ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Harry Triguboff

Harry Triguboff has noted that soaring building material prices posed a risk to other construction companies.

His comments come against the backdrop of Queensland’s Privium Group, the ABD Group in Melbourne and the Hobart home builder Inside Out Construction.

However Mr Triguboff declined to make a prediction on whether more builders would hit the wall, when he spoke yesterday at The Australian Financial Review Property Summit.

“The building costs are going up a lot,” he noted, adding "subcontractors cannot guarantee the price.”

He noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time.

Mr Triguboff's company Meriton builds its own projects.

“It’s not a matter of the labour force asking for a 5 per cent increase or 3 per cent increase. Iron ore prices have come down, but the steel has gone up. And it’s going up by a lot, not by 2 per cent – [but by] 10-20 per cent. It’s going up a great deal.”

The debt free Meriton ended the financial year with about $3.17bn worth of investment properties on its balance sheet plus $207m worth of vendor finance loans it has supplied to buyers of its apartments.

Dexus CEO Darren Steinberg and Lendlease CEO Tony Lombardo also raised concerns about rising costs of steel and timber at the summit.

A resumption of immigration and end to lockdowns was crucial, the property executives told the summit.

Harry Triguboff noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time

jchancellor-FAypfDUnLy

Apartment building costs are on the rise: Meriton boss Harry Triguboff's warning

Harry Triguboff has reportedly secured a Surfers Paradise apartment development site.

He has spent $75&thinsp;million to buy an oceanfront site consolidated by Singapore&rsquo;s Banyan Tree group.

The 4423sqm Banyan Tree site is at the northern end of the Esplanade.

The triangular site is partly occupied by the 46-year-old Bahia tower and the Beach Lodge low-rise.&nbsp;

Banyan Tree consolidated the site in 2014 for $50 &thinsp;million, then gained approval for a twin-tower project, Cassia Northpoint, and then the Singaporean-based hotel and resort operator looked for a joint venture partner for its proposed $500 million project.

<a href="/developments/gold-coast-qld?source_news_article_id=101626&amp;ref=news_body_link"><img alt="" height="797" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/gc_newest_tile_jpeg_4.jpg" width="1200" /></a>

The sale comes after it disposed a Brisbane holding on which it envisaged a 128-apartment tower.

Triguboff, 88, is close to completing a nearby 76-floor tower on The Esplanade, Surfers Paradise.

It was 2018 when Triguboff paid $58 million for the 22-level International Beach Resort (formerly the Apollo), to construct Ocean, a 76-level building with more than 700 serviced and residential apartments.

He plans two 55-floor towers for the Banyan site and the Gold Coast Bulletin says he will keep one of them with a Meriton Suites hotel.

Triguboff believes the Gold Coast is &ldquo;entering a new era&rsquo;&rsquo; post-Covid.

Harry Triguboff has reportedly spent $75 million on an oceanfront site in Surfers Paradise

