Developer-builder <a href="https://www.apartments.com.au/developers/dasco-australia">DASCO</a> has pushed beyond the now-standard inclusions of rooftop pools and landscaped podiums at its recently launched new Epping project, Senso.

It has laid out over 4,000 sqm of resident-only amenity in a move designed to compete directly with low-density housing on livability, not just density. The result is a development that supports genuine daily use through purposeful spaces distributed across its five-building, 479-apartment precinct.

[smartcode_project:default project_id=134954 project_image_fid=4396]

Two rooftop pools form the anchor of Senso. One is a 27-metre lap pool adjoining a heated spa, designed for everyday fitness rather than just summer leisure. The second sits on a lower podium, allowing different buildings to share in vertical access and reducing crowding during peak times.

It is the secondary spaces that start to distinguish Senso from other large-scale suburban projects. A rooftop cinema is integrated into a landscaped terrace, offering open-air screenings with natural ventilation and passive cooling.&nbsp;

The inclusion of a “sensory walk”, an elevated boardwalk that threads through the site, suggests a rare investment in non-commercial, non-essential amenity: space for quiet movement that doesn’t double as access or traffic circulation.

[smartcode_project:default project_id=134954 project_image_fid=4402]

The gym and wellness centre, often relegated to a small ground-floor room in many builds, takes on more substance here. Residents have access to a fully equipped gym, as well as outdoor yoga areas and meditative zones that integrate greenery and natural light.&nbsp;

The Club Lounge is similarly designed to support multiple use cases, with a private dining terrace, kitchenette, workspace, and lockable wine storage. These aren’t superficial additions; their scale and spatial allocation indicate serious intent for frequent resident use.

[smartcode_project:default project_id=134954 project_image_fid=4391]

Importantly, Senso’s amenities are embedded within a site that spans more than 10,000 sqm, allowing for better separation between spaces and reduced noise spillover, a critical but often overlooked factor in high-density developments. This spatial generosity also enables multiple alfresco kitchens and communal terraces without compromising individual privacy or usable space.

While many developments make claims about lifestyle, few back it with this level of built infrastructure. Senso’s mix of dedicated fitness, wellness, social and passive green spaces suggests a conscious response to the post-pandemic shift in housing expectations, especially among owner-occupiers.&nbsp;

DASCO is one of several leading developers who have taken out Resilience Insurance's Latent Defects Insurance policy, providing buyers with a 10-year structural and waterproofing warranty, and giving them the ultimate peace of mind.

Senso is scheduled for completion in late 2028.

[smartcode_project_cta:default project_id=134954]

Staff Writer

The outdoor amenities elevating life at Senso, Epping

Following the proposal by the Minns Labor Government to rezone Parramatta Road to create up to 8,000 new homes, prominent developer Ceerose has gone to the NSW Gov to increase the density of its new mixed-use residential building in Leichhardt.

<a href="https://www.apartments.com.au/builders/ceerose">Ceerose</a>, founded by Edward Doueihi nearly three decades ago, has filed plans for 154 apartments above ground-floor retail at 307-315 Parramatta Road, a key corner site near Norton Street, the main high street strip in Leichhardt.

It's an upsize from the previously approved scheme of 63 apartments across a seven-storey building.

<img alt="Ceerose" data-entity-type="file" data-entity-uuid="ba1ae75b-5f08-43fb-b8d5-3de6d9f6ef71" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-04%20at%2010.31.39%E2%80%AFAM.png?VersionId=yA3hBBLPH4ev7MsAE0_hieXeqiFqBUb7" />

The project is being advanced through the State Significant Development (SSD) pathway, with concurrent rezoning sought to facilitate the proposal. The 10-storey development would rise over a four-level basement and deliver two retail tenancies, one a larger-format offering and the other a smaller “hole in the wall” space, addressing the Parramatta Road frontage. 21 of the apartments are dedicated as affordable housing.

