UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Joel Robinson

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

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From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

Financial Results

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Mirvac has advised its default rate among its apartment buyers remains below 2 percent.
The group noted defaults were tracking below 2 percent which is in line with where they were at the group's first half financial results advised in February.
Its chief executive Susan Lloyd-Hurwitz said the company's strong performance had been driven largely by a "strategic overweight" position in Sydney and Melbourne.
“We believe we will continue to bene t from the densi cation of these cities in the years to come, through our urban asset creation and mixed-use capabilities."
Residential conditions continue to be mixed nationally, it noted.
"Price growth in the Sydney and Melbourne established markets increased materially, following a strong spring and summer season.
"Recent moves by regulators and lenders will likely see price growth ease, however demand is expected to remain sound. Increasing urban population growth, support from low interest rates and demand for quality dwellings in attractive locations is expected to continue.
"In Brisbane, price growth for apartments has moderated with more solid growth for housing and semi-detached dwellings, while Perth has seen signs of improved demand, particularly among rst home buyers, with support from government incentives. 
"We have seen a solid amount of sales activity, up 18 per cent on the prior corresponding period, and we remain on track to achieve a full-year return on invested capital of more than 15 percent," she said in a statement releasing the group's third-quarter update.
"We also expect to settle approximately 3,300 residential lots in FY17."
“With housing affordability becoming an increasingly concerning issue in Sydney, Mirvac launched its The Right Start initiative during the quarter to assist rst time home buyers in securing their own home.
"The Right Start gave over 50 first home buyers the opportunity to purchase at our Sydney Olympic Park development, and we will continue to look at how we can address housing affordability in Sydney.” 
The major apartment project highlights were the settlement of the group's The Moreton project at Bondi which is now 68 percent settled.
Ebsworth at Green Square, Sydney is now 74 percent settled.
Its launch of new projects and continued sales momentum at existing projects, included Olivine, Melbourne where 100 percent of released lots pre-sold; Woodlea, Melbourne: 100 percent of released lots pre-sold; Pavilions, Sydney Olympic Park, Sydney: 67 percent of released lots pre-sold; and Marrick &amp; Co, Sydney: 69 percent of released lots pre-sold.
Mirvac Group recently announce the appointment of Stuart Penklis as head of residential.
Since joining Mirvac in 2002, Stuart has played a lead role in securing and delivering a diverse set of the Group’s large-scale residential and industrial development projects, such as Harold Park, The Moreton, Hoxton Distribution Park and Calibre in Sydney.
Stuart brings more than 20 years of experience in the property industry, including a number of senior roles in his 15 years with Mirvac, across investment and development in multiple sectors.
Most recently, he led the industrial business as group executive, industrial.
Stuart will commence his role as head of residential on 1 May 2017. 
Mirvac posted a 7 percent rise in profit for its first half ended December 31, capitalising on a record $3.1 billion of residential pre-sales, with CEO Susan Lloyd-Hurwitz going to bat for a taskforce to tackle housing affordability.
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Mixed conditions nationally but Mirvac says apartment default rate below 2 percent

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Japan-based developer Sekisui House said turnover for its Australian operations for the 2016 financial year grew 52 percent over the previous year to more than $554 million, helped by a robust residential property market.
It settled more than 1,300 properties settled during this period in New South Wales and Queensland. 
The strong performance was driven by active residential property markets and the company’s diversified product offering which currently includes apartments, land subdivisions, integrated land and housing packages, and completed home products. 
Sekisui House Australia’s CEO Toru Abe said the 52 percent growth in turnover was helped by “extremely favourable” conditions for property development in Australia in recent years. The developer entered the Australian market in 2009. 
The company, which has built over 2.3 million homes across the world, said 2016 FY turnover from its global operations came in at ¥2.026 trillion (equivalent to $23.5 billion as at 31/01/17), up 9 per cent on the previous year.
“Collaboration on research and technology between Australia and Japan has helped contribute to our market penetration in Australia,” said Abe.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/14/Sekisuismall.jpg" alt="">
Sekisui House, which is listed on the Tokyo Stock Exchange, said it has delivered more than 8,000 homes in Australia and its pipeline is more than $14 billion with nearly 15,000 properties to deliver over the next decade.   
In 2016, the company invested $570 million on two new sites totalling 17.5 hectares in New South Wales. The Orchards in north west Sydney’s Hills Shire district is a $1 billion masterplanned community comprising 1,300 apartments. The Roads and Maritime Services’ ‘urban activation precinct’ in Wentworth Point will be a $1.6 billion community with 2,000 apartments. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/14/Sekisui1.jpg" alt=""> 
Abe said the company is diversifying into commercial and retail sectors over the coming years.
Turnover from its international operations in China, USA, Singapore and Australia increased by more than ¥182 billion (equivalent to $2.1 billion), or 103 per cent from the 2015FY.
Sekisui House sold 90 percent of a tranche of SHAWOOD homes within the first week of release at The Hermitage, at Gledswood Hills.
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Sekisui says Australian turnover grew to $554 million on strong residential sales