jchancellor

Harry Triguboff's latest apartment site acquisition

<html><body><div class="Content">
Harry Triguboff's Meriton has seen a huge fall in profits in the recent financial year.
But Meriton has seen a 44 per cent boost in the number of units in various stages of development to 12,871 units.
It sat at 8954 in the 2019 annual return.
The financial documents lodged with the corporate regulator this week show after tax profits for Meriton Properties dropped 95 per cent from $356 million in 2019 to $19.4 million this year.
Revenue fell by $300 million to $1.45 billion as sales of apartments slowed and occupancy rates at his serviced apartments fell..
The Meriton balance sheet reveals a net asset base of $4.2 billion, up from $4.19 billion a year earlier, with more than $3.22 billion in land and buildings.
<div class="page" title="Page 39">
<div class="layoutArea">
<div class="column">
At 30 June 2020, the company expected to spend $1,127,571,929 on future construction activities for jobs under construction.
</div>
</div>
</div>
Meriton has some $227 million in vendor finance loans, up from $204 million. 
<div class="page" title="Page 34">
<div class="section">
<div class="layoutArea">
<div class="column">
The facilities are made on an average rate of 5.16% (2018: 5.86%) and are interest only loan with a maturity of two years.
The number of investment units including serviced apartments it owns now sits at 11,591 units, up 28 percent.
</div>
</div>
</div>
</div>
It got $447 million in rents, down from $481 million, but signalling hopes of returning rental units into short-term stays as pandemic interim leases rolled off.
“Whilst the COVID-19 pandemic has impacted sales, service apartments and rental markets in the short term, the group is on track to return to pre-COVID-19 levels by June 30, 2021,” a note in the financial report advised.
Triguboff recently admitted to The Australian of being “scared” of the consequences for the property sector of a fall in immigrants during the pandemic.
The company paid no dividend.
Selling exposes dropped from $49 million to $37 million, while salaries rose from $99 million to $101 million.
Much of the drop in profit was due to the accounting treatment of Meriton's inventory as revaluations turned negative and were booked as a $248.8 million loss, compared to a $66.5 million gain a year earlier.
The devaluation flowed from the values Meriton ascribes to elements of its large suburban projects which it hands over to local authorities as public space or roads, the AFR advised.
The Meriton financial results noted the company had signed a settlement deed with the Australian Tax Office in September.
It was over a dispute covering the 2014-2017 tax years, resulting in a $67.64 million bill, including shortfall interest charges and penalties.
It noted Meriton booked an $8.3 million tax bill in 2020 after paying $149 million the previous year.
The annual report to June 30, 2020, noted a new board member added in October, Albert Chan.
He joins Harry Oscar Triguboff, James Sialepis, David Cremona and Matthew Thomas.
The banking facilities are subject to an annual review with $480 million facility due to mature on 31 May 2023.
The margin loan facilities are with Credit Suisse with a limit of $100 million, Cretonne with a limit of $125 million, and Citibank Private a limit of $100 million.
"These amounts are undrawn," it noted.
</div></body></html>

Harry Triguboff's Meriton revenue sits at $1.45 billion, with 12,871 units in the works

<html><body>
The billionaire apartment developer Harry Triguboff is expanding to Canberra.
It comes after buying his first site in Melbourne.
Triguboff told The Australian he expects the upswing in buyer interest to continue, saying it kicked off with the change of government and removal of Labor’s threat to wind back negative gearing tax breaks.
During the housing market downturn Meriton retained many of its completed units taking Triguboff's personal investment portfolio to more than 9400 apartments.
Triguboff’s portfolio is split equally between serviced apartments and leased units.
His hotel arm expanded in the slower market.
“It’s no good selling if the market doesn’t want to buy,” Triguboff told The Australian.
He is surprised at how quickly the market has rebounded — from selling five units a week in January to about currently around 30-35 a week.
The inner workings of his business empire has been revealed by The Australian after the lodging of financial accounts with the corporate regulator by the Meriton company.
Meriton made a pre-tax profit of $485 million in the 2018 financial year, according to its recent accounts lodged with the Australian Securities &amp; Investments Commission.
Meriton’s revenue reached $1.84 billion.
It made a net profit of $340 million after paying $145 million in company income tax.
It was down from the previous year when Meriton made $384 million net profit from $1.79 billion revenue.
Triguboff did not take any dividends.
The Meriton accounts noted “although the residential selling market continues to be stagnant, both rental markets and serviced apartments continue to be in strong demand and underpin revenue increases for 2019”.
Meriton’s accounts shows it owns $2.97 billion worth of land and buildings.
It had $162 million in current loans and $195 million in non-current loans out to buyers of Meriton apartments through vendor financing.
The accounts showed Meriton having about 12,000 apartments at various stages of development.
Its annual report had noted about 8200 investment units that Triguboff maintained ownership, which was now substantially higher.
Meriton has net assets of more than $3.8 billion and retained earnings of $3.6 billion.
The Meriton accounts also show it owns $265 million worth of structured financial products.
His Canberra purchase is a project site with permission for a 17-level, five-star hotel in the city’s CBD.
Meriton bought the site in Canberra’s Civic precinct at 40 Allara Street for $23 million from the Australian Unity Property Income Fund reportedly in an off-market deal.
It is part of Harry's “rapid” expansion plans for the Meriton Suites arm.
<div id="listing-recommendation-midcontent" class="experiment">“Canberra long has been on our radar because it’s drawing nearly 3 million visitors a year,” Mr Triguboff told Nine Entertainment.</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Billionaire developer Harry Triguboff's personal investment portfolio tops 9400 apartments

