Bronte Group has received planning approval for Miru, a new 46-townhouse development in Denman Prospect.

Occupying a prominent 6,869 sqm ridgeline site across Holborow Avenue and Goedecke Street, <a href="https://www.apartments.com.au/new-apartments/miru-holborow-avenue-denman-prospect-act-2611">Miru</a> will comprise four architecturally unified buildings ranging between two and three storeys. The townhouses are arranged to maximise views of the Molonglo Valley to the east and Stromlo’s bushland to the west, offering residents a rare dual outlook.

There will be 30 two-bedroom and 16 three-bedroom townhouses, with seven different floorplan layouts.

“The townhouses are carefully arranged to harmonize with the landscape, grouped into four subtly distinct yet cohesive blocks,” the Development Outcomes Report prepared by Planit Strategic notes.

"Each block of townhouses is designed to maximise views… while ensuring access to natural cross-ventilation and daylight”.

<img alt="Bisa secures approval for Miru, a 46-townhouse project atop Denman Prospect ridge" data-entity-type="file" data-entity-uuid="91d3f5b1-6fbf-4da1-be41-b5aa9596d233" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Miru%20front.png?VersionId=K5Dhr0.4iMvji9swNnBv1Exuj8PKCay7" />

A standout element of the design is the integration of landscaping and open space. All homes will have private courtyards, while residents and visitors will benefit from extensive communal landscaping and dedicated visitor parking. A key pedestrian corridor running east to west will link public open space and enhance site permeability.

&nbsp;

The site is zoned RZ5 and sits within the newly developed Denman Prospect estate. While currently vacant, the area forms part of a broader plan for high-quality residential infill in the Molonglo Valley. The project’s scale and low-rise format ensure a measured transition to the adjacent lower-density housing, with generous setbacks and minimal overshadowing.

&nbsp;

Miru will be the fifth development by <a href="https://www.apartments.com.au/developers/bronte-group">Bronte Group</a> in Denman Prospect in recent years. They completed&nbsp;Symmetry, 83 townhouses down the road in 2022, as well as Solai, and Aberconway Rise. They are currently selling Central Park, a mix of apartments and townhouses in the suburb around 15km west of the capital.

Staff Writer

Bronte Group secures approval for Miru, Denman Prospect townhouse development

Burgeoning developer&nbsp;<a href="https://www.apartments.com.au/developers/freecity">Freecity</a>&nbsp;is the latest to take on the booming North Sydney apartment market, one of the most popular suburbs with off the plan buyers.

They are taking a <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">51-storey tower on Walker Street</a> to the NSW Government's&nbsp;Housing Delivery Authority, filing a State Significant Development Application for 300 apartments above a 150-room hotel. It will replace two commercial office buildings.

According to the Scoping Report prepared by Urbis, the development will "support the ongoing evolution of North Sydney by delivering a high-quality, mixed-use tower in close proximity to major public infrastructure."

They also said it “responds to the competing urban demands” of housing, hospitality, and employment.

<img alt="153–157 Walker Street" data-entity-type="file" data-entity-uuid="53e44b04-851c-496e-b90c-e4d77aa8f000" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Waler-St-Elevated-View-600x600.jpg?VersionId=fSDYrb1wJR.RVZVWo3wRUaw9n265x1Ka" />

The vertical program places hotel uses on levels one to six, activated by a retail arcade and hotel entry, while the upper levels contain communal amenity and transition spaces. The residential component will be delivered across levels 8 to 47 and includes a mix of one to three-bedroom apartments. Shared facilities include a rooftop lounge, dining space, and landscaped terrace with panoramic views.&nbsp;

The design also accommodates a publicly accessible through-site link connecting Walker and Little Walker Streets.&nbsp;

<img alt="Freecity" data-entity-type="file" data-entity-uuid="26165ce9-e49d-4efb-9e9c-037392707d9f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_1.png?VersionId=lAet4uJy_uNw3nc2e6hBc6302r9Q1dUB" />

The built form continues to reflect the earlier design vision by <a href="https://www.apartments.com.au/architects/architectus">Architectus</a>, with a distinctive two-volume massing: hotel podium stepping down to Little Walker Street, and the slender residential tower rising above. The architecture intends to balance North Sydney’s increasing urban density with solar access, view sharing, and a fine-grain public realm interface.

“The form has been sculpted to preserve sky view corridors and reduce visual bulk,” the Design Report by Architectus previously noted, highlighting view preservation and contextual integration.

