<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Asic

<html><body>
ASIC has permanently banned Mr Hardik Bhimani, of Sheidow Park, South Australia, from providing financial services after an investigation found he had misappropriated advice fees owed to his employer, charged his clients excessive fees, and failed to provide a client with statements of advice.
Mr Bhimani was employed in New South Wales as a senior financial planning manager, and later a senior financial planner, with National Australia Bank Limited (NAB) between 1 April 2011 and 4 November 2013. He worked in NAB's financial planning business, NAB Financial Planning.
Between 5 December 2012 and 7 August 2013, ASIC found that Mr Bhimani:
<ul>
<li>engaged in misleading and deceptive conduct by creating and supplying NAB with 'non-standard fee forms' indicating the applicable fees payable by the clients had been waived, and then made arrangements for the clients to deposit the advice fees into his personal NAB bank account;</li>
<li>charged clients excessive fees;</li>
<li>failed to provide a client with statements of advice; and</li>
<li>engaged in repeated breaches of the standards expected of a person in his position.</li>
</ul>
ASIC also found reason to believe that Mr Bhimani was not of good fame and character.
NAB alerted ASIC to Mr Bhimani's conduct and fully refunded the advice fees to the affected clients.
ASIC Deputy Chairman Peter Kell said that ASIC would not tolerate this type of behaviour.
'ASIC will continue to protect consumers by removing those who engage in misleading and deceptive conduct from the industry', he said.
Mr Bhimani has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Background
This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).
ASIC's work in the Wealth Management Project covers a number of areas including:
(i) working with the largest financial advice firms to address the identification and remediation of non-compliant advice.
(ii) seeking regulatory outcomes where appropriate against Licensees and advisers.
</body></html>

po-LsXgBTHBmX

ASIC permanently bans former NAB financial planner 

<html><body>
Ms Emma Feduniw (also known as Emma Khalil) of Brisbane, Queensland, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie), has admitted through her solicitor to eight charges brought by ASIC. 
The charges related to the falsification of employment documents to secure approvals for home loans, submitted to Westpac.
ASIC's investigation found that between March 2013 and February 2014, Ms Feduniw submitted eight loan applications, totalling $2,720,400, containing false borrower employment letters. Of the eight loan applications, five were approved and disbursed, totalling $1,608,400. Ms Feduniw received commission on those five loans of $6,847.53.
The eight loan applications ranged in value from $250,000 to $480,000.
Ms Feduniw appeared before Beenleigh's Magistrates Court and through her solicitor admitted to providing documents knowing they were false or misleading.
ASIC Deputy Chairman Peter Kell said, 'The credit laws are designed to ensure borrowers do not take out loans they cannot afford. Actions by mortgage brokers to circumvent the laws, for their own financial benefit, erode trust and confidence in the mortgage broking industry and will not be tolerated'.
Ms Feduniw next appears in court on 3 June 2016 for sentencing.
The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.
Background
Ms Feduniw was authorised to provide credit services as a credit representative to consumers from 1 July 2010 to 4 April 2014, when Aussie terminated her authorisation.
Ms Feduniw received her commission through Miga Loans Pty Ltd (ACN 106 962 467) a company controlled and owned by her.
Ms Feduniw was charged by ASIC under section 160D of the National Consumer Credit Protection Act 2009 whilst she was engaging in credit activity on behalf of Aussie. Section 160D makes it an offence for a person engaging in credit activities to give false or misleading information or documents to another person. She appeared in Court and pleaded guilty to the charges on 1 April 2016.
Ms Feduniw faces a maximum penalty of two years imprisonment or a fine, for each charge.
</body></html>