<html><body>
The Meriton apartment developer Harry Triguboff increased his wealth by $770 million in the past year, but still slipped down a spot to be named Australia’s third richest person in 2019.
High-rise Harry was given a $13.54 billion net worth on the nation’s wealthiest 200 in the Financial Review Rich List.
With wealth of $15.57 billion, paper and packaging magnate Anthony Pratt ranks as the nation’s richest, followed by mining magnate Gina Rinehartwith $13.810 billion.
The Shimao property baron Hui Wing Mau came fourth at $10.390 billion and tech whiz Scott Farquhar fifth with $9.75 billion and his Atlassian co-founder Mike Cannon-Brrokes sixth at $9.63 million.
Cannon-Brookes and Farquhar were placed fourth and fifth on The List of Australia’s Richest 250 when it was published by The Australian in late March, with wealth of $9.01 billion each — the bulk of which is from their respective, and equal, Atlassian share holdings.
Property dominated The List — Australia’s Richest 250, contributing 68 members. Combined, the 68 are worth more than $85 billion and are responsible for the biggest housing projects around the country. The AFR Rich List has 63 with their source of wealth put down to property.
Triguboff is the country’s biggest landlord, and has recently built many of his 65,000 apartments to rent them out.
Frank Lowy sits in 7th place on the AFR list with $8.56 billion. The Westfield co-founder Frank Lowy says he now feels “at home” after moving to Israel late last year.
“I feel that I’m home. That’s all. Very simple,” Sir Frank said in an interview with Israel television network Channel 12.
The Times of Israel has reported Sir Frank as having “made Aliyah”, which is the migration of Jews to Israel.
Sir Frank, who was born in 1930 and survived the Holocaust in Hungary, became an Israeli citizen in February.
Sir Frank and his wife Shirley, who battling Alzheimers, are the subject of the documentary What Will Become of Us, which is showing at the Sydney Film Festival next week.
In December 2017, Sir Frank pulled off the biggest deal in Australian corporate history: the $US24.7bn ($32bn) sale of his Westfield retail empire to French company Unibail-Rodamco. 
Property developer Bob Ell, with an estimated worth of $1.84 billion, sits in 44th place.
Leda is behind the lucrative Cobaki Estate development, west of Gold Coast Airport.
The property investor Con Makris and his family are No.69 on the list with a worth of $1.32 billion.
Garry Rothwell at Winten is in 150th place with $656 million.
Jerry Schwartz is No.178 on the Rich List list with a worth of $554 million.
The cosmetic surgeon is Australia’s largest private hotel owner, the son of late Hungarian immigrants Bela and Eve Schwartz, who built up a portfolio of hotels, resorts and pubs across Australia. 
</body></html>

Harry Triguboff slips to Australia's 3rd richest billionaire despite boost in wealth