Importantly, this latest iteration supersedes an earlier SSD pathway explored in late 2024 for a build-to-rent and hotel project. That alternative scheme has since been shelved following Freecity’s successful submission to the HDA’s new streamlined approval stream.

<img alt="153–157 Walker Street" data-entity-type="file" data-entity-uuid="f70e4ee4-4599-411b-9fc1-802c4292819e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Littile-Walker_Elevated-800x600.jpg?VersionId=zhfw3NMg_jchSSWuUHJJg8.m.qhqZgYM" />

The site sits within the Victoria Cross Station State Significant Precinct and is expected to integrate with broader public domain upgrades around the Metro station, including new pedestrian links and plaza connections between Berry and Walker Streets.

&nbsp;

North Sydney has been one of the most indemand suburbs in Sydney, however it has struggled with supply. <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a> was one of the only developments in market for several years, until the recent launches of <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, which sold over $100m of sales in three hours, and <a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a> by CASA.

&nbsp;

Joel Robinson

Freecity joins booming North Sydney apartment market with 51-storey tower proposal near Victoria Cross

Prolific Sydney developer Landmark Group is continuing to expand its growing development portfolio.

<a href="https://www.apartments.com.au/developers/landmark-group">Landmark Group</a>, which is progressing with a new Edgecliff project alongside current developments in Macquarie Park and Caringbah, is set to deliver rare new apartment supply in Lindfield, the affluent suburb on Sydney’s Upper North Shore. The projects form part of the NSW Government’s broader push to increase housing density around key transport hubs.

The developer currently has two proposals under assessment through the NSW Government’s Housing Delivery Authority. Together, they comprise nearly 400 apartments, 220 across a large 6,672 sqm amalgamated site spanning Trafalgar Avenue and Valley Road, and a further 173 apartments just 300 metres away on Middle Harbour Road.

The Trafalgar Avenue project, dubbed <a href="https://www.apartments.com.au/new-apartments/lindfield-house-5-7-middle-harbour-road-lindfield-nsw-2070">Lindfield House</a>, is located around 500 metres from Lindfield train station. It will feature 220 apartments across three buildings. Architecture firm DKO, which designed the scheme, said in its submission that the façade strategy is guided by design principles promoting refined architectural expression, contextual sensitivity, and a human-scaled urban response.

“Central to this approach is a layered and sculptural composition, where massing, materiality, and depth are strategically modulated to create a dynamic and visually legible built form. The architecture is defined by a clear hierarchical organisation: a robust, grounded podium provides a strong interface with the public realm, while lighter upper tiers recede into the skyline,” DKO said.

<img alt="Landmark" data-entity-type="file" data-entity-uuid="d934b639-becc-4778-9756-979a2d6ef514" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-22%20at%2010.41.27%E2%80%AFAM.png?VersionId=Ss4AdKdVpjArekAiir2213cjcWrAgBJz" /> 
The open courtyard between the buildings

DKO also designed the Middle Harbour Road project, which is closer to the station. The nine-storey building is "structured to respect the surrounding context and provide a clear urban transition."

“The design aims to respond to both the low-scale residential development of the heritage overlay precinct and the highway development immediately to the south in the North Sydney CBD”.

The mix of units is intended to serve both general market demand and key worker housing, with affordable housing apartments integrated at the lower levels. The proposed building steps from six to nine storeys as it ascends from the rear to the street front, creating a layered form that mediates between the different scales of surrounding built form.

&nbsp;

<img alt="Lindfield" data-entity-type="file" data-entity-uuid="e051aae5-0174-48b4-a033-823eb2a0e333" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-22%20at%2010.30.12%E2%80%AFAM.png?VersionId=OqU2XRPU9vr6id0hddHlfHXODOI7s99z" /> 
The Middle Harbour Road site

&nbsp;

<a href="https://www.apartments.com.au/developers/landmark-group">Landmark Group</a> has&nbsp;delivered more than 4,000 homes across Australia, with a future pipeline worth $5 billion. Among their pipeline of projects is a <a href="https://www.apartments.com.au/news/nsw/first-look-landmark-group-tries-again-with-edgecliff-tower-plans">new mixed-use development near Edgecliff Station</a>.&nbsp;

They are also have live projects in Macquarie Park, Caringbah, and Dee Why.

First look: Landmark Group to bring new apartments to Lindfield

From suburban apartment blocks to skyline-defining towers, <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a>’s journey over the past 26 years has been one of consistent expansion and scale. The last decade in particular has seen Deicorp become one of the most prolific developers in Greater Sydney. Now with a $3.5 billion pipeline and some of its boldest projects yet, the developer is taking on central Sydney, starting with <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a>.

