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

Joel Robinson

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

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Company Profit

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Specialist investment manager Centuria Capital have announced results for the full year ended June 30 2016 and declared a fully franked final dividend of 3.00 cents per share.
John McBain, Group CEO was pleased with the overall figures. 
“Centuria delivered a record underlying net profit after tax of $10.4 million, which is at the upper end of guidance provided to the market in December.
"We are pleased that the FY16 fully franked dividend of 5.25 cents per share is in line with our aim to provide consistent earnings and distribution growth over the short and long term.”
<a href="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2010.55.38%20am.png" target="_blank">Click here to enlarge</a>
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2010.55.38%20am.png" alt="" width="521" height="161">
 
Operating Highlights during FY16 included:
· Group funds under management increased 21% from $1.6 billion to $1.9 billion.
· Unlisted property fund acquisitions totaled $265 million.
· Centuria Metropolitan REIT portfolio book increased 9.3% to $400 million with distributions on forecast.
· Strengthened balance sheet supports unlisted acquisitions and acquisition of GMF stake.
 
Centuria is target 25 percent growth in Group FUM during FY17.
The acquisition of the $280 million Zenith Tower in partnership with Blackrock in July 2016 will contribute significantly to reaching the FUM target. 
“It has been a very successful year for Centuria and we believe our platform is well positioned to deliver growth in earnings," Group CEO John McBain added.
"We have clear strategies to enhance our business in FY17 and these include expanding and diversifying our distribution channels and a concerted move towards a higher recurring revenue model.
“Centuria will continue to review opportunities to expand the Group by acquisition of fund managers if they are on-strategy and enhance value to shareholders.”
<a href="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2010.52.25%20am.png" target="_blank">Click here to enlarge</a>
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2010.52.25%20am.png" alt="" width="422" height="223">
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j.ballantyne1990-6AQqhLzZaK

Centuria Capital target 25% FUM growth after posting strong profits

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REA Group had another record year for revenues and profitability, as it plays a key role in News Corp's establishment of the world’s leading digital property business.
The real estate website REA Group has posted a full year profit of $214.5 million, up 16 percent on last year.
But the company said uncertainty surrounding the July Federal election outcome contributed to July listings being down 11 per cent compared to July last year. 
The bulk of its revenues came from its two Australian websites - $555 million out of group revenues of $630 million. Its European websites had revenues of $51 million and the Asian websites $24 million.
The result followed a 20 percent growth in revenue, with the company recording revenue of $629.8 million, REA group CEO, Tracey Fellows said indicating its international expansion was a key factor.
<img src="https://d1pet9gxylz2tx.cloudfront.net/uploads/2016/08/REA-financial-results-468x89.png" alt="REA financial results" width="468" height="89">
The results followed further global expansion with its acquisition of iProperty Group in South East.
"We also launched the global property network giving consumers access to more than three million listings from 56 countries.
“We have also further cemented our leadership position in Australia on the back of record audience engagement.
"This is particularly pleasing given residential listing volumes were lower in the second half.”
Its international digital real estate websites delivered a 71 percent improvement in earnings before interest, depreciation and amortisation to $344 million – which included a $US122 million gain from a court settlement against Zillow, a competitor to News Corp's Move business.
<a href="https://www.propertyobserver.com.au/images/2016/08/09/Screen%20Shot%202016-08-09%20at%2011.46.32%20am.png" target="_blank">Realestate.com.au's page figures</a>
<img src="https://www.urban.com.au/images/2016/08/09/Screen%20Shot%202016-08-09%20at%2011.46.32%20am.png" alt="" width="404" height="193">
The News Corporation chief executive Robert Thomson has tipped real estate businesses, led by REA, Move and iProperty, to become the biggest driver of earnings.
Thomson said that digital real estate is "reshaping the growth profile of News Corp." 
REA Group is majority owned by News Corp and operates the realestate.com.au and realcommercial.com.au websites. 
<a href="https://www.propertyobserver.com.au/images/2016/08/09/Screen%20Shot%202016-08-09%20at%2011.48.27%20am.png" target="_blank">Realestate.com.au offers the most properties</a>.
<img src="https://www.urban.com.au/images/2016/08/09/Screen%20Shot%202016-08-09%20at%2011.48.27%20am.png" alt="" width="610" height="260">
The REA Group also owns a 21 per cent stake in iProperty Group, a stake in myfun.com, online real estate websites in France, Italy, Germany and Luxembourg, and equity in two US real estate websites, including a 20 per cent stake in Move Inc.  
Fairfax Media, who recently reorganised its financials so it could details on Domain revenue, reports its update this week too.
It revealed last week Domain revenues were $223 million in 2014-15 and $113 million in 2013-14. 
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jonathanchancellor-7SQnKwU6yx