<html><body>
Australia's biggest property developer Harry Triguboff says Sydney's apartment boom had relied too much on Chinese buyers.
"We depend too much on Chinese purchasers," the Meriton boss said in a letter emailed last month to local Sydney estate agents.
"Foreigners must only be an additional bonus," said the veteran who has overseen the construction of more than 75,000 residential dwellings over the past six decades.
"I don't want us also to depend on high priced foreign lenders to provide the finance instead of our banks."
"We must stand on our own two feet," he said adding this independence was "far away".
"We will have stability," he said when Australia depends on itself.
Triguboff concedes the Chinese played a big part in pushing the property prices up, and says even in the current reduced turnover were still significant buyers.
On the price front Triguboff says "the rapid price fall is slowing down, maybe completely stopped".
"We will only know later," he indicated.
He says everything must be done to ensure that property prices don't drop any further.
"They should rise otherwise, no one will build," he warned.
"If prices fall the economy suffers."
The developer, who employs 898 staff, was motivated to send the letter to estate agents with a desire to generate sales amid negative media headlines.
"We are all talking about Reserve Bank lowering interest rates, but that is only a minor matter.
"Banks must lend, but they do not because they are afraid.
"Now that we have shown where they were wrong (at the Royal Commission), we must encourage them to lend, and use their discretion." 
The optimist developer says young buyers face a wide choice.
"There's no dreadful hurry ...it's not going to jump up tomorrow."
He said Sydney's planning system must also change.
"A lot of the costs are because of the planning system," he said. 
Ahead of the declining property market, the apartment king posted after tax profits of $384 million in the financial year ending June 2017, according to Meriton's latest annual return which was lodged last month.
The $384 million profit was up from the $230 million profits Meriton saw in 2016.
There was $1.7 billion in revenue.
He said buyers and renters "flocked" to new apartment blocks.
"The old blocks with few facilities and in the wrong places will suffer.
"Some of our leaders think that people suffer when we build units.
"That is nonsense. 
"We see even councils who were against units now trying to allow high rise because they are left behind. 
"We must remember the demand for housing is great," said Triguboff who founded the company in 1963.
He says his was not unduly concerned about the low sales turnover in the short term.
"It is so easy for me to lease," he told Channel 9 finance editor Ross Grenwood.
"I'm not buying any land," he added.
He warned if the State Government refused to fix the planning department and the banks didn't lend that construction would stop.
"And prices will rise because of a lack of supply," he forecast.
This article first appeared in The Daily Telegraph. 
</body></html>