Deicorp founder Fouad Deiri started the company in 1999 initially working out of a small office in Hurstville, with a 21-unit townhouse project in Albert Street Newtown. With a small but capable team, they utilised their extensive construction industry experience to grow the scale and complexity of jobs to now having a team of more than 200 with more than 4,000 units currently under construction.&nbsp;

[smartcode_project:default project_id=21809 project_image_fid=351911]

One of their most significant developments, Hyde Metropolitan, will arguably become one of their greatest feats, reshaping the city skyline at the southern end of Hyde Park.

Deicorp is already nearly five years into the development process. It was 2021 when they secured the Polding Centre, a 1970s, 24-storey office building on the corner of Liverpool and Castlereagh Street, from the Catholic Archdiocese of Sydney, following a six-month competitive process.

As per the City of Sydney regulations when developing within their council to the scale of such a building, the council undertook a competitive design process where architects put forward different designs and schemes for the site.

[smartcode_project:default project_id=21809 project_image_fid=215742]

They settled on the proposal by renowned architect <a href="https://www.apartments.com.au/architects/candalepas-associates">Angelo Candelapas</a>, which would bring to life their vision to create one of the best new developments within the CBD.

“I cannot imagine anything more beautiful than the delivery of a building which can demonstrate a deep affection for our sun,” Angelo Candelapas said of the design. “It is a building with dramatic foyers and an oasis garden for the residents. These two facilities link to provide a sense of wellness and nature in the centre of the city.”

[smartcode_project:default project_id=21809 project_image_fid=215741]

Fouad Deiri said he had long admired the innovation and design language of Candelapas.

“Deicorp has deliberately partnered with some of Sydney’s most recognised and capable architects in the past and we understand the value of working with truly talented designers,” Deiri said.

There are just under 170 apartments on offer at Hyde Metropolitan, a mix of one-, two-, and three-bedroom residences, many with never-to-be-built-out views over Hyde Park and towards the Harbour.

[smartcode_project:default project_id=21809 project_image_fid=215728]

Upon arrival, residents will be greeted by an eight-level-high private lobby with arched cathedral fenestrations, serving as a podium to the 55-level tower. The ground level will also host a high-end restaurant and cocktail lounge, very much in keeping with its vibrant streetscape.

The resident amenity will sit on top of the podium and will feature a 25-metre pool, landscaped courtyards and gardens, a barbecue area, gym with a sauna, and a music room. Sales are being handled by <a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a>. SRM Director Dave Milton said Hyde Metropolitan will be "one of the preeminent Sydney residential developments on the southern end of Hyde Park."

Hyde Metropolitan is one of nine developments either under construction, in planning, or in market for Deicorp.

Their next project to launch, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in <a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>, will be their first development on Sydney’s Lower North Shore. True to tradition, Deicorp has already commenced construction on Falcon &amp; Alexander, prominently positioned at The Five Ways junction, placing it a five-minute walk from the new Metro station and in close proximity to Crows Nest Village. The one-, two-, and three-bedroom apartments will start from just under $1.3 million.

[smartcode_project:default project_id=135323 project_image_fid=351946]

Deicorp will roll into 2026 with several more projects to launch to the market for the first time.

They have already cleared their massive 2.87-hectare site Zetland that borders Gunyama Park, where they will transform a former industrial site into <a href="https://www.apartments.com.au/new-apartments/the-avenues-zetland-130-joynton-avenue-zetland-nsw-2017">The Avenues</a>, 624 apartments across nine buildings, curated ground-floor retail, purpose-built student housing, and build-to-rent dwellings delivered in partnership with Scape. It is one of the largest developments to be launched in Sydney’s inner south in recent years.

One of their most anticipated projects is the $1.8 billion Five Dock masterplan <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> (below), to be delivered in a joint venture with non-bank lender Metrics.

<img alt="Deicorp teams up with Metrics for $1.88 billion Kings Bay Village, Five Dock masterplan" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-08-14%20at%208.12.53%E2%80%AFAM.png?VersionId=_9z4I8B0EIzrXe3ldnXti1bSXCeoZi2W" />

Kings Bay Village will comprise 1,185 new homes, including 218 affordable dwellings for essential workers, along with 6,500 sqm of public open space and 14,700 sqm of vibrant retail and commercial offerings.

