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

Joel Robinson

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

Asic

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ASIC has accepted an enforceable undertaking (EU) from Mr Rankothge Bandula (Ben) Jayaweera. The EU permanently prevents Mr Jayaweera from providing financial product advice to any retail client. 
Mr Jayaweera is a director and authorised representative of Growth Plus Financial Group Pty Ltd (Growth Plus) in Brisbane, Queensland.
Mr Jayaweera recommended that clients invest in an unregistered aqua agriculture investment scheme, which was operated by Growth Plus, without reasonably considering the clients' goals and financial situation. The recommended investments were not consistent with the clients' risk profile and exposed the clients' superannuation benefits to inappropriate levels of risk.
ASIC had concerns that Mr Jayaweera may have:
<ul>
<li>Act in the best interests of clients in relation to personal advice;</li>
<li>Ensure the advice provided to clients was appropriate; and</li>
<li>Ensure that when providing advice, he prioritised his clients' interests before his own or that of Growth Plus.</li>
</ul>
Under the EU, Mr Jayaweera will permanently cease to provide financial product advice to retail clients. Additionally, he will not be involved in any capacity in the provision of financial product advice to retail clients.
Download the EU <a href="https://asic.gov.au/online-services/search-asics-registers/additional-searches/enforceable-undertakings-register/" target="_blank">here</a>.
Background
ASIC's  review of advice provided by Mr Jayaweera was commenced after the Financial Ombudsman Service Limited notified ASIC of the non-payment by Growth Plus of a determination relating to advice provided by Mr Jayaweera. 
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jchancellor-FAypfDUnLy