Harry Triguboff says apartment boom relied too much on Chinese buyers

<html><body>
<div class="_2vba1">
Overcoming his dread of the trade union influence, the Meriton apartment developer, Harry Triguboff has ditched Sydney to try his luck in the Melbourne property market.
Triguboff has bought a serviced apartment site at 140-146 King Street near Southern Cross Station, between Bourke Street and Collins Street.
He will develop a Meriton Suites apartment hotel to replace the three storey building.
The deal, worth about $29 million, will be Meriton's first development outside of NSW and Queensland, where it has completed about 70,000 apartments over the past six decades. Triguboff recently admitted the recent Sydney apartment boom had <a href="/news/harry-triguboff-says-apartment-boom-relied-too-much-on-chinese-buyers">over-relied on Chinese foreigners</a>.
The King Street, Melbourne site last sold at $10 million in 2013.
The vacant, three-storey concrete building had been expected to fetch more than $20 million, according to a report by The Age in February.
It was offloaded by Besgate Group, a little-known Sydney-based developer, backed by wealthy Chinese families, who got cold feet about Melbourne’s development market.
Besgate Group, led by the Alexandria-based Justin Gao, had burst into Melbourne’s development market in 2013 when it snapped up three city sites within six months.
Besgate's shareholders are Gao Pty Ltd; Baohua Pty Ltd directed by the Pyrmont-based Hua Gao; and Elda Group Pty Ltd, which is directed by Justin Gao, Xiao Han Sheng, Li Fan and accountant Peter Hedge. 
The site at 140 King Street could support a high-rise tower on the 781-square-metre site with an existing 2016 permit for a 57-storey building with 263 apartments.
ROTHELOWMAN's design for 140 King Street was <a href="http://www.besgate.com.au/portfolio/melbourne-king-street/" target="_blank">reminiscent of a luxury watch wrist band</a>. 
There were 11 offers on the site in the recent tender.
The listing agents <a href="http://www.meltoday.com/content-101910651106054" target="_blank">told the Chinese press</a> the flexible site was also suitable for the development of mixed-use, commercial, student residences, hotels or serviced apartments.
Triguboff's wealth was recently put at $12.3 billion in the Rich List published last weekend by The Australian.  
<div>Considered the most comprehensive study of the country’s wealthy elite ever undertaken in Australia, The List was curated and edited by wealth expert John Stensholt and a global team of researchers and journalists.</div>
<div>
 Triguboff's wealth is apparently set to soar to over $13.5 billion in the upcoming, belated Financial Review Rich List. </div>
“It is very exciting for us to bring Meriton to Melbourne, giving the hotel business a complete presence from Melbourne, throughout Sydney and up to Brisbane and the Gold Coast," Mr Triguboff told Nine Entertainment. 
</div>
<div class="ztzrw">
<div class="_3t7hh">
<div class="_1kIOl">
"Guests have been asking for a long time, ‘when are you coming to Melbourne’, but it hasn’t been the opportune time, until now.
"It is a great location for us and our early discussions with local government made us feel very welcome – they want us to get started quickly," said Mr Triguboff.
Trade union power wasn't the only issue Triguboff has had with Melbourne.
 In a 2017 interview he said he had a problem with the weather.
"I don’t like it that it is cold. I’m too old. Old people need warmth," he said.
Meriton’s director of construction, David Cremona, said the company would seek tenders shortly, with construction due to commence later in the year.
Meriton founded its burgeoning serviced apartment business in 2003.
It currently comprises 18 hotels and 4644 self-catering suites, making it one of the country's largest owner of hotel rooms.
</div>
</div>
</div>
</body></html>

Harry Triguboff overcomes dread of CFMEU trade union influence and buys first Melbourne project site

<html><body>
Billionaire apartment developer Harry Triguboff has reaffirmed prices in his new projects had dropped about 15 per cent in the past year.
The Meriton founder says slow wage growth was adding to the drag on the weakening housing market.
“Buyers still say they can’t ­afford it,” Mr Triguboff told The Australian.
“Wages here have to be higher.”
An average Chinese buyer can afford a unit in Sydney, but an Australian cannot, despite the falling prices, said Mr Triguboff.
He has previously suggested there is no bust coming when he initially signalled mid-year that prices had slumped.
Despite the weakening, Meriton’s two-bedroom unit prices hover around $1 million.
Triguboff said the average Mascot two bedders was about $1.1 million while at Pagewood it was $950,000.
Stagnant wages were "worsening" the conditions, Mr Triguboff said.
“Nobody qualifies for loans.”
Last October Harry Triguboff advised he'd been cutting prices by five per cent and covering the additional stamp duty costs for buyers of its apartments over the past year.
Triguboff says its had cost about 10 per cent of Meriton's $1.2 billion turnover.
"It may be too early to say," Mr Triguboff told The Australian Financial Review. "But if you take a turnover of $1.2 billion, then you take 10 per cent, it will cost $120 million."
Triguboff said a lot of Chinese buyers lost their <a href="/news/as-prices-fall-15-harry-triguboff-confirms-chinese-apartment-buyers-lost-their-10-percent-deposits">10 percent deposits last year.</a>
 
</body></html>

Harry Triguboff reaffirms 15 percent apartment price decline

<html><body>
<div id="story-description">
A lot of Chinese buyers lost their 10 per cent apartment deposits last year.
"That was the worst time,” the Merton boss Harry Tribuboff told The Australian noting the trend had dissipated, but interest from Chinese buyers was still slow.
</div>
Tribuboff confirmed Chinese buyers were “very important to our segment of the market”.
“It is very important not to find new reasons for raising their costs,” he said.
Triguboff didn't specify the extent but said it was a "lot" of Chinese buyers. 
<div id="story-description">
Apartment prices in Sydney had fallen 15 per cent since early last year and were still weakening, but settling down, according to billionaire developer.
</div>
He suggests there is no bust coming.
Last year Harry Triguboff, Australia’s biggest apartment owner and developer, was offering his buyers free stamp duty.
It applied to local and overseas buyers, but excluded foreign person surcharge purchaser duty and additional foreign acquirer duty.
Robert Gottliebsen, writing in The Australian, indicated the initial reaction to the offer had been from overseas Chinese who were embracing the finance offer.
 
