A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

[smartcode_project:default project_id=134951 project_image_fid=223737]

Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

[smartcode_project:default project_id=134951 project_image_fid=5827]

La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

Staff Writer

La Vera delivers a nature-connected address within Macquarie Park’s core

<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292861]

The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

Housing Developer

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The departing Stockland boss anticipates that the housing market could shift into under-supply in residential growth corridors around the capital cities over coming years.

Mark Steinert, the boss of the country’s largest residential developer, Stockland, suggests 2025 could see “quite a chronic under-supply in the land market.” 

“We need to make sure that, particularly on the eastern seaboard, planning and the delivery of infrastructure can align to ensure that under-supply doesn’t become too great,” he told The Australian.

“That’s going to reignite the whole challenge around affordability again just when it got to a point where that could actually be addressed.”

Buoyed by the federal government’s HomeBuilder incentives, Stockland’s ASX results announcement advised its strongest market was Sydney, followed by southeast Queensland. The company advised its settlement default rate had returned to normalised levels.

With strong January sales, the price secured per sqm rose significantly annually in NSW from $940 psqm to $1139, with the average lot price rising from $412,000 to $461,000.

<img alt="" height="398" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/stockland_1h21_results.jpg" width="1200"> <img alt="" height="472" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1h20_settlements_stockland.jpg" width="1200">

“Melbourne continues to be solid, but has obviously been a bit more impacted by both the combination of the lockdowns, and the greater availability of land,” Mr Steinert said.

He anticipates Perth could moderate over the next 12 months as WA had the largest housing grants, pulling forward demand, although the strong mining sector could keep up its momentum.

Stockland’s buyers are mostly owner occupiers.

“We’ll move to equilibrium in 2022, and then move back into quite a significant under-supply as migration and foreign student numbers start to pick up in 2022,” Mr Steinert forecast.

Stockland had five new subdivision acquisitions, dubbed early cycle restocking, with the potential of adding 9,200 lots to its inventory.

Its residential business reported its strongest half year results in four years with more than 3800 sales, along with residential settlements jumping 43 per cent to 3,100.

Stockland is on track for 6000 settlements this financial year.

 
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Mark Steinert, the boss of the country’s largest residential developer, Stockland, suggests 2025 could see “quite a chronic under-supply in the land market.” 



jchancellor

House and land market could shift in to under-supply: Read Stockland CEO Mark Steinert's insights

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A local developer has paid a reported $32 million for the Everton, Pymble residential development site after a development syndicate of Chinese buyers failed to settle.
The development syndicate blamed capital transfer constraints in China, according to Fairfax Media.
NSW Land &amp; Environment Court approval was secured in July 2016 by BFD Pymble's solicitors, Lin Tang &amp; Co Lawyers for the project.
The site at <a href="https://www.realcommercial.com.au/property-land+development-nsw-pymble-502567694" target="_blank">2-8 Pymble Avenue and 2-4 Everton Street</a> had most of its construction certificate works completed.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/20/PymbleDev.jpg" alt="">
It has been approved for 98 apartments over three buildings with 156 basement parking spaces.
The design was done by the architects, <a href="http://www.become.com.au/projects/everton-pymble/" target="_blank">Become</a>.
Savills' Neil Cooke marketed the site with colleagues Stuart Cox and Johnathon Broome which attracted interest from around 20 developers.
The property is zoned R4 High Density Residential under the Ku-Ring-Gai LEP 2012 with a height limit ranging between 11.5 and 17.5 metres and a blended FSR of 1:1.
The apartments are expected to come to market early 2018.
 