ASIC order over aqua agriculture investment scheme 

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Following ASIC raising concerns, Urban Seed Project Marketing Pty Ltd (Urban Seed), Skybridge Portfolios (Skybridge) Pty Ltd and Tatnell DLS (Tatnell) Pty Ltd have taken steps to remove or amend potentially misleading representations about Self Managed Super Funds (SMSFs) in social media advertising.
Skybridge and Tatnell
Skybridge’s Facebook page included representations such as “Get yourself a SMSF for your Super – from $99, fully advised. No industry fund can compete with this” and “Want your Super Fund to replace your current income from work? You need to look at a SMSF – highest account balances out of all Super Funds.”
Tatnell’s YouTube videos included representations favourably comparing SMSFs to other superannuation funds without explaining or referencing the range of factors that will contribute to whether an SMSF is better performing or lower cost to consumers than industry and retail funds. 
ASIC was concerned that the representations made by Skybridge and Tatnell were potentially misleading about the benefits, risks and costs associated with SMSFs. Advertisements regarding financial products, including SMSFs, should give a balanced message about the returns, features, benefits and risks associated with a product. They should also not draw comparisons with other products without qualification or substantiation. 
Urban Seed
Urban Seed’s YouTube videos linked to a promotional website which included representations about “SMSF qualified” and “SMSF friendly” properties available for sale.
ASIC was concerned that the promotional website suggested that there was a category of property particularly suited to investment through an SMSF. Whether or not property is suitable for purchase through an SMSF will depend upon the investment strategy of the SMSF purchasing the property and the circumstances of the purchase. 
ASIC Deputy Chair Peter Kell said, ‘Accuracy in advertising is integral to maintaining consumer trust and confidence in the SMSF sector. ASIC will continue to take action where we  see advertising that might mislead consumers, whether that advertising is on social media or more traditional media '
Skybridge, Urban Seed and Tatnell have all removed the relevant posts and videos, have ensured future marketing on social media will undergo appropriate review and approvals processes, and have fully cooperated in responding to ASIC's concerns.
Background
With the growing popularity of social media sites including Facebook, Twitter and YouTube, social media has become an increasingly important channel for the promotion of financial products and services, including SMSFs. 
In 2012 in response to the growth in SMSFs, ASIC established the SMSF Taskforce. A specific focus of the taskforce has been misleading advertising of SMSFs. Particular problems identified include misleading or deceptive statements about SMSF fees, returns and risks. 
In 2014 and 2015 ASIC’s SMSF Taskforce expanded its work on SMSF advertising to include a review of online SMSF advertising through social media platforms such as Twitter, Facebook and Youtube. 
Outcomes and actions stemming from the SMSF Taskforce include:
<ul>
<li>Following an ASIC investigation, Ms Sarah Jane Busteed was charged with three counts of dishonestly obtaining a financial advantage by deception and one count of dealing with over $100,000 that was the proceeds of crime (refer: 16-040MR);</li>
<li>Superannuation Warehouse Australia Pty Ltd was ordered to pay a penalty of $25,000 for false and misleading“Free SMSF Setup” advertising (refer: 15-332MR);</li>
<li>The Supreme Court of NSW found Park Trent Properties Group Pty Ltd had been unlawfully carrying on a financial services business for over five years by providing advice to clients to purchase investment properties through a SMSF (refer: 15-300MR);</li>
<li>Dixon Advisory Group Limited complied with two ASIC infringement notices, paying two $10,200 penalties after including potentially misleading claims on its website (refer: 15-207MR);</li>
<li>The credit licence of Queensland-based Smithson &amp; Baye was cancelled following an investigation into a property and SMSF promoting group (refer: 15-228MR<a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-228mr-asic-cancels-australian-credit-licence-of-queensland-company-involved-with-property-promoting-group/">)</a>;</li>
<li>ASIC released two information sheets to improve the quality of advice provided by advisers on  SMSFs: Information Sheet 205Advice on self-managed superannuation funds: Disclosure of risks (INFO 205) and Information Sheet 206 Advice on self-managed superannuation funds: Disclosure of costs <a href="https://www.asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/advice-on-self-managed-superannuation-funds-disclosure-of-costs/">(</a>INFO 206) (refer 15-192MR).</li>
<li>Omniwealth Services paid a $10,200 penalty for potentially misleading claims on its website (refer: 15-190MR);</li>
<li>The principal of Sherwin Financial Planners, Bradley Thomas Sherwin, was charged with fraud. The charges relate to the use of SMSFs of former clients of Sherwin Financial Planners (refer: 15-158MR);</li>
<li>The Federal Court of Australia ruled that Craig Gore and several other parties and financial services businesses, including Queensland-based ActiveSuper and Royale Capital, contravened sections of the Corporations Act or were knowingly concerned in those contraventions. (refer: 15-134MR);</li>
<li>Australian Financial Planning Solutions Pty Ltd paid $10,200 in penalties for potentially misleading SMSF ads (refer: 15-052MR);</li>
<li>ASIC banned the founder of the Charterhill Group of Companies, George Nowak, from providing financial services until 3 July 2017 on the basis that Mr Nowak is an undischarged bankrupt (refer: 15-048MR);</li>
<li>Interprac Financial Planning agreed to address ASIC concerns relating to advice provided to some clients about SMSFs (refer: 14-258MR);</li>
<li>Sentry Financial Services agreed to address ASIC concerns about SMSF advice provided to clients (refer: 14-109MR);</li>
<li>SuperHelp Australia paid a $10,200 penalty after making potentially misleading statements about the cost of setting up SMSF (refer: 14-051MR);</li>
<li>Media Super paid $10,200 in penalties for potentially misleading SMSF ads (refer: 14-001MR);</li>
<li>Spring Financial Group entered into an enforceable undertaking following ASIC concerns about the level of monitoring and supervision of its representatives (refer: 13-263MR);</li>
<li>Anne Street Partners agreed to engage an independent expert following ASIC concerns about SMSF advice provided to clients (refer: 13-248MR); and</li>
<li>publishing Report 337 Improving the quality of advice given to SMSF investors. (refer: 13-081MR).</li>
</ul>
SMSFs will continue to be a focus in ASIC's enforcement work. Most recently, following an ASIC investigation, one New South Wales woman appeared in court on four charges, in relation to self-managed superannuation fund (SMSF) property purchases.
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ASIC warn of $99 SMSF social media campaign 