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Listed property group Lendlease Corporation Limited said half-yearly profit after tax rose 12 percent to $394.8 million from a year earlier, helped by a boost in construction earnings.
Revenue in the six months to December 2016 was up 8 percent to $7,945 million over the comparable period the previous year.
The company said remaining end development pipeline grew 5 percent to $49 billion, of which $35 billion comprised urbanisation projects. It said the development segment “continues to maintain a strong residential pre-sales position, closing the period at $5.7 billion.”
Its EBITDA mix comprised a 38 percent growth in development earnings, while investments generated 40 percent.
<img src="https://www.urban.com.au/images/2017/02/27/FEB27LendleaseEBITDA.png" alt="">
Lendlease Group chief executive and managing director Steve McCann said commercial development, in particular the Australian office sector, was a highlight of the first half result. 
“At Barangaroo South, Tower 1 reached practical completion with all three office towers now operational,” said McCann. 
“We had success in converting our pipeline into delivery with the forward sale of three office buildings, in addition to the creation of a capital solution for the Circular Quay Tower.”
Lendlease said it secured new tenants across the commercial development pipeline. New leasing agreements were secured across approximately 85,000 sqm of commercial space in the period, predominantly in Australia. 
The company declared an interim unfranked dividend of 33 cents per stapled security.
Residential settlements included apartments at Victoria Harbour in Melbourne. Its offshore pipeline includes projects in Singapore, London and the Americas.
<ul>
<li>In Singapore, construction at the Paya Lebar Quarter is progressing well and during the period management secured two anchor tenants for the retail component of the development. The project remains on track for completion in FY19. </li>
<li>In Europe, apartment settlements were achieved at the Glasshouse Gardens at International Quarter London and South Gardens at Elephant and Castle in London. </li>
<li>In the Americas, work has commenced at Riverline in Chicago, Clippership Wharf in Boston and 281 Fifth Avenue in New York. These projects are all in the residential sector, representing a mix of multi-family and condominium product. </li>
</ul>
It said communities settlements were down compared to the prior corresponding period due to project timing.
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Lendlease posts double-digit rise in profit on construction boost

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Mortgage broker Australian Finance Group (ASX: AFG) reported a rise in half-yearly profit of 14% from the same period in the previous year, helped by the strong performance of its AFG Home Loans division.
AFG’s loan book now sits at $127 billion, with the overall residential loan book growing to $120.7 billion from $114.7 billion to in the six months to December 2016. 
It said although start to the year was slow, the lending market in Australia is now picking up and mortgage brokers are winning market share. 
The company expects the mortgage broker market penetration to grow as “an increasing number of consumers recognise that a mortgage broker is in the unique position of being able to provide a comprehensive view of the alternatives available across lenders and products”. 
AFG managing director Brett McKeon said the results reflect the broker’s focus on maintaining a strong core broking business. 
“Consistent growth in our distribution network has assisted in generating a strong result for our own branded AFG Home Loans business. Total AFGHL settlements were $1.24 billion, up 34% from the same period last year and represented 7.2% of AFG’s total residential settlements for the period,” he said.
“Importantly our AFGHL book now stands at $4.6 billion which together with strong settlements has helped deliver a profit before tax for the AFG Home Loans business of $4.8 million up 97% from HY16.”
The company said its net profit after tax was $13.4 million for the six months ending December 31, 2016.
It also announced an interim dividend of 4.2 cents per share, an increase of 40% on the prior period.
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Mortgage broker AFG says profit up 14% as credit market picking up