 
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jchancellor-FAypfDUnLy

Chinese residential developer defaults on Everton, Pymble project

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<div class="domain-article-share-panel is-top" data-sticky-id="0">A NSW Supreme Court case finished on Tuesday, only a day into its scheduled five days, when 11 would be off-the-plan unit buyers at a Surry Hills block, were offered a confidential cash sum in addition to the refund of their deposits to walk away from their purchases.</div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"> </div>
<div class="domain-article-share-panel is-top" data-sticky-id="0">The case involved a 22-unit block, Short Lane Apartments, at 352 Bourke Street, who put down their deposits in late 2013 after marketing by CBRE Residential.</div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"> </div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.22.34%20AM.png" alt="" width="611" height="360"></div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"> </div>
<div class="domain-article-share-panel is-top" data-sticky-id="0">The project still appears under <a href="https://www.propertyobserver.com.au/https://www.cbresi.com.au/success-stories/short-lane-surry-hills/70" target="_blank">success stories</a> on the CBRE website.</div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"> </div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"><a href="https://1pt.com.au/showcase/shortlane/" target="_blank">All 22 apartments</a> were sold within the first half hour of the opening day "with prices escalating rapidly as demand showed no sign of waning."</div>
<div class="domain-article-share-panel is-top" data-sticky-id="0"> </div>
<div class="domain-article-content-body ">
<div class="in-content-ad">It was a landmark court case under new “sunset clawback” laws designed to ensure new apartment developers could not unfairly tear up sales contracts so they can make more money on delayed property sales.</div>
<div class="in-content-ad"> </div>
<div class="in-content-ad"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.25.58%20AM.png" alt=""></div>
</div>
The developer was taking some of his apartment buyers to court after they refused to allow him to tear up their sales contracts following construction delays, in the first legal test of the “sunset clawback” laws.
The developer-builder Kanaan Kanaan accused some of his buyers as "being greedy about it." 
The case in NSW Supreme Court was seen as a major test of laws designed to protect consumers buying new apartments.
However final negotiations for a settlement began only after acting Justice Arthur Emmett wondered aloud in the courtroom whether the new laws gave him the power to order a result with a sum of money to be paid by the developer. 
The court heard that, instead of the projected 15 months to complete the project, it had taken more than 52 months. 
The potential owner-occupiers and investors bought into the building in 2013 but the apartment weren’t finished by October 30, 2016, the date by which time the so-called “sunset clause” was triggered, which enables either the developer, or the purchaser, to cancel the sale and rescind the contracts if the building was not finished by its proposed completion date, noted Fairfax Media. 
In late 2015, legislation was introduced in the Parliament to protect buyers against developers intentionally delaying completion then rescinding contracts in order to cash in on rising property prices. Under the new laws, the developer has to justify his actions.
<img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.27.47%20AM.png" alt="">
Developer-builder Kanaan Kanaan, of Komplete Constructions, wrote to the buyers of units in his six-level Short Lane building at 352 Bourke Street five days before the cut-off date to tell them he would be rescinding their contracts and refunding their deposits.
If the developer wishes to rescind a contract, he must first seek permission from the purchaser to go through with the termination, under the laws championed by the then NSW Minister for Innovation and Better Regulation Victor Dominello.
If the buyer does not agree, then the developer can apply to the NSW Supreme Court for permission to allow the rescissions to take effect.
Acting Justice Arthur Emmett in the Equity Division of the court was told that Kanaan had been hampered by a number of problems, delays and postponements which made it impossible for him to complete the Woods Bagot-designed apartments in time. 
Instead of the 15 month target, more than 52 months went by since the Development Application was approved.
“There were major delaying events that made it impossible to complete the project despite his best endeavours,” his barrister Ian Roberts told the court. “These events postdate the sales contracts.”
It is understood the eight buyers who have refused the developer permission to rescind – three others agreed and four more agreed with an extra payment – will be arguing that cancellation of their contracts will mean the developer will make a windfall because of the “extraordinary rise in the value of Sydney property” in the interim.
They will be alleging that the delays were only due to poor management, a succession of applications to council, and an appeal to the Land and Environment Court.
The purchasers allege that the changes would increase the value of only the parts of the building, such as the retail lots and the four top floor apartments, that the developer retained.
But Roberts said the delays were beyond Kanaan’s control. Among them was an electrical kiosk substation that wouldn’t have enough room to be accessed when the building went up. After a number of discussions and applications, that was removed.
That meant, however, more space was freed up for retail lots at the base of the building, so consent was then sought for those and a redesign commissioned. There was also an application to add an additional floor to the building that was turned down by the NSW Land and Environmental Court in April 2016.
Consent was granted for a rooftop garden in September 2016 for the exclusive use of the developers’ top-floor apartments. Finally, there were delays in the delivery of windows and in procuring the difficult designed form at the top of the building.
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j.ballantyne1990-6AQqhLzZaK