Realestate.com.au revenue up 20 percent despite fewer local listings

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The listed Western Australia developer Finbar will report its lowest full-year profit result in almost a decade, after revealing $13 million of impairments to commercial and residential investment property it owns in Perth and Karratha.
Finbar, which has a $1.84 billion pipeline of apartment projects mainly in Perth, anticipates a 23 per cent slump in operating profit in the year to June, down to $21 million compared with $27.4 million last year. 
After writedowns, Finbar's after-tax net profit will be $8 million, its lowest result since 2007.
While off-the-plan apartment sales remained strong – with the company finishing the year with a record $451 million of pre-sales, up 11 per cent on the previous fiscal year – the investment portfolio bore the brunt of the weaker office rental market in Perth and the collapse in rents and property values in the Pilbara mining region.
Western Australia’s leading apartment development company during FY16 settled 453 apartments with a combined sales value of $318 million across all wholly owned and joint venture projects.
The company has also finished the year with record presales of $451 million, an increase of 11 per cent from the previous year, and the largest year-end pre-sale contract level in the Company’s history.
Finbar Managing Director, Darren Pateman said the year had been a more subdued year with respect to property market activity in Western Australia however our projected result reflects a solid operating performance.
“Notwithstanding the softer local economic and market conditions, we expect to deliver a respectable operating profit finishing the year with a strong balance sheet with no residual debt on stock completed and held for sale.
"The biggest anticipated negative impact on our reported net profit will be the non-cash effects of the revaluations of Finbar property held for investment income purposes.
"Whilst our property occupancy rates are high and rents achieved are above market, the impact of a reduction in prevailing market rents State wide have had a negative impact on external valuations,” Mr Pateman said.
The portfolio, valued at about $120 million in February, comprises more than 7000 square metres of office space in East Perth and nearly 3000 sq m of office and about 8000 sq m of rental apartments at its Pelago complex in Karratha.
The company reported a "distinctly active market for completed stock" as Finbar anticipates good cash flow from the sale of completed stock held for sale and is earmarked for redeployment into FY2017 project commencements at Aire Apartments in West Perth and Civic Heart in South Perth.
Finbar has a $1.84 billion project pipeline with projects currently under construction including, Aurelia in South Perth, Concerto in East Perth, and Motive in West Leederville.
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Western Australia developer Finbar to report lowest full-year profit in decade

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Stockland has reported positive results across its business.
Its CEO, Mark Steinert said all of its core businesses continue to make such strong contributions.
“We’ve maintained high sales volumes across our residential business.”
Stockland’s residential business secured 1,706 net deposits in the quarter, with new projects and new townhouse sales helping to generate 279 more sales than the corresponding period in FY15.
<a href="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%2010.34.29%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/28/Screen%20Shot%202016-04-28%20at%2010.34.29%20AM.png" alt="">
Stockland is on track to achieve full year settlements slightly above its target range of 5,000 – 6,000 lots.
“In residential, we’ve seen strong market conditions continue in New South Wales; Queensland is strengthening, generating good demand and strong sales on our new projects; Victoria remains robust and we had a good response to the campaign we ran in Western Australia,” Mr Steinert said.
“Around 90 percent of our residential capital is now employed in projects where sales are underway, up from 60 percent two years ago.
"We’re progressing well with all of the new projects we’ve launched over the last six months.
"We are actively selling lots at Aura and Newport in south east Queensland; Altrove in north west Sydney and we will soon commence sales at Pallara, south west of Brisbane.”
For more information on Altrove, <a href="https://www.stockland.com.au/residential/nsw/altrove-living-at-altrove.aspx" target="_blank">click here</a>.
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jchancellor-FAypfDUnLy