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Residential developer Devine Limited (ASX: DVN) reported a loss of $38 million for the full year ending December 31, and said it was in talks with ANZ to extend its banking facility with the lender.
The directors’ report said the 2016 results were hurt as a result of trades’ procurement in an over-heated residential construction market in Queensland, while “major weather events” in Victoria and South Australia caused production delays.
The developer had a debt of $22 million (including bank guarantees) as of December 31, 2016, under the ANZ Multi Option Facility , which is due to mature on March 31, 2017. 
The directors’ report noted that they “do not expect the group to be compliant with the covenants of the ANZ MOF when the debt matures. 
“Under the terms of the ANZ MOF Agreement, a breach of a financial covenant entitles ANZ to request repayment of the facility on demand. In such an event, the Group currently does not have the immediate capacity to repay the facility in full nor does it currently have readily available alternate sources of liquidity,” said the report.
Owing to that, the report expressed doubts about whether the developer can continue as a going concern.
It said the developer and its major shareholder CIMIC Group Ltd were working closely with ANZ Bank to come to a solution. 
The company has said it is winding up operations in the medium density home building market, and completed more than 90% of its medium density projects.
The directors’ report noted it had sold three sites and its stake in two joint ventures.
Total revenue from continuing operations rose to $194.2 million from $190.2 million in the previous year. Operating loss before tax widened to $38.3 million from $33.1 million previously.
The group, established in 1983, became a leading brand in the residential property sector and has operations in Queensland, Victoria and South Australia. It listed on the ASX in 1993.
The company said as at December 31, 2016, its residential development pipeline included the equivalent of nearly 6,400 future homes.
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Developer Devine's yearly loss widens to $38 million, says in talks with lender ANZ 

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Genworth Mortgage Insurance Australia has reported a statutory net profit after tax (NPAT) of $203.1 million for FY16.
Underlying NPAT was $212.2 million following adjustment for the after-tax mark-to-market move in the investment portfolio of $9.1 million.
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2010.57.42%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2010.57.42%20AM.png" alt="">
According to the Investor Report released today the results show lower sales (Gross Written Premium) and lower revenue (Net Earned Premium).
The report said GWP declined 24.8 percent compared with the previous corresponding period due to a number of factors including reduced high loan-to-value (LVR) penetration in the market and a lower LVR mix of business.
"Net Earned Premium decreased 3.6 percent reflecting lower earned premium from current and prior book years," it said.
"Net claims incurred increased due to an increase in the number of delinquent loans relative to a year ago and a higher average claim amount.
"The overall portfolio continues to be supported by strong performance in New South Wales and Victoria. However, the performance in Queensland and Western Australia is challenging, reflecting increased delinquencies, particularly in regions exposed to the slowdown in the resources sector.
"Genworth continues its engagement with policymakers, rating agencies and other industry participants to promote legislative and regulatory policies that support home ownership and continued responsible credit growth.
"Throughout 2016, Genworth has focused on working with APRA to develop and propose suitable capital requirements for the residential mortgage industry. Genworth is leading industry efforts to develop solutions with policy makers and regulators that emphasise the importance of LMI to the Australian mortgage market and stability of the wider financial system, especially its value as a loss absorption and capital management tool for risk management purposes. 
"The figure below shows the evolution of Genworth’s 3 month+ delinquencies (Flow only) by residential mortgage loan book year from the point of policy issuance. 
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.25.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.25.45%20PM.png" alt="">
"Each line below illustrates the level of 3 month+ delinquencies relative to the number of months an LMI policy has been in-force for policies issued within a specific year.
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.40.20%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.40.20%20PM.png" alt="">
"The 2008 Book Year was affected by the economic downturn in Australia and heightened stress experienced among self-employed borrowers, particularly in Queensland, which was exacerbated by the floods in 2011.
"The post-GFC book years are seasoning at lower levels as a result of credit tightening, however, accelerated increases for 2012-14 books have been predominantly driven by regional parts of Queensland and Western Australia that are continuing to face challenges as a result of the downturn in the mining sector."
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Resources sector slowdown noted in Genworth FY16 financials