Slow developer settles court case after taking 11 apartment buyers to court under 'sunset clawback' laws

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Two construction companies are among the top five of the 2017 Top 500 Private Companies list compiled by IBISWorld.
Harry Triguboff’s Meriton Group occupies fourth position with a revenue of $2.77 billion, while BGC is at no. 5 with revenue of $2.69 billion.
The rankings are based on revenue. Both developers, however, posted a fall in revenue on a year-on-year basis, the list showed, pointing to a slowing housing and construction market.
Triguboff, whose personal wealth is estimated to be $10.23 billion, has also been on the BRW Rich 200 list since it was first published in 1984. 
Meriton has focused on the apartment sector, but it is increasingly expanding into serviced apartment and also childcare centres. The developer last year led Australia in housing starts with 7929 dwelling constructions, about triple the number the year before.
The surprise in the pack was another developer, Hutchinson Builders, which jumped into the top 10 with a 43 percent surge in revenue at $2.3 billion.
The fourth-generation Queensland builder beat the odds of a federal work ban and a slowing housing market for his stellar performance, the Australian Financial Review reported.
Brisbane-based Hutchinsons were not allowed to tender for Commonwealth-funded projects from April 1 to June 30 for breaches of the federal Building Code related to its workers' ability to choose whether or not they joined a union.
Hutchinson chief executive Greg Quinn said the builder had considered appealing the ban, given the breaches were relatively minor and involved just a handful of its 1400 employees and 2500 sub-contractors.
The federal work amounted to only 7 per cent of its turnover, he said.
Apart from the three construction companies in the top 10, the next in the industry are way behind, with BMD Group at 34th position with revenue of $1.14 billion and Hansen Yuncken with revenue of $1.11 billion. Both grew their revenue by more than 20 percent year on year.
The top 50 was rounded off with Richard Crookes Constructions, Built, ABN Group and Salta Properties.
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jonathanchancellor-7SQnKwU6yx

Harry Triguboff leads list of developers in top 500 private companies list

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AVID Property Group has acquired the remaining 750 residential lots at Waterford County, as part of an established masterplanned community in Chisholm, New South Wales.
The move is part of AVID's strategy to strengthen its foothold in the Lower Hunter Valley region with and triple the company’s value over the next five years. 
“We are no stranger to the region, with our development, Harvest, located just next door and benefitting from much of the same infrastructure investment we have made in the region,” said AVID Property Group CEO Cameron Holt. 
“The Lower Hunter is increasingly becoming an affordable alternative to the Sydney housing market with many buyers moving out of Sydney in favour of regional New South Wales. 
Harvest and Waterford County are expected to meet the demand for the surging population of nearby Newcastle, which is undergoing a $500 million revitalisation. 
“This will create more job opportunities over the next decade, improved transport services and increase the need for housing in the region,” he said. 
There was a 40 per cent rise in sales at Harvest in the second half of 2016, showing a firm demand for property in the area. 
“The opportunity to expand our market share sets AVID up strongly within the high-performing region, forecast to be home to more than 26,000 additional residents by 2036,” he said. 
The site has parklands, green space and wetlands, and 7 km of walking and cycle paths linked throughout the development. 
“We are looking forward to pushing through the completion of this large project,” he said. 
“This AVID project will complement the ongoing development of Harvest, which is 75 per cent complete and has already welcomed over 700 residents.” 
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AVID Property Group plans residential development on 150 ha site in Lower Hunter 