jchancellor-FAypfDUnLy

Home loan broker guilty plea after eight false borrower employment letters 

<html><body>
The Federal Court of Australia has permanently restrained the marketing and promotion of a proposed Pilbara property investment by Macro Realty Developments Pty Ltd (Macro) and made declarations that Macro, Property Tuition Pty Ltd (21st Century Property) and Education Holdings Pty Ltd (21st Century Education) breached various provisions of the Corporations Act by promoting and marketing the investment proposal.
The investment proposal was promoted in 21st Century publications using the tagline 'Do you know how to buy Australian property, no money down?'.
The proposed investment involved investors:
<ul>
<li>becoming a director and shareholder of a company;</li>
<li>acquiring properties from Macro through this company; and</li>
<li>receiving a director's fee but having agreed that Macro would be the sole decision maker for the company. </li>
</ul>
ASIC commenced proceedings in September 2015 against Macro, 21stCentury Property and 21st Century Education in relation to the proposed investment and had obtained interim injunctions stopping the proposal from continuing to be marketed.
His Honour Justice Beach made declarations that the marketing and promotion of the investment proposal by the companies was misleading and deceptive, and that investors had been procured into breaching director's duties.  The features of the proposal found to have been misleading or deceptive included:
<ul>
<li>that the investment proposal was essentially risk free</li>
<li>that it required no money down or capital, and;</li>
<li>that there were no fees involved.</li>
</ul>
In relation to 21st Century Property and 21st Century Education, His Honour also declared that financial product advice had been provided in circumstances where neither entity was licensed to provide advice.
ASIC Commissioner Greg Tanzer said it was another significant outcome in ASIC's ongoing campaign to promote trust and confidence amongst investors.
"We will continue to deter this type of misleading and deceptive conduct."
Macro Realty is owned and run by Veronica Macpherson, "Pilbara's largest private developer" according to its website.
Macro Realty has six projects in Port Hedland, South Hedland and Newman in the Pilbara.
In an emailed response to Fairfax Media, Mr McIntyre called the latest ASIC allegations "baseless" and blamed Macro Realty for not ensuring its advertising was compliant.
"21st Century Media does paid for advertising campaigns for advertisers. In this case Macro [Realty] was offering no money down property which is perfectly legal to do so. As a media company we are not responsible for advertisers ensuring their marketing or offer is compliant," he said.
ASIC has also issued proceedings in the Federal Court of Australia against 21st Century Property and 21st Century Education in relation to their promotion and sale of interests to investors in five land banking schemes in Victoria.
</body></html>

No money down Pilbara property scheme retrained by ASIC

<html><body>
Former Sydney finance broker, Jennifer Mary Farias, pleaded guilty to three charges of loan fraud which resulted in her receiving more than $100,000.
Farias was the director of finance broker, Mortgage Finance &amp; Insurance Pty Ltd trading as Up N Riding (MFI). MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of clients.
Appearing in the NSW Local Court at the Downing Centre in Sydney, Farias admitted to having received $96,270 in loan funds and $10,349.26 in commissions from a credit provider as a result of submitting 10 loan applications, through MFI, which contained false information and false invoices.
The invoices contained false information relied on by the credit provider when approving loans. Farias admitted the relevant loans would not have otherwise satisfied the credit provider's lending policies or would have been subject to more stringent lending policies. The false information contained in the invoices included:
<ul>
<li>a Mercedes Benz car had been sold by a dealer for $20,000 when in fact it had been a private sale for about $9,000;</li>
<li>a customer had bought a 2012 Toyota Landcruiser Prado with 62,036 kilometres on the odometer for $48,000 with a $25,000 deposit when in fact a 2006 Toyota Landcruiser Prado with 192,036 kilometres on the odometer was purchased for $21,500 with no deposit;</li>
<li>customers had bought on-road registrable motorcycles when in fact they bought off-road four wheel quad bikes; and</li>
<li>a customer had bought a jet ski for $15,000 with a deposit of $6,250 when in fact the jet ski had been purchased for $10,750 with a deposit of $2,000.</li>
</ul>
The false invoices also stated that approved loan funds should be deposited into bank accounts controlled by Farias rather than into those of the vehicle suppliers entitled to the proceeds of the loan funds.
One loan application was also supported by a false payslip purporting to show a customer had earned year to date income of $30,857.86 when in fact he had only earned $8,496.04.
An additional $20,000 in loan funds and $4,675.80 in commissions received as a result of fraudulent invoices were transferred by Farias to independent referrers or others who benefited from the supply of the false information.
The matter has been held over to May 10, 2016.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
<h2>Background</h2>
Since becoming the national regulator of consumer credit on 1 July 2010, ASIC has banned 62 individuals or companies from providing credit services or had their credit licences revoked (including 27 permanent bans and 17 cancellations or suspensions) in relation to false loans. Since July 2010, ASIC has also brought criminal prosecutions against 11 credit service providers.
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Former Sydney finance broker pleads guilty to loan fraud: ASIC