Add to that more releases at their <a href="https://www.apartments.com.au/new-apartments/showground-pavilions-castle-hill-3-andalusian-way-castle-hill-nsw-2154">Castle Hill Showgrounds</a> precinct, and their under construction projects in Rhodes and Parramatta, Deicorp is in the midst of adding a much-needed 3,000 new apartments to some of Sydney’s most sought-after postcodes.

Read more: <a href="https://www.apartments.com.au/news/nsw/deicorp-teams-up-with-metrics-for-1-88-billion-kings-bay-village-five-dock-masterplan">Deicorp teams up with Metrics for $1.88 billion Kings Bay Village, Five Dock masterplan</a>

Deicorp dives into luxury as Sydney apartment development pipeline grows

A prominent corner in Wynnum’s central precinct could be reshaped under new plans from <a href="https://www.apartments.com.au/developers/toore-developments">Torre Development</a>, with a development application now with council for a sculptural eight-storey apartment building combining residential, office, and recreation uses.

Situated at <a href="https://www.apartments.com.au/new-apartments/63-bay-terrace-wynnum-qld-4178">63 Bay Terrace</a>, the 2,014 sqm site lies at the intersection with Charlotte Street, within the Wynnum-Manly Neighbourhood Plan’s Wynnum central business district sub-precinct. The proposal seeks to deliver 78 apartments above ground-floor non-residential tenancies, with architecture by Plus Studio.

The proposed building will be a mix of 58 two-bedroom and 20 three-bedroom apartments spread across seven residential levels, crowned by a 914 sqm communal rooftop terrace featuring a pool, gym, sauna, and private dining areas.

Ground level activation is a key aspect of the design, with 771 sqm of office and indoor sport and recreation space proposed to reinforce the area’s major centre designation. The site will also deliver improved pedestrian amenity via a recessed entry plaza on Bay Terrace and a landscaped public realm along Charlotte Street.

<img alt="63 Bay Terrace, Wynnum" data-entity-type="file" data-entity-uuid="4e5ef890-2f8f-4bbd-9ff1-57fa4e4360d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Wynnum%20podium.png?VersionId=7_if97F1KAYrTX2BQrNspFInEHwXcQRd" />

In their design report, <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> described the form as “sculpted into a rhythmic wave, amplifying facade dynamism while merging interior life seamlessly with the city’s texture to evoke a fluid, immersive urban living experience”.

Vehicle access will be via Bay Terrace, with four basement levels accommodating 197 car spaces, including 177 for residents. Bicycle storage is also provided for 193 bikes.

The building’s architectural character is marked by curved balconies, horizontal banding at podium level, and lush greenery integrated throughout.

“Traditional developments in Wynnum typically feature above-ground car parking, a tiered 'wedding-cake' building form, no podium-level landscaping, and no rooftop amenities,” Mewing Planning noted in the DA, positioning this proposal as a departure from the norm.

The new development is Torre's second in the area, having recently completed Catalina, a more boutique building with 28 apartments.

There are only two new developments currently on the market in Wynnum: Panorama on Bay Terrace and Adena Residences on Sorrento Street, the latter of which is nearing completion.