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Cbus Property has sold contracts for more than half of its apartments in its $375 million Brisbane high-rise, and is expected to start construction soon amid concerns of an oversupplied market.
The 264 apartment tower at 443 Queen Street ran into controversy earlier, but a decision on construction would provide certainty to other buyers and more sales could be expected, Cbus Property chief executive Adrian Pozzo was cited as saying by The Australian Financial Review.
Among the sales so far are 15 four-bedroom apartments worth more than $2 million each. 
"We will be on site in the coming weeks, with completion occurring in the third quarter of 2020 and that certainty is important to owner-occupiers, particularly buyers planning to downsize," Pozzo said.
"The strong sales result is a clear sign that the demand for quality owner-occupier product is alive and well in the Brisbane market," he said.
The tower, with views over the Brisbane River, has been designed by architect Richard Hassell, of Singapore-based WOHA Architects and Brisbane firm Architectus, led by Elizabeth Watson Brown.
The design includes gardens on every level of the 47-storey tower. 
The project ran into hurdles early on after protests against its development near the heritage-listed Customs House. 
Law firm Allens started a legal battle with Cbus over the tower, which is being built in front of the lawyers' own Brisbane headquarters, blocking the views of the river. That legal challenge has since been resolved.
Concerns have been voiced in various quarters, including the RBA, about an oversupply of apartments in Brisbane.
Apartment sales in Brisbane city have slipped 70 per cent in a year according to Urbis. 
Last year, Cbus Property had teamed up with Scentre Group to purchased the <a href="/expert-insights/investing/cbus-and-scentre-team-up-to-secure-david-jones-sydney-store">David Jones Market Street</a> building in Sydney’s CBD for $360 million.
 
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Cbus to start building Brisbane tower as it notches brisk sales

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Melbourne developer Kokoda Property is buying a riverfront site in Brisbane’s St Lucia with plans for a $75 million apartment building in spite of a slowing market and the recent collapse of a major builder.
It is paying $9.5 million for the site.
"The Brisbane market has, overall, slowed," Kokoda property director Sam Tucker was quoted by The Australian Financial Review as saying.
"However, we see this as an opportunity as higher-end purchasers are now driving the demand."
New apartment sales in Brisbane have collapsed by more than 70% in a year, according to Urbis.
It also said the Brisbane apartment market has been self-correcting and unlikely to suffer any great supply-demand imbalance. 
SQM Research recently said that Greater Brisbane faces an oversupply of 8,000 new dwellings this year as scheduled completions outstrip population-driven growth in demand.
However, Urbis figures showed that only 1,812 units are under construction in the CBD across four projects. 
Just last week, Metro Property Development was reported to have sold a prime apartment development site in Brisbane for a huge 35% discount after buying it for $20 million just two years back.  
Despite the negative sentiment, Kokoda’s Tucker expects the 60 high-end, luxuriously sized apartments he is planning at <a href="https://www.realestate.com.au/property/160-macquarie-st-st-lucia-qld-4067" target="_blank">160 Macquarie Street</a> to sell.
"At Kokoda, our strategy is to move at a counter-cyclical direction to the rest of the market,” he said.
"Our faith in the Brisbane market may run against convention, but we have no doubt that the quality of our offering will continue to draw strong attention in the market as it matures.”
The site sold for $6.75 million in 2014, according to RP Data.
The site was previously marketed as well with an offering of apartments. The site area is 1242 square metres.
Called St Lucia Residences, it was conceived by Hayes Anderson Lynch Architects and interior designers SJB Interiors.
Kokoda's planned 15-storey development, located 6 kilometres from the CBD, will have "a blended neo-classical style with touches of New York's upper east side".
Tucker said Brisbane was moving away from investor-driven projects to a smaller, but stronger, owner-occupier market that demanded higher quality.
Kokoda’s project Chester &amp; Ella in Newstead generated $95 million in sales in its first four weeks and was ranked as a top sales performer consistently since its launch, according to data by Place Advisory, the AFR said.
"The sales success of our previous project is testament to the strong ongoing demand from the higher end of the market," said Tucker.
The St Lucia sale was negotiated by Colliers International's Brendan Hogan.
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Melbourne developer Kokoda buys St Lucia, Brisbane riverfront site 

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Sydney developer Crown Group has entered Melbourne residential market, partnering with with Melbourne developer G3 for a 170-apartment project in Southbank.
The 175 Sturt Street site spans 2,070 sqm.
It is close to Crown Melbourne casino and hotel complex.
It will accommodate a mixed-use luxury resort-style development with ground floor retail, the Australian Financial Review reported.
"We've been strategic in our expansion interstate and this is the right time to expand to Melbourne. I would not be surprised if this is the first of a number of successful developments outside Sydney," said Crown Group chairman and chief executive Iwan Sunito.
"We hope we can set a new benchmark in apartment living in Melbourne and in other states, like we have in Sydney."
He set aside concerns about off-the-plan sales in Melbourne slowing, saying the right location would always sell.
"Depending on the location, Melbourne is still a very promising market, particularly the arts precinct, there is strong demand but not enough supply in that area," he said.
"While we continue to see enormous potential in Sydney, Melbourne is carving its own place among the top international cities in the world. Melbourne is highly regarded internationally for its liveability and we foresee a strong local demand for high-quality apartments with resort-style amenities in Melbourne."
The developer unveiled its $400 million development Waterfall in Sydney late in 2016, and said it had received strong expressions of interest ahead of its launch.
The development is scheduled for completion in 2019. 
"I would not be surprised if stage one of Waterfall sold out as there is a strong demand from local buyers wanting to live closer to amenities," he added.
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Sydney's Crown Group steps into Southbank, Melbourne residential market 