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Following an ASIC investigation, Sarah Jane Busteed has appeared in the Downing Centre Local Court in Sydney charged with three counts of dishonestly obtaining a financial advantage by deception and one count of dealing with over $100,000 that was the proceeds of crime. 
The New South Wales woman has appeared in court on four charges, in relation to self-managed superannuation fund (SMSF) property purchases. 
The ASIC investigation into Busteed's conduct in dealing with members of SMSFs which were undertaking property purchases, prompted ASIC to allege that Busteed dishonestly obtained monies from those SMSFs.
Busteed is also alleged to have dealt with monies obtained from a SMSF which are believed to be proceeds of crime. 
Busteed was not required to enter a plea and was granted conditional bail. The matter is listed for return at the Downing Centre Local Court on 12 April 2016. 
Under the New South Wales Crime Act, the charges of dishonestly obtaining a financial advantage by deception each carry a maximum penalty of 10 years imprisonment, while under the Commonwealth Criminal Code the charge of dealing in the proceeds of crime carries a maximum penalty of 20 years imprisonment or a $216,000 fine or both.
The investigation into Busteed’s conduct was carried out by ASIC’s SMSF Taskforce, which was established in 2012 in response to the growing popularity of SMSFs.
The Commonwealth Director of Public Prosecutions is prosecuting the charges against Busteed stemming from the ASIC investigation, while separate charges including dishonestly obtaining financial advantage have been bought against Busteed by the NSW Police and NSW Director of Public Prosecutions.
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SMSF deception charges follows ASIC investigation

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ASIC has disqualified Michael John Teys of Sydney from managing corporations for five years following his involvement in the failure of three companies. The disqualification commenced on 29 January 2016 and ceases 28 January 2021.
The disqualification follows an ASIC investigation which found that Mr Teys breached his duties as a director, including failing to comply with financial services laws.
Mr Teys was the director of:
<ul>
<li>ACN 127 707 671 Pty Ltd (formerly known as Teys Lawyers Pty Ltd) ACN 127 707 671 (Teys Lawyers),</li>
<li>TPFL Ltd ACN 105 164 047 (TPFL), and</li>
<li>TPL Holdings Pty Ltd ACN 010 892 243 (TPL).</li>
</ul>
Each of these companies was placed into liquidation between 20 April 2010 and 3 June 2014.
ASIC found that Mr Teys managed the affairs of Teys Lawyers, TPFL and TPL well short of the standards required of someone in his position as Mr Teys:
<ul>
<li>Managed Teys Lawyers and TPL such that each incurred a deficiency;</li>
<li>Managed Teys Lawyers such that it preferred trade creditors over the ATO and in so doing acted with a lack of commercial morality;</li>
<li>Used his position as a director of Teys Lawyers and TPL improperly to gain financial advantages for himself and other related parties;</li>
<li>Failed to exercise due care and diligence in the management of a number of loans made by TPFL through its registered managed investments schemes.</li>
<li>Failed to exercise due care and diligence to ensure that Teys Lawyers and TPFL lodged documents with both the ATO and ASIC.</li>
</ul>
Liquidators reported that the total deficiencies owed to creditors exceeded $5 million across all three companies.
ASIC Commissioner Greg Tanzer said, 'Directors have a responsibility to manage the financial affairs of their company in accordance with the law. As this case shows, directors who cause or permit their company to breach legal obligations can face significant consequences.'
Mr Teys has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
The five year period for which Mr Teys was banned from managing corporations is the maximum period of disqualification that ASIC can impose under section 206F of the Corporations Act 2001.
Teys Lawyers traded as a legal services business specialising in strata law and was previously known as Michael Teys Strata Law Pty Ltd, Teys Lawyers Pty Ltd, and ACN 127 707 671 Pty Ltd.
TPFL held an Australian Financial Services License and as a responsible entity operated a number of registered managed investments schemes including:
<ul>
<li>Teys Strata Mortgage Trust ARSN 108 137 195;</li>
<li>Teys Strata Development Trust ARSN 1129 939 509;</li>
<li>The Teys Income Builder ARSN 110 052 429;</li>
<li>Dunsborough Hotel Property Syndicate ARSN 098 946 733;</li>
<li>Teys Strata Lifestyle Property Trust ARSN 096 588 108;</li>
<li>Sydney Apartments Trust ARSN 121 041 405;</li>
<li>Teys Fixed Income Trust ARSN 121 041 503;</li>
<li>Broadwater Bungalows ARSN 090 521 163;</li>
<li>Teys Retirement Property Trust No 1 ARSN 112 939 705; and</li>
<li>Settlers Lifestyle Property Trust ARSN 112 939 572</li>
</ul>
TPFL went into external administration on 5 March 2010.  ASIC cancelled TPFL's Australian Financial Services license on 22 March 2010.
This matter received funding from ASIC under the Assetless Administration Fund to fund the Liquidator of TPL to prepare a supplementary report for the purposes of ASIC to consider a banning Mr Teys pursuant to Section 206F of the Corporations Act 2001 (the Act).
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Michael Teys disqualifed by ASIC