First look: Torre eyes sculpted mixed-use apartment tower for key Wynnum corner

Hong Kong

<html><body>
There were very few Chinese property buyers flying out of Sydney after the recent Golden Week.
It is the annual early October period when Chinese tourists, taking advantage of their national holiday, have often departed Sydney with an investment property.
Agents advise there aren't as many Chinese apartment buyers, and those interested don't have the same buyer intensity they once did. There is also the desire for privacy which appears to becoming a paramount concern.
Prior years saw Australia's top agents pull out all stops with their welcoming red carpet. Chauffeurs in Bentleys were at the airports to then tempt the Chinese holidaymakers to make a residential investment purchase, sometimes even then throwing in apartment site inspections by helicopter.
For a few years now, data from the Foreign Investment Review Board (FIRB) has shown a reduction in investment.
There have been changing push and pull factors over recent years. Consecutive federal governments headed by Kevin Rudd, through to Malcolm Turnbull and Scott Morrison have obliquely or expressly sought to dampen Chinese investment to allow locals to have a shot at buying.
In 2010, the Assistant Treasurer Senator Nick Sherry announced a hotline for members of the public to report suspicious property buyers, amid measures to ensure foreigners did not put "pressure on housing availability for Australians".
The former Treasurer Joe Hockey ratcheted up the issue when he suggested one of his Hunters Hill neighbours be investigated by the FIRB after he became suspicious of the circumstances surrounding a purchase.
The sentiment of successive governments had been accompanied by a string of new and higher fees for foreigners.
The past few years have also seen significant policy changes in China, including tighter capital controls, such as limiting the outflow of foreign currency.
All these changes are likely to prevent foreign buyer activity rebounding anytime soon to its previous peak.
But it is significant that buyer website search activity from Hong Kong on realestate.com.au has been rocketing over the past six months.
Due to unfolding political unrest in Hong Kong, buyer search interest sits at its highest level ever recorded on the site, REA Group chief economist Nerida Conisbee has noted.
But while searches from Hong Kong are up, the same cannot be said for China.
Over the past 12 months it has dropped by over half.
Conisbee suggests factors at play include there being fewer Chinese developers being active in Australia.
She says there was also "a general negative sentiment towards Australian property".
The current Hong Kong turmoil reminds many of the heightened purchasing interest in Sydney property in the lead up to the 1997 handover of Hong Kong, when the United Kingdom ended administration of the colony.
For several years after 1997, the property market in Hong Kong did fall sharply, in part because of the unease about China's political grip on its regained territory. 
But the 2020 econo­mics of migrating and investing in Sydney, or the cheaper capital cities like Melbourne, makes sense to many in Hong Kong and China who are looking for a more affordable place to live.
Earlier this year, the Econo­mist Intelligence Unit ranked Hong Kong as the equal most-­expensive city in the world.
And a modest two bedroom apartment in China with no car park costs at least $1 million in most places in Beijing/Shanghai/Guangzhou/Shenzhen, according to Michael Yang at the GiFang website.
This article first appeared in The Daily Telegraph.  
</body></html>