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Cymon Fontaine, a consultant for Wyndham Vacation Resorts, has been charged by the ASIC with seven charges of fraud and appeared in the Southport Magistrates Court. The Australian Securities and Investments Commission alleges that Fontaine defrauded six clients for a total of $105,910.10 and caused a loss of $4,500 to another client.
Fontaine has been charged under sections 408C(1)(d) and 408C(1)(e) of the Criminal Code 1899 (Qld). The maximum penalties under these sections is between five and 12 years imprisonment.
Between 28 June 2011 and 1 July 2013, Fontaine was an authorised representative and Corporate Upgrades Consultant for Wyndham Vacation Resorts South Pacific Limited (Wyndham), a financial services company selling time share interests in resorts and hotels.
Between April 2013 and October 2013, Fontaine exploited the credibility and contacts gained from his position as a Corporate Upgrades Consultant to contact existing clients. He then offered to assist them with upgrades and the purchase of second hand credits at a cheaper rate than what was being offered by Wyndham.
Fontaine used these funds for his own purposes, never purchasing the agreed second-hand credits for the clients. Upon learning of his behaviour, Wyndham terminated Fontaine's employment on 1 July, 2013. However, Fontaine continued to defraud some clients after his employment was terminated.
"This kind of dishonesty is not tolerated by ASIC or the community," ASIC deputy chair Peter Kell said.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
<h2>Background</h2>
Wyndham is a developer and marketer of flexible, points-based holiday ownership products. Clients buy into different levels of memberships with Wyndham by buying "points" or "credits" from Wyndham. Depending on a client's level of membership (determined by the number of credits the client has) they are allowed different levels of privileges and benefits, including using their credits to stay at Wyndham's resorts and hotels or partner resorts or hotels.
The matter was before the court on March 21 and is again listed for mention in Southport's Magistrates Court on April 18, 2016. Fontaine applied for and was granted bail on his own undertaking.
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Wyndham Vacation Resorts consultant charged by ASIC with defrauding clients

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ASIC has accepted an enforceable undertaking (EU) from Barakah Properties Pty Ltd (Barakah) arising from ASIC's concerns as to how the company raised money to build a school in Melbourne.
Since 2009 Barakah has raised money from the local community for investment in the Al Siraat College, an Islamic school in Epping, Victoria.
In December 2015, ASIC made enquiries regarding the company’s fundraising, its structure, and the nature of the information that it had provided to potential investors.
ASIC’s enquires indicated, among other things, that:
<ul>
<li>Barakah had obtained funds without providing investors with the necessary disclosure, and had exceeded the maximum number of shareholders for a private company.</li>
<li>The company’s representatives had made recommendations to potential investors that may have amounted to providing financial advice without a license to give that advice.</li>
<li>The company had bought back its own shares without following the necessary share buy-back procedures.</li>
</ul>
After ASIC raised these concerns with Barakah, the company offered, and ASIC accepted, an EU in which Barakah agreed:
<ul>
<li>not to offer securities without providing the necessary disclosure to potential investors.</li>
<li>not to purchase its own shares without following the correct procedures</li>
<li>to remove from its website any advertising of securities that required disclosure to investors</li>
<li>that it and/or its representatives would not provide financial advice in the future without first obtaining a licence or authorisation.</li>
<li>to take the necessary steps to convert from a private company to a public one</li>
<li>write to all current investors alerting them to the EU and its terms.</li>
</ul>
'Companies seeking to raise funds from the public must comply with the disclosure provisions of the Corporations Act,' ASIC Commissioner John Price said.  'For certain types of companies there are required procedures and information that must be disclosed under the law. Also, If you have any doubts you should obtain appropriate legal guidance. The EU with Barakah shows what can happen if companies do not adhere to these requirements.'
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ASIC accepts enforceable undertaking from Barakah Properties Pty Ltd