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The Australian Securities &amp; Investments Commission has banned Angie Skouras for four years from engaging in credit activities and cancelled the Australian credit licence of Global Edge Finance Group Pty Ltd (Global Edge) after an investigation found it had failed to comply with rules. 
In his role as the sole director, manager and key person on the licence of mortgage and finance company Global Edge, Skouras did not ensure the company’s compliance under the credit legislation.
ASIC found that Global Edge failed to:
• Lodge Annual Compliance Certificates for the 2014 and 2015 years;
• Hold current membership with an ASIC approved external dispute resolution scheme; and
• Comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively. 
As a result, Skouras was not fit to engage in credit activities, it ruled.
ASIC Commissioner Greg Tanzer said, 'While ASIC expects directors of companies to manage the affairs in strict abeyance with the law, there is a heightened expectation if they provide financial and credit services to consumers. As this case shows, directors who fail to meet those standards will be held to account and face significant consequences.”
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ASIC bans mortgage broker and cancels Global Edge licence

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ASIC has released a consultation paper proposing to remake eight class orders that are due to expire (‘sunset’) between 2016 and 2018.
The class orders relate to property, strata and management rights schemes. The class orders proposed to be remade are:
<ul>
<li>Class Order [CO 99/463] Serviced strata scheme valuations, which sunsets on 1 April 2018;</li>
<li>Class Order [CO 02/185] Sale of strata units for $500,000 or more, which sunsets on 1 April 2018;</li>
<li>Class Order [CO 02/245] Closed schemes, which sunsets on 1 April 2017;</li>
<li>Class Order [CO 02/303] Management rights schemes—amendment, which sunsets on 1 October 2017;</li>
<li>Class Orders [CO 02/304] Management rights schemes and [CO 02/305] Management rights schemes, which sunset on 1 October 2016;</li>
<li>Class Order [CO 07/189] Management rights schemes where the strata unit cannot be used as a residence, which sunsets on 1 October 2017; and</li>
<li>Class Order [CO 02/182] Real property rental schemes which sunsets 1 October 2017.</li>
</ul>
ASIC also proposes repealing Class Order [CO 02/183] Small property syndicates on the basis that it appears that there is no longer significant reliance on this class order. If this appears to be the case after ASIC has considered submissions, the relief provided by the class order can be dealt with on a case by case basis.
ASIC proposes remaking the eight class orders by consolidating seven of them into a single instrument to be known as ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/XX so that the substantive effect of the relief in each class order is continued beyond the expiration date in a new legislative instrument. Class Order [02/182] Real Property Rental Schemes which will be known as ASIC Corporations (Property Rental Schemes) will remain as a stand-alone instrument. Our preliminary position is that only minor and technical changes be made to the terms of the relief to remake the remaining class orders as, in our view, they are operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework.
Consultation Paper 250 Remaking ASIC class orders on property, strata and management rights schemes (CP 250) outlines the class orders to be remade and our rationale for remaking them.
Each class order has been redrafted using ASIC’s current style and format, while preserving the current effect of the instruments. The draft ASIC instruments, which reflect the minor amendments proposed in the consultation paper, are available on the ASIC <a href="https://www.asic.gov.au/cp" target="_blank">website here</a>.
Submissions on CP 250 are due by 8 March 2016.
<h2>Background</h2>
Under the Legislative Instruments Act 2003, all class orders are repealed automatically or ‘sunset’ after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
Where an instrument is deemed to no longer serve a regulatory purpose we will consult on repealing it. We will repeal instruments rather than allow them to sunset so that industry is certain of our intentions and confident that where instruments are removed, this was our intention.
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Property 101: ASIC consults on 'sunsetting' property and management class orders

