them to address these transparency failures.
As a result, seven trustees disclosed the required information, five made it easier to find the information and trustees of two small funds, who did not have websites, sought relief from TI obligations.
Seven trustees transferred fund members to another fund before winding up the fund. Two trustees also improved their procedures for ensuring that TI is up to date.
Table 1 sets out the results according to TI failure type.
<a href="https://www.propertyobserver.com.au/images/2017/07/05/Screen%20Shot%202017-07-05%20at%209.59.37%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/05/Screen%20Shot%202017-07-05%20at%209.59.37%20am.jpg" alt="">
ASIC has received applications for relief from TI obligations from two trustees that were in breach of the requirement to have a website, but no relief has been granted at this stage.
ASIC cannot give relief for breaches that have already taken place and will consider what further action may be necessary here.
'ASIC's expectations about effective disclosure that complies with the TI requirements are addressed in new MySuper FAQ D7, our earlier media release 15‑245MR ASIC reviews transparency information on super websites and other ASIC MySuper FAQs.
‘We encourage trustees to familiarise themselves with this guidance when designing or updating their super websites', Mr Kell said.
Regulations 2.37 and 2.38 of the Superannuation Industry (Supervision) Regulations 1994 specify what TI must include.
Failure to comply with TI obligations is a strict liability offence.
The 21 super funds where TI deficiencies were identified represented approximately 8 per cent of APRA-regulated funds (that are not small APRA funds).
ASIC has given industry relief and guidance in relation to the timing of the provision of information under s29QB (refer: Regulatory Guide 252 Keeping superannuation websites up to date).
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ASIC acts to improve transparency of super websites

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ASIC has applied to the Supreme Court of Queensland for an order that Octaviar IHH Pty Ltd (deregistered) (OIHH) be reinstated as a company under the Corporations Act 2001 (Act).
It also called for orders to wind up OIHH, Octaviar Investment Holdings (No 3) Pty Ltd (OIH3), Erskine House Developments Pty Ltd (EHD) and Sunleisure Pty Ltd (SPL) on just and equitable grounds (companies).
Each of the companies is a member of the Octaviar Group of companies of which the ultimate holding company is Octaviar Limited (in liquidation) (formerly known as MFS Limited).
ASIC is concerned that OIH3, EHD and SPL are contravening provisions of the Act, including the requirement for a proprietary company to have at least one director.
ASIC has applied for the Court to appoint Andrew Fielding and Helen Newman, of BDO Australia, as joint and several liquidators of the companies.
The matter is listed for hearing in the Supreme Court of Queensland on 22 June 2017.
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ASIC seeks orders to wind up Octaviar Group companies