</body></html>

As prices fall 15%, Harry Triguboff confirms Chinese apartment buyers lost their 10 percent deposits 

<html><body>
The Australian Financial Review Rich Lister Harry Triguboff has sued Fairfax Media complaining the newspaper had gravely injured his character and reputation, and he had suffered hurt and embarrassment, and will continue to suffer loss and damage.
The matter complained of was an article headlined “Developers offer stamp duty discounts as off-the plan apartment sales slow” published last August.
The article quoted managing director of CBRE Residential Projects, David Milton saying "developers who rely heavily on foreign buyers or sell poorer quality stock tend to revert to these tactics.
“Meriton have been selling stock overseas and haven’t focused on the local market and for property developers like Meriton, in order to sell lower quality products, they have to offer discounts,” Milton said.
The article added while Sydney apartment sales had slowed overall compared to the frenzied years of 2003 and 2014 – given higher foreign buyer surcharges and cut in bank lending to investors – David Milton said apartments were still selling at healthy levels, particularly those in good locations and are well developed.
The article included an artist’s impression of a Meriton project in Pagewood and Meriton's Altitude apartments in Parramatta.
Triguboff submitted that the defamatory condition attributed to him is his conduct in running a business that produces low quality products.
He submitted that the "quote in the article from CBRE was the primary part of the article where the allegation of discounting by reason of low quality is made and is clearly capable of being carried."
He submitted that an "allegation that a person who in the business of making something produces something that is low quality is clearly capable of being defamatory."
But Triguboff's claim failed as the article didn't mention him by name but only made critical comments about his company, Meriton.
<div>
Companies with more than 10 employees cannot sue for defamation.
Triguboff's legal team, Ms S Chrysanthou with Mr N Olson assisted by lawyer Mark O'Brien argued that given his name was so synonymous with the Meriton brand, he could reasonably be personally identified as the target of claims about the company.
He cited Matthew Lennartz; Andrew Hope; Tim Franzen; Nichola Malouf; and Walter Gordon as readers who who both read the matter complained of and identified the applicant, Harry Triguboff.
It was submitted by Mr Triguboff that evidence would most likely not be required to establish, for example, that Mr James Packer was identified by a publication which referred to Crown Casino, because of the notoriety of his connection with that business.
Fairfax Media lawyers argued that the pleaded imputations lack the necessary “defamatory sting”, because it was not defamatory of a company or its management to say that a company (and thus effectively, on this alternative argument, Mr Triguboff) produces something of “low quality”.
Fairfax argued that the term used in the article was merely descriptive, and not a statement reflecting adversely on Mr Triguboff’s conduct of his business.
Fairfax was represented by Banki Haddock Fiora, with barristers, Mr A T S Dawson SC with Ms S Jeliba.
</div>
<div>Federal Court Justice Robert Bromwich noted the article suggested that developers such as Meriton sometimes address a slow-down in sales of poorer quality apartments by offering stamp duty discounts.
</div>
<div> </div>
<div>But he ruled that a reference to a company can't be seen as automatically a reference to those who run or own it, "however notorious the fact of that ownership". </div>
<div> </div>
<div>The article had quoted Meriton director of sales James Sialepis saying it was not unusual for developers such as Meriton to offer incentives occasionally and was not an indication that there was a glut of apartments or a potential major correction in prices.</div>
</body></html>

Harry Triguboff

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Harry Triguboff

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.