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ASIC has started legal action in the Federal Court of Australia against German construction group holding company Hochtief Aktiengesellschaft (Hochtief AG), seeking a declaration of contravention and a financial penalty order against the company for insider trading.
ASIC’s action centres on the early 2014 on-market acquisition of ordinary shares of Leighton Holdings Limited (now called CIMIC Group Limited) (ASX code: LEI) by Hochtief AG's subsidiary, Hochtief Australia Holdings Limited (HAHL).
ASIC alleges that Hochtief AG contravened the insider trading provisions of the Corporations Act by procuring HAHL to acquire LEI when, on, 29 January 2014, it varied previous instructions to acquire a large parcel of LEI (by pushing out the last day to purchase the shares from 31 January 2014 to 14 February 2014) while it was in possession of insider information, being that Leighton Holdings Limited's 2013 financial results were likely to be at the high end of previous earnings guidance.
Hochtief AG has admitted the alleged contravention. 
The proceedings will be listed for a directions hearing in the Federal Court in Sydney on a date to be advised.
Background
HAHL is ultimately owned and controlled by Hochtief AG which, in turn, has as its majority shareholder one of the world's leading construction companies, the Spanish company ACS Actividades de Construcción y Servicios S.A.
HAHL is operated by Hochtief AG as a vehicle to hold, acquire and dispose of securities and other financial products, including LEI, for Hochtief AG.
A Form 604 ‘Notice of Change of interests of substantial holder’ dated 5 February 2014 and filed with the ASX disclosed HAHL's relevant share acquisitions.
On 20 February 2014, Leighton reported its FY2013 Underlying NPAT was up 30% on FY12 to $584M, which was within guidance. The company also reported NPAT of $509M, which was up 13% on FY12.
On 19 February 2014, LEI closed at $16.41. On 20 February 2014, following the results announcement, LEI opened at $18.30 and traded as high as $18.40 and as low as $16.90 before closing at $17.21, or up 4.88% on the previous day’s close.
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ASIC pursues Hochtief AG over insider trading contravention

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The Federal Court of Australia has set aside a resolution made by creditors of land banking developer Midland Hwy Pty Ltd  to enter into a deed of company arrangement (DOCA) and for Midland Hwy to be wound up. 
The DOCA had been proposed by Bilkurra Investments Pty Ltd.
ASIC had sought wind-up orders in public interest for a proper investigation into the affairs of Midland Hwy by independent liquidators.
Nicholas Martin and Craig Crosbie of PPB Advisory have been appointed as the liquidators of Midland Hwy.
In his judgment, his Honour Justice Beach found that the public interest required the winding up of Midland Highway, "particularly where there is no intention for any part of the business of Midland to be salvaged".  
"There is nothing concerning Bilkurra's financial position or status that would give me or the option holders any confidence that the project will proceed to completion.  Moreover, the project appears to now be in the hands of entities and persons implicated in the very transactions under which $24 million of option holders' funds have been siphoned off in shadowy circumstances and through the use of phantom like corporate structures," the judge said.
Midland Hwy was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly 'Acacia Banks'), located just outside of Bendigo, Victoria and was put into administration on 2 July 2015. At the second creditors' meeting of Midland Hwy held on 21 October 2015, creditors voted in favour of the DOCA despite the Administrators recommending the company be put into liquidation.
"This outcome demonstrates ASIC's commitment to ensuring that  DOCA arrangements proposed to be entered into under the Act are not used as a means to avoid proper investigation and scrutiny by independent persons" said ASIC Commissioner Greg Tanzer.
The move is part of ASIC's wider investigation into land banking schemes.
ASIC previously resolved proceedings against Midland Hwy to remove David Anthony Ross and Richard Albarran of Hall Chadwick as the administrators.
Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. 
Land banking companies typically promote the investment with representations of high potential returns if the land is redeveloped, or if plans for rezoning and development are finalised.
Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision.  The option agreement is triggered at a time that the necessary development is approved by the local council.
While ASIC does not regulate direct property investment, ASIC considers that land banking schemes, depending on the particular scheme, may be a managed investment scheme and/or a financial product and that the promoters of these schemes should therefore hold an Australian financial services licence and register these schemes with ASIC.
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Court orders winding up of failed land banking company Midland Hwy 