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The Supreme Court of Queensland has disqualified former officers and the funds manager of MFS Investment Management Limited (MFSIM) from managing corporations for, ranging from a permanent ban down to five years, and imposed total penalties ranging from $90,000 to $650,000.
The Court ordered the former officers pay up to $205,755,601 in compensation to PIF and the majority of ASIC's costs.
In May 2016, the court found that Michael Christodoulou King, Craig Robert White, David Mark Anderson, Guy Hutchings and Marilyn Anne Watts had collectively committed 217 contraventions of the Corporations Act.
The breaches were committed in relation to their involvement in the misappropriation of $147.5 million of funds that had been held by the managed investment scheme known as the Premium Income Fund (PIF) on behalf of unitholders. The misappropriated funds were used to pay debts owed by other related entities in the MFS Group (which was subsequently known as Octaviar). The MFS Group collapsed in 2008 owing $2.5 billion.
Today the court ordered:
Michael Christodoulou King (former Chief Executive Officer (CEO) and Director of MFS Ltd) be disqualified from managing corporations for 20 years, pay a pecuniary penalty of $300,000, pay $177,017,084 compensation to PIF and 60% of ASIC's costs. 
Craig Robert White (former Deputy CEO (and for a short period, CEO) and director of MFS Ltd and MFSIM) be permanently disqualified from managing corporations, pay a pecuniary penalty of $650,000, pay $205,755,601 compensation to PIF and 70% of ASIC's costs. 
Guy Hutchings (former CEO and director of MFSIM) be disqualified from managing corporations for 25 years, pay a pecuniary penalty of $350,000, pay $28,738,517 compensation to PIF and 70% of ASIC's costs. 
David Mark Anderson (former CFO and Company Secretary of MFS Ltd) be disqualified from managing corporations for 25 years, pay a pecuniary penalty of $500,000, pay $205,755,601 compensation to PIF and 80% of ASIC's costs. 
Marilyn Anne Watts (former funds manager of MFSIM) be disqualified from managing corporations for five years, pay a pecuniary penalty of $90,000 and 40% of ASIC's costs.
Justice Douglas endorsed ASIC's view that legal requirements 'were flagrantly ignored' and that the penalties 'should reflect the complete disregard which these defendants had to to their duties under the Corporations Act.'
"(ASIC's) submissions were justified. The insouciant attitude of the defendants to this misuse of money intended to be used for PIF's investors beggars belief,' he said.
ASIC Commissioner John Price said the substantial disqualifications from managing corporations and pecuniary penalties imposed by the Court reflect the seriousness with which courts view abuses by directors and senior managers of corporations who occupy positions of substantial trust in the investment community - in this case their obligations to protect the assets of the PIF. To say the least, the Court's judgment demonstrates that this trust was most seriously abused in this case.
As the responsible entity for the PIF, MFSIM and its directors and officers, were required to operate the fund with care and diligence and in the best interests of the members of the fund. In breach of their duties, the directors and officers of MFSIM attempted to justify the use of the misappropriated funds by falsifying and backdating company documents during the period between November 2007 and February 2008.
Background
MFS Ltd was a publicly listed company with interests in financial services, travel and leisure and childcare businesses that was based on the Gold Coast.
MFSIM was an unlisted public company and wholly owned subsidiary of MFS Ltd (now in liquidation). MFSIM was the responsible entity for a number of unlisted managed investment schemes, including the PIF.
The PIF was an unlisted managed investment scheme which offered investments to retail and wholesale investors through a product disclosure statement. A significant number of the investors in the PIF were self-managed superannuation funds.
In late 2009, ASIC commenced its civil penalty proceeding against MFSM and the four former officers and a funds manager.
In the proceedings, ASIC alleged that:
In November 2007, officers of MFSIM caused the PIF to transfer $130 million to MFS Administration Pty Ltd (MFS Admin). From those funds, MFS Admin paid a debt of $103 million owed by another MFS Ltd subsidiary to Fortress Credit Corporation (Australia) Pty Ltd.
In December 2007, officers of MFSIM caused the PIF to transfer $17.5 Million to MFS Pacific Finance Ltd (Pac Fin), a New Zealand registered company and now known as OPI Pacific Finance Ltd (Receivers and Managers Appointed (Liquidator appointed).
After the funds had been transferred, the officers and the fund manager of MFSIM created and used false documents in relation to the use of the funds
The funds were used for a purpose that did not benefit the PIF and the PIF suffered loss as a consequence of their actions.
The trial in respect of the liability aspect of the proceedings was concluded on 12 September 2014 after 60 days of hearing, excluding interlocutory hearings and appeals.
On 23 May 2016, the Supreme Court of Queensland found that the four former executives and the funds manager of MFSIM had acted dishonestly in their roles.
The hearing on final orders and penalties was heard between 14 and 17 October 2016 and the decision was reserved.
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Queensland Supreme Court penalises dishonest MFS officers and funds manager

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ASIC has released a consultation paper proposing to remake a class order due to expire in 2018.
The instrument ASIC proposes to remake without significant changes is Class Order [CO 02/1176] Credit union member shares.
ASIC says it considers this instrument is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
"The fundamental policy principles that underpin the class order have not changed. No substantive changes are proposed," ASIC said.
"<a href="https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-283-remaking-asic-class-order-on-credit-union-member-shares-co-021176/" target="_blank">Consultation Paper [283]</a> Remaking ASIC class order on credit union member shares: [CO 02/1176] (CP 283) outlines the class order proposed to be remade as a new instrument and our rationale for remaking it."
The existing class order gives relief from:
AFS licensing and disclosure requirements in relation to the provision of financial product advice and dealing in ‘member shares’
The requirement to give information to members confirming the issue or redemption of these kinds of shares
The only proposed material change to the substance of the relief in [CO 02/1176] is the removal of relief in relation to dealing in member shares. We do not consider that this relief is necessary because credit unions may already be able to rely on the exemption in paragraph 766C(4) of the Corporations Act.
Submissions on <a href="https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-283-remaking-asic-class-order-on-credit-union-member-shares-co-021176/" target="_blank">CP 283</a> are due on 23 June 2017.
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