According to the Urban Design Report by Architecture AND, the scheme includes a podium and tower configuration, with a fine-grain, two-storey parapet street wall that references the traditional shopfront rhythm along the corridor. “An elegant tower form is proposed, combined with a characterful two storey frontage... articulating it as two related buildings, providing consistency with the rhythm and grain of Parramatta Road,” the report notes.

The residential component is split across two slender towers set back from the street edge, a design move aimed at preserving solar access and reducing perceived bulk. This massing strategy also seeks to improve residential amenity by focusing scale toward the quieter northern interface, away from Parramatta Road’s noise and pollution.

<img alt="Ceerose" data-entity-type="file" data-entity-uuid="347f2f8f-5d36-4388-b40a-2e77380b9c19" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-04%20at%2010.31.02%E2%80%AFAM.png?VersionId=xvyUE2ujT1lzivXTo.mHBJFF4SmfgLtz" />

Architecture AND has worked with Ceerose on previous Inner West projects, and cites a deep familiarity with the local character. Their design draws heavily on context, heritage, and sunlight access considerations, and engages with the Inner West Council’s “Our Fairer Future” strategic planning framework.

The site spans 2,712 sqm and is located near key intersections with Catherine Street, Hay Street, and Redmond Street. It adjoins a public carpark to the north and is within walking distance of Stanmore and Petersham stations. It is also flagged in state and local planning strategies, including the Parramatta Road Corridor Urban Transformation Strategy, as a suitable candidate for increased density.

Ceerose recently completed The Alex Collective on McEvoy Street in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay.

The Parramatta Road corridor is coming to life with the proposed rezoning which is serviced by a significant number of bus, light rail and train routes.

Deicorp is progressing with its $1.8 billion <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> precinct on Parramatta Road in Five Dock, as is <a href="https://www.apartments.com.au/news/nsw/toga-to-push-on-with-five-dock-mixed-use-masterplan">TOGA further down the street</a>. Those two projects alone will bring nearly 2,000 new homes to Parramatta Road.

Joel Robinson

First look: Ceerose plots mixed-use Leichhardt development on Parramatta Road

North Sydney's landmark 'SBS Building' on Alfred Street is set to be demolished to make way for a new mixed-use residential tower in the booming North Sydney.

Commercial property group FiveX is behind the plans for a <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">39-storey tower</a>, the latest project to advance under the NSW Government’s Housing Delivery Authority pathway.

They are proposing 184 apartments above retail spaces, which will replace the existing 20-storey commercial building. FiveX was set up more than five decades ago by Joshua and Marko Berger. It is currently led by Joshua's son Lesli.&nbsp;

<img alt="First look: Fivex plans 39-storey residential tower at 275 Alfred Street, North Sydney" data-entity-type="file" data-entity-uuid="2efa0980-53fa-4cca-9f9e-9c3c845d4746" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29%20%281%29_0.png?VersionId=y_YyPMq3NQLfYRs84pP4os9UgWiMLp75" />

According to the Architectural Design Report by <a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>, the slender tower form has been deliberately designed to respect the site's transitional setting at the southern gateway to the North Sydney CBD, where high-rise towers give way to lower-scale residential precincts.

"The slender tower form and articulated podium establish a respectful relationship with nearby heritage and low rise buildings, including the Whaling Road Heritage Conservation Area,” the architecture firm noted, adding that the tower “completes a missing link in the urban fabric” while enhancing the Alfred Street streetscape.

The proposed building will include a mix of one-, two- and three-bedroom apartments, with 15 percent of the gross residential floor area allocated as affordable housing. There is an agreement already in place that those apartments will be managed by Evolve Housing.

The project aligns with broader state housing objectives, including the National Housing Accord target of delivering 1.2 million new homes by 2029. The Scoping Report filed with the State Significant Development Application (SSDA) suggests the site "presents no impediments to rapid delivery,” with construction able to commence within 12 months of receiving consent.

North Sydney has been one of the most popular suburbs in Sydney for new and off the plan apartment development, but hasn't had the supply to keep up with demand, until recently.