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The Federal Court of Australia has made orders appointing liquidators to companies associated with Jamie McIntyre and 21st Century land banking companies.
Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as joint liquidators to the corporate respondents to ASIC’s proceeding that commenced in August 2015.
The corporate respondents are:
Archery Road Pty Ltd (ACN 162 921 735) Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211) Secret Valley Estate Pty Ltd (ACN 602 817 532) Kingsway South Holdings Pty Ltd (ACN 159 230 976) Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393) Property Tuition Pty Ltd (ACN 129 421 281) Education Holdings Pty Ltd (ACN 129 551 917) Sourcing Property Pty Ltd (ACN 602 474 779)
Mr Wallace-Smith and Mr Woods were appointed provisional liquidators of the corporate respondents on 7 October 2015. Mr Wallace-Smith and Mr Woods stated in their report dated 15 December 2015 that each of the corporate respondents are insolvent and recommended that each should be wound up to enable a liquidator to conduct further investigations into their respective affairs and to identify any recoveries which might be made for the benefit of creditors.
The Federal Court also granted ASIC leave to seek orders at the final hearing of the matter that:
<ul>
<li>Jamie McIntyre be declared a shadow director of each of the corporate respondents; and</li>
<li>Jamie and Dennis McIntyre be disqualified from managing corporations.</li>
</ul>
The matter has been adjourned for a further directions hearing at 10:15am on Friday 8 April 2016. A date for the final hearing of the matter has not been set by the court.
McIntyre agrees to 21st Century provisional liquidation for five land banking schemes in October last year.
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ASIC appoints liquidators to 21st Century land banking companies associated with Jamie McIntyre 

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Michael Teys has written to clients after ASIC disqualified him from being a director or officer of a company for a period of five years.
It followed the winding up of two companies of which he was a director. One was wound up in 2010 and the other in 2014.
He told clients neither company nor the events investigated were related to his work for them as a lawyer or his recent work as founder and director of Block Strata Pty Ltd.
Block Strata was formed after these events took place.
"I deeply regret my past commercial failings.
"However, I cannot change what has happened and must learn from my experience.
"Therefore, having co-operated fully with ASIC, I have resigned from all of my directorships and corporate roles and have decided not to appeal the disqualification."
Teys notified the management of Block Strata Pty Ltd would continue under Jacqui Bartholomeusz’ directorship and a new licensee-in-charge, Paul Loccisano, has been appointed.
However he signalled he would continue to serve Block Strata as its legal counsel and would maintain my private legal practice as a specialist in strata law.
In February ASIC disqualified Michael John Teys from managing corporations for five years following his involvement in the failure of three companies.
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Michael Teys expresses deep regret at past commercial failings

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The Australian Securities and Investment Commission has noted Spring FG Limited's (Spring) decision to change its policy for recognising commissions earned on property development contracts as revenue. 
No revenue will be recognised until the company's client has exchanged unconditional contracts with a developer.
ASIC raised a preliminary concern with Spring about the recognition of revenue from property development commissions before the certainty provided by the exchange of unconditional contracts between developers and Spring's clients in its financial report for the year ended June 30, 2015.
In its December 31, 2015 interim financial report Spring elected to early adopt Australian Accounting Standard AASB 15 Revenue from Contracts with Customers. It now recognises revenue from contracts with property developers only when the developer has exchanged an unconditional contract for the sale of a property with a Spring client. This results in later recognition of revenue and smaller trade receivables and payables balances.
Revenue recognition continues to be an area of focus in ASIC's financial reporting surveillance program.
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Spring FG changes revenue recognition