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Bank Australia’s 2016 financial results released today show strong profitable growth with a net profit after tax of $22.6 million.
It came with overall asset growth of 13 percent taking the bank’s assets to more than $4 billion with a trend toward younger customers.
“We’ve also had significant growth in new customers, particularly from our target market of socially aware consumers and we have decreased the average age of customers by attracting younger customers to the bank,” the managing director Damien Walsh said.
He advised the bank’s decision to forgo a portion of profit this year to focus on investing in the bank’s brand and technology had delivered strong business growth.
“We achieved deposit and loan growth both well above system which is pleasing in the current low interest rate and competitive environment,” Walsh said.
Customer deposits grew by 12 percent and customer loans by 21 percent.
“Our profit sees the bank grow customer owned reserves by $24 million to $435.9 million; and with a very strong capital adequacy ratio of 18.66 percent we are well positioned to grow and provide customers with highly competitive prices, products and services in the years to come.
“The result represents a return on assets of 0.59 percent, which is healthy particularly given that we’ve made some significant investments in our technology, people and brand over the past year,” Walsh said.
Each year Bank Australia commissions CANSTAR to compare its pricing (rates and fees) on deposit and loan products with the average advertised rates of the four major banks. Over and above the $22.6 million of after tax profit, the bank returned pricing benefits in the amount of $33.2 million to customers.
Highlights of Bank Australia’s 2015-16 financial performance
<ul>
<li>Full year net profit after tax of $22.6 million is a strong result given the pressure on net interest margin and the ongoing investment in the bank’s brand, service delivery and technology.</li>
<li>Net interest margin declined due to competitive pressures across the market.</li>
<li>Customer owned reserves grew to $435.9 million strengthening our overall capital position.</li>
<li>Capital adequacy at 18.66% remains very strong.</li>
<li>Loan funding of $1,084 million (21% annual growth) was 46% greater than 2015. Importantly, a large proportion of growth continues to come via online and broker channels delivering customer convenience and extending the geographic presence of the bank.</li>
<li>Responsible credit assessment criteria were maintained while achieving growth.</li>
<li>Deposits grew by 12% reflecting confidence in the bank’s responsible approach to banking and price competitiveness.</li>
<li>The bank’s investment grade credit rating with Standard &amp; Poor’s remains BBB+/Stable/A-2.</li>
</ul>
Summary of Bank Australia’s 2015-16 financial performance:
<table class="x_MsoTableGrid8" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" nowrap width="34%">
 
</td>
<td valign="top" nowrap width="8%">
 
</td>
<td valign="top" width="14%">
Jun-15
</td>
<td valign="top" width="14%">
Jun-16
</td>
<td valign="top" nowrap width="14%">
Change
</td>
<td valign="top" nowrap width="14%">
% Change*
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Profit After Tax
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
23.96
</td>
<td valign="top" width="14%">
22.59
</td>
<td valign="top" nowrap width="14%">
(1.37)
</td>
<td valign="top" nowrap width="14%">
(5.72%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Interest Revenue
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
75.61
</td>
<td valign="top" width="14%">
80.48
</td>
<td valign="top" nowrap width="14%">
4.87
</td>
<td valign="top" nowrap width="14%">
6.44%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Interest Margin
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
2.22%
</td>
<td valign="top" width="14%">
2.11%
</td>
<td valign="top" nowrap width="14%">
(0.11%)
</td>
<td valign="top" nowrap width="14%">
(4.95%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Cost to Income
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
64.30%
</td>
<td valign="top" width="14%">
66.95%
</td>
<td valign="top" nowrap width="14%">
2.65%
</td>
<td valign="top" nowrap width="14%">
4.12%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Return on Assets
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
0.70%
</td>
<td valign="top" width="14%">
0.59%
</td>
<td valign="top" nowrap width="14%">
(0.11%)
</td>
<td valign="top" nowrap width="14%">
(15.71%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Assets
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
3.58
</td>
<td valign="top" width="14%">
4.04
</td>
<td valign="top" nowrap width="14%">
0.46
</td>
<td valign="top" nowrap width="14%">
12.85%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Customer Deposits
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
3.03
</td>
<td valign="top" width="14%">
3.40
</td>
<td valign="top" nowrap width="14%">
0.37
</td>
<td valign="top" nowrap width="14%">
12.46%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Gross Loans
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
2.66
</td>
<td valign="top" width="14%">
3.22
</td>
<td valign="top" nowrap width="14%">
0.56
</td>
<td valign="top" nowrap width="14%">
20.98%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Loans Funded
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
742.87
</td>
<td valign="top" width="14%">
1,084.08
</td>
<td valign="top" nowrap width="14%">
341.21
</td>
<td valign="top" nowrap width="14%">
45.93%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Reserves
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
412.00
</td>
<td valign="top" width="14%">
435.95
</td>
<td valign="top" nowrap width="14%">
23.95
</td>
<td valign="top" nowrap width="14%">
5.81%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Capital Adequacy
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
19.74%
</td>
<td valign="top" width="14%">
18.66%
</td>
<td valign="top" nowrap width="14%">
(1.08%)
</td>
<td valign="top" nowrap width="14%">
(5.47%)
</td>
</tr>
</tbody></table>
* The % change calculation is based on the actual full figure
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