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Former property developer Craig Kirrin Gore has been arrested and charged with fraud in a Brisbane court following an ASIC investigation.
He appeared in the Brisbane Magistrates' Court after being arrested on April 14 and  was charged with 15 offences, said a release on ASIC’s website.
Gore was charged on 12 counts of fraud relating to the obtaining of funds, totalling $800,000, from self-managed superannuation fund (SMSF) investors during 2013 and 2014. The funds were allegedly to be invested in debentures associated with the companies Arion Financial Pty Ltd and Arion Property Pty Ltd. 
He also faces three charges of acting in the management of three corporations (MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion Financial Pty Ltd) whilst disqualified from doing so.
ASIC obtained an arrest warrant after concerns that Gore may not remain in the jurisdiction. 
Gore was picked up by the police while on his way to catch a flight to Stockholm, adds Fairfax Media. 
He was not required to enter a plea and was granted conditional bail. The matter is listed for return at the Brisbane Magistrates Court on May 5, 2017. 
If proven, the fraud charges could see him getting penalties of between five and 20 years.
The charges of acting in the management of corporations whilst disqualified each carry a maximum penalty of one year imprisonment or 50 penalty units.
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Former property developer Craig Gore arrested and charged with fraud

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Listed developer Diploma Group’s collapse has turned Perth’s biggest apartment complex into a “nightmare” for its residents, catching the attention of state government MPs.
The development in question is the $450 million Queens Riverside complex in East Perth, billed as being part of a wave of trendy developments that would bring life into the city when it was built during the mining boom, the Perth Now reported.
The Queens Riverside was finished in 2014, with three apartment towers. But one of the main builders behind the development — Diploma Group — went bust.
Residents of the sections built by Diploma have reported major defects such as leaks and faulty windows, with owners being hit with wildly varying bills over a malfunctioning complex thermal power system.
The base of the complex, one of the three apartment towers and the Fraser Suites Perth Hotel were built by Diploma.
It has proved a headache for the developer Frasers Property, with as many as 160 apartments unsold. 
Labor MPs have now been drawn into the debate, and are saying WA urgently needs to re-write dated strata title laws to give better protection to apartment owners, the article in Perth Now said.
Residents spokeswoman Lani Tuckfield said strata management levies had risen more than 110 per cent since people moved in and owners are asking whether the increases are to fix defects that should have been noticed when they first bought. Some owners who would like to sell are unable to because of the defects.
Residents say Frasers is using its weight of numbers through the big number of unsold apartments to block a push for transparency.
Labor member for Perth John Carey, who met about 100 residents last week, said strata laws needed changing to give people confidence they would be protected when buying into apartment complexes.
“We definitely need inner-city living — unfortunately, I don’t think this is a rare occurrence and it leaves a bad taste in people’s mouths,” Carey said.
A Frasers spokesman said it supported the rights of all owners to vote “without prejudice” in alignment with the Strata Titles Act of 1985.
It said the rise in rates was mainly because of advice from strata manager Colliers International there was “insufficient working capital”, unpaid and unaccounted for invoices and incorrect allocation of expenses when Colliers took over as strata managers last year.
Colliers said strata levies were not used to repair building defects. Colliers said it manages the strata levies which go to an administration fund for day-to-day running of the strata scheme and a reserve fund.
Diploma, a 40-year-old company controlled by the Di Latte family, went into administration late last year with debts of $40 million. Creditors include sub-contractors and the ATO. Matthew Donnelly, David Hodgson and Andrew Hewitt of Grant Thornton were announced the administrators.
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