jchancellor-FAypfDUnLy

Potential property buyer numbers from Hong Kong soar

<html><body>
GUEST OBSERVATION
A Hong Kong student holding a sign detailing the protesters’ demands from the government.
There have been many explanations for the turmoil in Hong Kong, which is now heading toward its 16th weekend. However, the powerful links between the economic and political elites in the city and the grossly inadequate system of governance they preside over are too often ignored.
In explaining the source of Hong Kong’s unrest, many leaders have predictably blamed the <a href="https://www.scmp.com/news/hong-kong/politics/article/3017180/former-hong-kong-leader-tung-chee-hwa-blames-liberal" target="_blank">teaching of liberal studies in schools</a>. The notion that students should gain a critical understanding of politics and society – not to mention actively participate in these – is simply too much for those who believe they must make the big decisions.
On the other side, the ire of many protesters is overwhelmingly directed toward China and the Hong Kong government, particularly Chief Executive Carrie Lam. Lam’s actions – first disappearing and then reappearing with equal measures of bureaucratic steeliness and obstinacy – have only made matters worse, as have the actions of a police force once revered by many as “Asia’s finest” and the posturing of Chinese forces.
Indeed, the sum total of these efforts has been a <a href="https://theconversation.com/hong-kong-protesters-dont-identify-as-chinese-amid-anger-at-inequality-survey-suggests-122293" target="_blank">hardening localist identity</a> that has become more apparent among the protesters as the unrest has continued.
Moreover, mutual animosity has grown to such an extent that backing down by either side would seem unlikely. Indeed, for the last few weeks it has been much easier to imagine escalation than the opposite.
Decline without hope
However, the most likely explanation for the unrest lies not in the education curriculum or Beijing’s influence over the city, but rather the nature of Hong Kong government and society itself.
Despite the way the Hong Kong government markets itself to the world – emphasising the rule of law and promoting the city’s high-quality business environment – the city has actually been in decay for decades.
Firstly, Hong Kong has been subject to the “hollowing out” processes that have plagued many former industrial economies – a situation in which industry leaves and nothing replaces it.
Importantly, this has been coupled with an inability of those at the top end of town to recognise the vast inequalities this has contributed towards. According to government statistics, <a href="https://www.scmp.com/news/hong-kong/economy/article/2097715/what-hope-poorest-hong-kong-wealth-gap-hits-record-high" target="_blank">Hong Kong’s wealth gap hit a historic high</a> in 2017, with the wealthiest households earning 44 times the poorest.
For many here, life is experienced in the form of <a href="https://asia.nikkei.com/Opinion/Social-mobility-the-key-to-addressing-Hong-Kong-discontent" target="_blank">stalling or declining social mobility</a>, sky-high housing prices (<a href="https://www.scmp.com/business/article/2182980/nothing-be-proud-hong-kong-tops-table-worlds-most-expensive-housing-market" target="_blank">the most expensive in the world</a>), dire air quality, crumbling infrastructure (the subway system and airport being the only exceptions), highly uneven <a href="https://www.hongkongfp.com/2015/12/15/lets-criticise-the-inequality-at-the-core-of-our-education-system-not-just-the-symptoms/" target="_blank">education</a> and <a href="https://www.researchgate.net/publication/335269901_Poverty_affects_access_to_regular_source_of_primary_care_among_the_general_population_in_Hong_Kong" target="_blank">health services</a> (<a href="https://edition.cnn.com/2018/03/02/health/hong-kong-world-longest-life-expectancy-longevity-intl/index" target="_blank">despite the trumpeted statistics</a>), and lack of decent public spaces.
Long delays to move into public housing are the norm. “<a href="https://www.hongkongfp.com/2018/06/17/video-hong-kongs-box-like-nano-flats-tight-squeeze-young-professionals/" target="_blank">Nano apartments</a>” smaller than a parking bay are the only housing option for many, with many flats in the city housing multiple generations of families.
Young Hong Kongers who have been raised on the city’s golden age stories of tycoons like <a href="https://www.businessinsider.com/heres-how-li-ka-shing-became-the-richest-man-in-hong-kong-2015-6" target="_blank">Li Ka Shing</a> (known here affectionately as “Superman”) also face depressing futures in low-paying service jobs.
Moreover, higher education hasn’t helped young people secure higher-paying jobs. One <a href="https://www.scmp.com/news/hong-kong/education/article/2178402/hong-kong-university-graduates-take-home-less-pay" target="_blank">recent survey found</a> that average graduate salaries are significantly lower than they were in 1987.
While market fundamentalists like Milton Friedman <a href="https://www.youtube.com/watch?v=xqh0zXSd4vc" target="_blank">famously heralded</a> the entrepreneurialism of Hong Kong. In reality, it’s laissez-faire for the top end of town, and colonial-era bureaucracy for the rest. Young people contemplating opening a business face oligopolies, rapacious landlords eager to gain from the first signs of success and, in some sectors, rigid government regulations.
Making matters worse, anything vaguely progressive in a redistributive sense is often dismissed by anti-government protesters as too narrowly focused on economic factors at the expense of democratic reforms.
Much like the United States, which has become a positive reference point for many protesters, a pull-yourself-up-by-the-bootstraps individualism prevails in Hong Kong.
Frustratingly, rather than taking aim at the tycoons and conglomerates that dominate the economy, or the property developers and landlords who control the housing market, the main target of the protesters has been the government.
And the protesters don’t condemn the government for protecting the elite’s economic interests to the exclusion of many Hong Kongers, but rather for implementing the will of Beijing.
Why protesters aren’t focusing on economic elites
Indeed, even after some of the richest people in the territory voiced support for the government in <a href="https://www.scmp.com/news/china/diplomacy/article/3026960/casino-queen-pansy-ho-makes-pro-beijing-case-hong-kong" target="_blank">recent weeks</a>, very few in the protesting camp have turned their anger towards the city’s economic elites.
This fact speaks to the power of the founding myths of modern Hong Kong and how the city’s rich made good. There’s a certain reverence for the city’s tycoons that persists here, along with a lack of class consciousness and an ingrained ideological hostility towards anything vaguely left-leaning politically.
Moreover, while universal suffrage is a key part of the demands made by protesters, this overwhelmingly relates to the selection of the chief executive, not the structure of the government itself.
For instance, under an anachronistic colonial arrangement known as the “<a href="https://thediplomat.com/2016/09/what-exactly-is-hong-kongs-legislative-council/" target="_blank">functional constituencies</a>”, a host of economic sectors (such as the financial services, real estate and tourism) gain political representation in the Legislative Council at the expense of citizens.
Crucially, too, little effort has been made to explain why universal suffrage would be so important in Hong Kong beyond thwarting China’s influence. This has limited the formation of lasting coalitions within the protest movement that could rally around the idea of using increased political power to resolve pressing social issues.
Combined with some protesters flying American, British and colonial flags and waving pictures of US President Donald Trump on top of a tank, the movement often appears to be erring closer towards being just another form of reactionary populism.
Rebuilding hope and the city
The fact that young people are grappling with forging a more positive future is to be admired. However, for Hong Kong to have any reasonable future, the city requires nothing short of large-scale economic and political transformation.
Universal suffrage is one part of this, but in isolation it is insufficient. The question for Hong Kong is whether the protesters and other members of society recognise what needs to be done in a holistic sense and can pull together to make it possible.
In a city characterised by vast inequalities in economic and political power, this challenge is nothing short of revolutionary in the genuine sense of the word.<img src="https://counter.theconversation.com/content/123866/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Toby Carroll, Associate Professor, City University of Hong Kong.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/hong-kong-is-one-of-the-most-unequal-cities-in-the-world-so-why-arent-the-protesters-angry-at-the-rich-and-powerful-123866" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Why aren’t the Hong Kong protesters angry at the rich and powerful? Toby Carroll