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ASIC has slapped a permanent ban on Mark McIvor, the former Chief Executive Officer and founding director of Equititrust Limited (in liquidation), which collapsed in 2011.
Mr McIvor, of Labrador, Queensland, is banned from providing any financial services on the basis that he had contravened a financial services law and was not of good fame or character to provide financial services. 
His conduct involved breaches of the financial services legislation, which were considered to be very serious, repetitive, prolonged and dishonest.
An ASIC investigation found that between 1 January 2004 and 18 September 2008, whilst he was the director of the responsible entity of EIF, Mr. McIvor:
<ul>
<li>failed to take all the steps that a reasonable person would take, if they were in the officer's position, to ensure that the responsible entity complied with the EIF's compliance plan; and</li>
<li>signed 28 board meeting minutes, which falsely recorded a board meeting to approve a loan application had occurred, when no such board meetings had taken place.</li>
</ul>
ASIC Commissioner John Price said "ASIC expects high standards of honesty and integrity from anyone providing financial services. Anyone who fails to meet those standards must be excluded from providing such services."
Mr McIvor has 28 days in which to apply to the Administrative Appeals Tribunal to review the decision.
Equititrust was incorporated on 18 August 1993 and was placed into voluntary administration on 15 February 2012.  The creditors of Equititrust resolved that the company should be placed into liquidation on 20 April 2012.
Equititrust held an Australian Financial Services Licence (AFSL) and was the responsible entity of two registered schemes, the Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund (EPCIF).  It was also trustee of an unregistered managed investment scheme, called the Equititrust Premium Fund (EPF). 
The voluntary administrators of Equititrust reported that as at the date of their appointment:
<ul>
<li>EIF had about 1620 unitholders who were owed approximately $203.6 mil.</li>
<li>EPF had about 38 unitholders who were owed approximately $56.7 mil; and</li>
<li>EPCIF had 5 unitholders and held no tangible assets.</li>
</ul>
Mr McIvor was made bankrupt on 28 November 2012.
On 19 December 2011, ASIC suspended the AFSL of Equititrust for 12 months, for failing to comply with a number of key obligations as a financial services licensee. (REF: 11-306MR)
On 22 August 2014, Mr McIvor was convicted and fined $10,000 in the Brisbane Magistrates Court of six charges of failing to provide a Report as to Affairs and to deliver books and records to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd. (REF 14-223MR).
Property Observer last wrote on Mark McIvor back in 2012 following the sale of his two-storey riverfront home, designed by Sydney-based architect Alex Popov, that sits on Cronin Island with<a href="/news/nsw/alex-popov-designed-mcivor-home-on-cronin-island-house-finally-resells"> 50-metre frontage onto the Nerang River</a>.
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Mark McIvor has 28 days to challenge ASIC financial services ban

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The Supreme Court of NSW has handed down final orders against Park Trent Properties Group Pty Ltd (Park Trent), further to its judgment against it on October 15, 2015.
The court made the following orders against Park Trent:
<ul>
<li>declarations that Park Trent had unlawfully carried on an unlicensed financial services business for over 5 years by providing advice to clients to purchase investment properties through a self-managed super fund (SMSF); and</li>
<li>a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSF's.</li>
</ul>
Park Trent has also been asked to post a notice on its website outlining the orders against it.
In his judgment, his Honour Acting Justice Sackville said that 'the publication of a notice on its website appropriately recognises the seriousness of Park Trent's contravention and the public interest in bringing Park Trent's conduct to the attention of the community'. 
"This outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice," said Greg Tanzer, commissioner of the Australian Securities and Investments Commission.
ASIC had launched legal proceedings in November 2014 against Park Trent who, by the time of the trial in June 2015 had advised over 860 members of the public to establish and switch funds into an SMSF.
On 15 October, the court found that Park Trent, from March 2010 to June 2015, breached the Corporations Act by providing financial product advice without holding a proper licence or authority. This advice related to setting up self-managed super funds for investing in property.
The ASIC website advises clients of Park Trent about getting financial or legal advice about their investment decisions on superannuation. 
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