Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Newstead apartment boom continues with Longland Street tower plans

Hong Kong

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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.  
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jchancellor-FAypfDUnLy

Potential property buyer numbers from Hong Kong soar

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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. 
<a href="/images/2016/11/14/Screen%20Shot%202016-11-14%20at%201.05.20%20PM.png" target="_blank">Click to enlarge</a>
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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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