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CK Asset Holdings, controlled by Hong Kong's richest man Li Ka-shing, has sold a 73-storey Hong Kong office tower for $HK40.2 billion ($6.8 billion), which Reuters credits as the world's biggest ever single property sale.
It is being sold to CHMT Peaceful Development Asia Property, a British Virgin Islands-incorporated company, with 55 per cent of the investment coming from Beijing-based China Energy Reserve and Chemicals Group, according to local media, with the rest coming from Hong Kong investors.
The energy company is a unit of state-owned China Overseas Holding Group.
"The selling price is reasonable ... it's a positive signal to the market and I expect we'll see more large transactions of office buildings in Q4," said Tom Ko, executive director of real estate consultant Cushman &amp; Wakefield.
Australia's biggest single biggest office deal was a 49.9 per cent interest in Brookfield's $1.9 billion Wynyard Place development in Sydney.
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Hong Kong sale of the world's dearest office building

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GUEST OBSERVER
Making vertical retail work for Hong Kong Vertical retail or so-called “Ginza- style” retail is increasingly popular in Hong Kong with both landlords and tenants, but this retail format offers both unique challenges as well as advantages to investors and users. 
Why Ginza? 
Ginza is one of the most popular and expensive shopping districts in Tokyo; like many parts of the Japanese capital, high land prices led to the early development of high- rise retail-cum-commercial buildings. 
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This type of building offers space at more affordable rents compared to high street premises, and also an extended, even 24-hour, operation environment which cannot been found in traditional shopping malls. Therefore, it is particularly popular for F&amp;B, Izakaya (Japanese-style bars) and Karaoke operators in Tokyo.
Hong Kong, especially the core retail districts, has the same space constraints as central Tokyo. Going upstairs or upwards seems to be a rational option for some retail businesses with limited capital or less reliance on foot traf c or impulse spending. A Ginza-style retail concept provides a more affordable alternative for independent retailers facing strong competition from international retailers for prime street-front space. This might be the only way for small retail businesses to access a prime districts nowadays – especially as street shop rents in prime areas have risen by nearly 140 percent since 2003.
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Likewise, landlords and investors are attracted by the decent returns generated from Ginza-style retail development. Spurred by the strong demand as well as the soaring rents of ground oor shops on prime streets, unit rents for Ginza-style retail space in prime locations can be 50% to 100% higher than general of ce space in the same locality. 
Ginza-style retail has become more popular in Hong Kong over the past decade and mushroomed in core retail and entertainment districts including Causeway Bay, Tsim Sha Tsui and Central. 
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Typical development form 
The concept of Ginza-style retail first sprang up in Hong Kong in the early 2000s, as landlords converted smaller of ce/commercial property in prime shopping areas for retail use to maximise their rental income. There are also purpose-built high- rise buildings designed for F&amp;B tenants. Development scale can range from a few oors (the Tokyo version) to a high-rise tower of over 20 storeys (the Hong Kong version) with typical oor plate ranges from 1,500 to 8,000 sq ft. 
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These buildings are usually located in secondary streets of prominent shopping areas and are characterised by a rather low-pro le entrance. In Hong Kong, these buildings are marketed as a chic F&amp;B destination with multiple choices with 50 to 60% of the total oor area allocated to F&amp;B, including restaurants and clubs, with a mix of services and service-based retail. 
Developed by H Development in 2001, Henry House on Yun Ping Road in Causeway Bay is one of the early examples of a purpose-built Ginza-style building in Hong Kong. The 28-storey building has a oor plate of about 1,500 sq ft with a single tenant on each floor. 
Other examples include Cubus, a joint venture development of The Hong Kong Parkview Group, CSI Property Ltd and Phoenix Property Investors. Opened in 2010, the 25-storey building focuses on F&amp;B, hair and beauty and specialty retailers. In Central, Stanley 11 on Stanley Street, has 20 tenants in over 26 storeys. With a focus on affordable F&amp;B offerings, the building is a popular lunch location for the office workers in Central. 