Stockland lots selling well at Altrove in north west Sydney

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Industry super fund-owned bank ME reported a rise of 8 percent in underlying net profit for the six months ended December 31, 2015 at $30.2 million on the previous corresponding period and forecast further profit growth in the second half. 
“Net interest margin in the next six months will benefit from recent rate increases following regulatory capital changes imposed on the banking sector, although this will be partially offset by the increased cost of funding that is putting current margins under pressure,” ME CEO Jamie McPhee said in a media release. 
ME’s statutory profit after tax, which includes gains on hedging instruments, was $34.5 million (HY15:$39.1 million). Net interest income rose 9 percent to $149.3 million.
But the bank's total operating expenses were up 7 percent to $133.2 million due to its investments in technology and the brand.
It said brand awareness rose 11 points to 51 percent since the bank rebranded in July 2015, resulting in customer numbers growing to 347,000.
ME’s new mobile app, launched in July 2015, has increased mobile-based transactions threefold.
The bank is close to finalising the technical infrastructure to display industry super member balances on its online and mobile banking platforms through a joint partnership with Link Group, it said.
The bank launched co-branded low-rate credit cards with AustralianSuper, Hostplus, and Cbus in late 2015, which are being marketed directly through the funds. 
McPhee said more regulatory changes were required in 2016 to further level the playing field between the regional and major banks, including the amount of capital held by the advanced model banks.
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ME Bank says mid-year profit up 8 percent, forecasts further growth

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GUEST OBSERVER
It’s reporting season, and over the past few weeks some of Australia’s biggest companies have been releasing information on how they’re travelling.
These reports reflect key themes of how things are going in key sectors of the economy. Over coming days we’re going to report on the results a handful of major companies in key sectors, transport, construction, retail, mining, insurance and banking. Today we look at the retail sector.
Dominant retail giants Wesfarmers - owner of Coles supermarkets - and Woolworths hold a 70 percent of market share of Australia’s fresh food grocery market, but have had contrasting fortunes over the past few years. Half-year results for Wesfarmers and Woolworths for 2016 show very different outlooks.
 