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Following a survey of 23 home insurance brands covering 12 insurers, ASIC is calling for further improvements across the sector to help consumers make good decisions about their home insurance cover.
In response to ASIC's recommendations from October 2014, insurers have made a range of improvements. In particular, most insurers have implemented, or are implementing, the following changes:
<ul>
<li>Incorporating a sum insured calculator into point of sale processes, including through updated sales scripts, and providing better access to online calculators. This helps consumers select an appropriate sum insured amount during the quote and sales process, an important way to help reduce the risk of underinsurance; since October 2014, four additional insurers have made available sum insured calculators in both their telephone and online sales channels.</li>
<li>Training staff so that information provided to consumers about the sum insured, and the maximum amount paid by the insurer, is clear and in plain English; since October 2014, an additional eight insurers have adopted this practice for their telephone sales and an additional 11 for their online sales.</li>
<li>Providing information or assistance to consumers about the effect of changes to building codes which may increase the cost of rebuilding homes after a total loss; since October 2014, four additional insurers have made changes to provide this information.</li>
</ul>
<a href="https://download.asic.gov.au/media/3554171/home-insurance-underinsurance-infographic.pdf?utm_source=Mediarelease&amp;utm_medium=pdfdownload&amp;utm_campaign=Underinsurance"></a>
Although welcoming these changes, ASIC's survey identified that there is scope for insurers to take additional steps. In particular, we would like insurers to help consumers select the right insurance cover by:
<ul>
<li>explaining that the sum insured amount needs to enable complete replacement of contents or complete rebuilding of their home;</li>
<li>providing guidance about coverage or sum insured amounts, rather than simply referring consumers to the product disclosure statement;</li>
<li>referring to the Key Facts Sheet to assist decision making; and</li>
<li>providing information and guidance about natural perils risks and additional rebuilding costs due to natural perils, to better estimate rebuilding costs after a total loss.</li>
</ul>
An example of an initiative that is aimed at providing more information and guidance to consumers is one insurer's website that allows consumers to enter their suburb or postcode and receive targeted information about that area including relevant risks, types of claims, types of weather events, and a dollar figure for how much other consumers in the area insure their building and contents.
ASIC has been working with the insurance industry to better understand barriers to the provision of financial product advice to consumers purchasing home insurance. ASIC has already taken steps to encourage and facilitate insurers operating under general advice models to provide useful information to consumers.
'ASIC is keen to see industry make improvements in all of the areas identified in ASIC's 2014 report,' ASIC Deputy Chair Peter Kell said.
'Our goal is to make sure that consumers buy insurance that better meets their needs – including by helping to reduce levels of underinsurance, especially when there are natural disasters.'
ASIC will continue this work with the insurance industry to further enhance the sector's  ability to assist consumers in purchasing home insurance that better meets their needs.
<h2>Background</h2>
ASIC released two reports in October 2014 exploring consumer experiences with the sale of home insurance.
In Report 415, ASIC reviewed the sales practices of 13 insurers who sell home insurance across Australia. Report 415 found that for sum insured policies, it is important to help consumers to set an appropriate sum insured amount, so that they are adequately insured in the event of a total loss.
Most home insurance policies in Australia are 'sum insured' policies, where the insurer agrees to pay only up to an agreed amount (the sum insured), nominated by the consumer, to repair or rebuild a damaged or destroyed home.
ASIC encourages insurers to inform consumers that the building sum insured amount should reflect the amount that it would cost to completely rebuild their home. Similarly, the contents sum insured amount should reflect the amount it would cost to completely replace all contents with new items at today's prices. The sum insured amount should also reflect the cost to rebuild the consumer's home to meet new building codes and standards, and any other supplementary costs. For information on supplementary costs see MoneySmart's page on <a href="https://www.moneysmart.gov.au/insurance/home-and-contents-insurance/home-insurance-supplementary-costs" target="_blank">home insurance supplementary costs</a>.
Findings from Report 415 were considered in the Financial System Inquiry which called for improved guidance (including tools and calculators) and disclosure for general insurance, especially in relation to home insurance.  The Government has agreed to support work by industry to increase guidance and disclosure in general insurance.<a name="_ftnref2" href="file://a1.asic.gov.au/ds/userHome/miriam.phillips/Desktop/16-053MR%20home%20insurance%20update.docx#_ftn2" title=""> </a>
ASIC also notes and welcomes subsequent industry recommendations targeted at effective disclosure. Some of the Effective Disclosure Taskforce's recommendations align with ASIC's findings, particularly in relation to improving the provision of information to consumers about natural hazard risk, and integrating sum insured calculators into the sales process.
<a href="https://www.moneysmart.gov.au/insurance/home-and-contents-insurance/home-insurance-supplementary-costs" target="_blank">ASIC's MoneySmart website</a> has recently been updated and includes further information on home and contents insurance.
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