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To amplify the investment returns and also for branding purpose, some developments feature ground- oor retail, such as Oliv on Sharp Street East in Causeway Bay. Completed by Magusta Group last year, the project has high-end watch brand Franck Muller as the anchor tenant on the rst two oors of the 24-storey building. The rest of the building has a mix of lifestyle, F&amp;B and beauty retailers, with floor plates from 1,809 to 2,090 sq ft.
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How to be upwardly- mobile 
Ginza-style buildings only work best in core districts, where there is substantial footfall ie. enough customers to fill 20+ restaurants or bars in a single location! 
According to an experienced Ginza-style developer, the optimal oor plate size is between 2,000 and 3,000 sq ft, enabling tenants to occupy the whole oor with a reasonable lump sum rental and adequate resources. They have attracted a number of new and ourishing businesses to start their operations, including international retailers and F&amp;B operators, such as Lululemon, Mango Tree (an authentic Thai restaurant from Bangkok) and Jamie’s Italian Restaurant, who have set up their first Hong Kong’s outlet in one of these buildings. 
For developers, Ginza-style retail can squeeze greater value from an ordinary of ce building, especially those with small oor plates (&lt;3,000 sq ft). Tenant mix is crucial: smart asset management can create a stronger theme or a hub with similar retailers or groups of retailers which attract similar customers.
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 For example, a building with a gym, spa services and healthy eating options will attract a stylish, tness-conscious clientele. Similar to traditional retail development, theming and branding are becoming increasingly imperative to stay ahead of the game. Henderson Land’s new-build H Queen’s on Queen’s Road Central, has an artistic theme, with spaces for art galleries as well as shops and restaurants. 
A brand new development by H Development, Aura On Pennington aims to offer a ve-sense sensation in one destination to its customers, from art installations and motion- activated sounds to scent infusions and interactive signage. 
Uphill struggles 
Ginza-style retail does not guarantee success and comes with particular challenges. A key is vertical transport – can your elevators cope? A 20- oor building needs a rapid and efficient lift system to ensure that shoppers don’t get bored of waiting in the lobby, especially at lunchtime. A single bad experience waiting for a lift could turn them off for good. If your lifts are slow, don’t ll the top oors with restaurants.
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A Ginza-style building also needs to be able to cope with the utility needs, such as water supply, electricity, oor loading and waste management, of its tenants. An older of ce conversion might not be able to cope with the needs of ve oors of F&amp;B operators. Stanley 11, for example, is able to get around these problems for F&amp;B tenants by providing a grease trap and individually-controllable air conditioning. In addition to utility provisions, new technology such as free wifi, a digital directory and interactive restaurant queuing systems also help to enhance the overall customer experience.
In Hong Kong’s crowded retail market, Ginza-style retail offers a solution for both landlords and tenants. We foresee these buildings will remain a popular asset type. The key factors to bear in mind are: location, utility capacity, tenant mix and theming. Because this trend has grown over the last decade, a well-themed and curated tenant mix can mean the difference between success and failure.
This is an excerpt from <a href="https://www.savills.com.au" target="_blank">Savills World Research.</a>
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jonathanchancellor-7SQnKwU6yx

Making vertical retail work for Hong Kong: Savills

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Hong Kong documentary maker Melissa Gecolea visited Australia recently to film Chinese buyer activity in the property market. Her report, titled Mainland Invasion on The Pearl Report went viral in China.
She concluded they were active in three markets: property for students, investment properties, and high-end homes.
"We're finding that in certain cases, property prices are being driven up, but it depends on what kinds of properties you're talking about," Ms Gecolea says.
"Some of them come here for a few days, with the intention of buying a place, and that's exactly what they do."
Still she says, what she found,wasn't as extensive as she first thought.
"It's not this 'property invasion' that had been presented to us…," said Ms Gecolea who has been the principal producer for <a href="https://programme.tvb.com/news/pearlreport/episode/20150511/" target="_blank">The Pearl Report</a>, TVB Pearl HK; and previously former co-host, writer for ABSCBN News Channel, On the Money.
"If you're talking about the luxury properties in Hong Kong, compared to the luxury properties here, I think the prices here are still good."
Melissa Gecolea says many buyers at auctions are third or fourth generation Australian-Chinese, rather than investors from China.
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