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Meanwhile, the major retail players are continuing to feel the disruptive impact of smaller players such as Aldi and highly competitive market conditions; both will have employ new strategies away from the tried and true defensiveness that has worked in the past.
Wesfarmers reported a net profit after tax of $1.4 billion, up 1.2% since the same time last year, while Woolworths reported a net loss of $973 million after a profit of $1.3 billion. Over the last few years Coles has seen stronger sales growth and comparatively better market share.
By contrast, Woolworth’s strategy problems with its home improvement business, Masters, has been widely ventilated. The company attributed $1.8 billion loss to the costs related to its exit from Masters.
Woolworths' underlying profit was $925 million, still down 33 percent on prior year. Woolworths would hope that its exit from the ultimately costly Masters endeavour will serve as a boost to investor confidence.
Woolworths has also struggled with branding and has seen advertising agency changes over the last few years the most recent being the dropping of Leo Burnett and a return to M&amp;C Saatachi.
Perhaps more revealing to the outlook of the industry are some of the underlying similarities in strategy. Both Woolworths and Wesfarmers emphasised price deflation, cost reduction and further price cutting, as key strategies.
The companies expect highly competitive market conditions and consumers to remain price sensitive, and will largely focus on improving supply chain productivity, through cost reduction. Woolworths is reducing its spending on activities such as marketing, property acquisition and rent as part of $500 million in cost savings during the 2016 financial year (July 2015 to July 2016).
Likewise, Wesfarmers has highlighted similar measures, with cost cutting objectives, the company hopes will allow them to lower their prices in the supermarket even further.
In an industry where profit margins are already low, such intense competition would carry significant risk. If sales don’t meet expectations, the retailers have little room to lower prices when margins are low. As a consequence, covering fixed costs like maintenance and rent of stores becomes increasingly difficult and the likelihood of making a loss is higher.
To some extent these price wars reflect the two retail giants directly competing against each other, but another factor is the disruption caused by new entrant Aldi. The supermarket chain has gained 11% of the market since it came onto the scene in 2002, using its streamlined, low cost supply chain to undercut Woolworths and Wesfarmers on price.
Aldi is a unique player in this space. In the past Coles and Woolworths could exercise their market share and size to squeeze out small producers; but Aldi is a different beast, a global company with a presence in both Europe and the USA.
Aldi may not even be the biggest problem facing the locals, if reports that European retailers such as German retailer LIDL are sizing up the Australian market prove true. LIDL is the fourth biggest retailer in the world, with $128 billion in annual sales. Whatever hold true for Aldi is doubly true for LIDL. Other hypotheticals floated around Danish discounter Netto and UK grovery giant, Tesco.
The traditional defensive strategy against competitors employed by the Aussie giants relies on economies of scale, being larger than your rival and being able leverage this efficiency to deliver a cheaper end product or more controversially to loss lead and force your opponent out of business maintain your market share and eventually maximise your profit.
Woolworths and Coles are falling back on their old ways to try and beat Aldi, the companies' corporate strategy for the most part is focused on a doubling down on the traditional squeeze out all newcomers approach. However Aldi brings global resources to the table that Woolworths and Coles don’t have access to.
In the retail sector Aldi will continue to steal market share from Wesfarmers and Woolworths more so if the companies continue with old strategies and don’t think of a way to innovate the retail space.
 
Shumi Akhtar is senior lecturer, University of Sydney, and can be contacted <a href="https://theconversation.com/profiles/shumi-akhtar-228494" target="_blank">here</a>.
Farida Akhtar is lecturer, Curtin Business School, Curtin University, and can be contacted <a href="https://theconversation.com/profiles/farida-akhtar-228499" target="_blank">here</a>.
Both are authors for The Conversation.
 
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Big retailers feel the pressure of the new challengers

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Credit union CUA announced a nine percent rise in its group net profit after tax (NPAT) in its first-half ended December 31, driven by strong loan growth and net interest income.
The CUA Group – which includes its banking operations (the ADI) and CUA subsidiaries and insurance businesses – also recorded asset growth of more than $500 million over the six months to 31 December 2015, taking consolidated assets to a record $12.5 billion, it said. 
Loans grew 4.2 percent to $10.83 billion, with $1.5 billion in new loans. 
NPAT was $28.05 million, while net interest income was up 5.7 percent or $6.17 million for the period to $113.75 million, boosted by strong lending in FY15, new products and interest rate changes, it said. CUA said it was on track to improve its net interest margin during the second half. 
CUA’s banking business (or ADI) posted a first-half NPAT of $30.85 million, up 12.5 percent on the previous first-half result of $27.43 million.
“This is another solid financial result for CUA which reflects our focus this year on sustainable growth, investing in our future capability and building capital to enable us to lend to more customers,” CUA chief executive officer Rob Goudswaard said. 
Since launching CUA’s updated mobile banking app in October, online banking has attracted 9,500 new mobile users and the number of new registrations each month is up by 46 percent. CUA recently launched a new website.
Goudswaard said he was pleased with the continued high quality and low risk of CUA’s lending growth. Home loans with a Loan to Valuation Ratio (LVR) above 90 per cent account for less than 8 percent of CUA’s total home loan portfolio. Impairment charges were down 9.6 percent on the same period last year and CUA’s loan arrears are around half the rate being reported at industry level. 
“We also launched two new home loan products in July 2015, giving borrowers a greater choice of rates and features, depending on the size of their deposit and whether the customer is buying the property to live in or as an investment. In addition, we implemented different rates for investors across variable and fixed home loans, in response to the regulators’ focus on managing growth in investor lending.
Last year, Goudswaard had said new loan growth would not be as strong in 2016 as it needed to peg back growth in its investor loans, which is at 16 percent, were above the banking regulator's 10 percent growth cap. 
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CUA first-half profit up nine percent on net interest margin, loan growth 

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Hassad Australia, the $469 million agricultural land company owned by Qatar's sovereign wealth fund, has delivered a $3.46 million loss.
The Australian Financial Review reported it was yet to make a profit since arriving in Australia in 2010 with a combined loss of $27 million.
Hassad owns 14 agricultural property aggregations in Queensland, NSW, Victoria, South Australia and Western Australia, totalling about 300,000 hectares of pastoral and cropping land. 
The Hassad board is chaired by Nasser Mohamed Al Hajri, who chaired the delegation of the state of Qatar at the World Bank and International Monetary Fund.
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Hassad Australia make another farming loss

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East coast residential developer Sunland reported a dip in net profit to $3.2 million but has reconfirmed full-year earnings of up to $29 million, given anticipated second-half property settlements.
Sunland managing director Sahba Abedian said he had also noticed a cyclical pull-back in bank lending for new properties.
"I do feel there is some adjustment taking place where banks are becoming more stringent on their lending, and that is in respect to lending to developers as well," Mr Abedian said. 
"I think it is partly regulation, but I also feel they have a view to the cycle," the Australian Financial Review reported.
"Despite the prevailing headwinds, we continue to see opportunities in specific market segments in Brisbane, the Gold Coast and Sydney's northern beaches, and our recent acquisitions in these locations are expected to contribute to earnings growth in the short to medium term."
Sunland has a total of 855 contracts on hand with a combined value of $663 million, with an estimated 380 settlements during the second half of the year.
He said a sustained focus on operational efficiencies enabled the group to achieve an average return on development of 25 per cent, above a target of 20 per cent.
 
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Sunland secures 25 percent returns on its residential development

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Residential developer Peet Group announced an operating profit after tax for the half-year ended 31 December 2015 of $18.5 million – an 8% increase over the the previous corresponding period.
The national group’s managing director and chief executive officer, Brendan Gore, said the Group had achieved a good half-year performance that reflected the supportive conditions across the group’s key east coast markets, in particular Victoria and ACT/ New South Wales.
“The strong result was driven by price growth across the Victorian land portfolio as well as the group’s continued focus on operational efficiencies.
“It confirms that the ongoing disciplined implementation of our strategy is delivering improved operating performance, and underlines the benefits of Peet’s diverse national portfolio.has a record number of contracts in hand as the buoyant east coast markets helped it to an 8 per cent lift in its 2016 interim profit."
Headquartered in Perth, the listed developer's strength is its national portfolio with weakness still in WA. 
By the end of December last year, the developer had 2,318 contracts on hand with a gross value of $523 million.
That stockpile compares with the 2,061 contracts Peet had accumulated by the end of June last year, with a gross value of $441 million.
Peet has progressed preparations for the launch of sales at Flagstone in South East Queensland, and is also currently preparing to launch its next retail syndicate opportunity in Victoria.
As at 31 December 2015, the group’s gearing was 30.6%, following the acquisition of a 123-hectare developing residential estate in Tarneit (Vic) in December 2015, with settlement to occur over three years.
This acquisition followed the Group’s sale of its Arena residential estate in Greenvale (Vic) for $93.1 million with the settlement of that property also to occur in instalments over three years.
Part of the proceeds from this sale have been redeployed to fund the acquisition of Tarneit at a substantially lower cost base than the Greenvale land.
"“Conditions across Victoria, New South Wales/ ACT and South Australia are expected to remain supportive, while Western Australia and Northern Territory are expected to remain subdued through the 2016 calendar year,” said Mr Gore.
“Activity in the Queensland residential market continues to improve due to its relative affordability, which has seen a recovery in interstate migration.
"This market recovery is expected to support the launch of the Group’s 12,000-lot Flagstone project in 2H16.
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