AURA by Aqualand was, for a long time, the only off the plan apartment building on the market. That completed last year, and has sold the majority of its 386 luxury apartments. Recently ALAND launched <a href="https://www.apartments.com.au/new-apartments/the-walden-173-179-walker-street-north-sydney-nsw-2060">The Walden</a> on the same street, selling over $100 million within just a few hours of its launch, while developer CASA also launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a>&nbsp;in the same precinct.

First look: Fivex plans 39-storey residential tower in booming North Sydney

Kokoda Property Group has announced the Sydney-based Versatile Construction as the builder for its landmark $1.5 billion <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> precinct.

Construction of the 17,612 sqm site is scheduled to commence in December 2025 and is expected to be delivered in stages from 2028. Once complete, <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> will comprise 212 residences across four architecturally distinct buildings, alongside Brisbane’s first Kimpton Hotel, extensive retail, hospitality, and wellness amenities.

[smartcode_project:default project_id=139896 project_image_fid=295098]

Kokoda Property Group Founder and Managing Director, Mark Stevens, said appointing Versatile Construction marks a significant milestone for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>.

“Partnering with Versatile Construction gives us confidence in delivering a precinct that sets a new benchmark for luxury living, curated experiences and vibrant riverfront activation," Stevens said.

"Together, we will bring the vision for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> to life, creating a destination that residents and visitors will enjoy for generations."

Throughout the construction phase, more than 2,000 jobs will be created, supporting hundreds of local contractors and suppliers.

[smartcode_project:default project_id=139896 project_image_fid=352274]

Marco Fahd, Chairman &amp; CEO at Versatile Group, said the company is looking forward to&nbsp;expanding their footprint in the state, taking on their inaugural project in Brisbane.

"We are proud of the unwavering commitment our team of experts have to quality and certainty in delivery and are excited to work with Kokoda to bring their vision for this unique project to life," Fahd says.

Sales reached $285 million on the launch of <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>, with sales momentum continuing to "exceed all expectations."

Stevens says the overwhelming response from buyers validated the group’s vision for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>.

“The demand for a luxury product in this enclave has been extraordinary, we’ve never seen anything like it before. It reinforces everything we’re doing around quality, design, and creating genuine lifestyle precincts. Buyers are recognising the enduring value of Brisbane’s riverfront and are responding to the opportunity to live within a world-class destination that celebrates both place and lifestyle.”

[smartcode_project_cta:default project_id=139896]

Kokoda appoints builder for $1.5 billion Teneriffe Banks waterfront precinct

Castle Hill’s booming development market is set for another boost, with builder-developer Buildex proposing a new mid-rise apartment building near Castle Towers.

Buildex has submitted plans to The Hills Shire Council for a <a href="https://www.apartments.com.au/new-apartments/197-old-northern-road-castle-hill-nsw-2154">nine-storey building comprising 57 apartments</a> on Old Northern Road. The company acquired two adjoining sites earlier this year, totalling more than 2,683 sqm.

Texco Design has prepared the scheme, which includes five one-bed plus study apartments, 37 two-bedrooms, and 15 three-bedrooms.

Castle Hill has become a hotspot for developers in recent years, undergoing significant transformation driven by the opening of the Hills Showground Precinct to development and the introduction of two metro stations servicing the suburb.

Developers including Deicorp and Kassis Homes have already completed projects, and are progressing future developments, while Meriton, Arada, and Ellipse are currently delivering new projects in the rapidly evolving area.

First look: Buildex plans 57 apartments near Castle Towers

Investment Sales

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Commercial property sales – office, industrial, retail - in Victoria in the year to June touched a record high of nearly $9.4 billion and were nearly double the 10-year average, according to the latest Savills research.
The breakup includes more than $4.74 billion worth of office transactions, $1.87 billion in industrial transactions and $2.77 billion retail property transactions.
Savills Victorian manager Research &amp; Consultancy, Monica Mondkar, said incremental increases in annual investment sales data to do with the natural appreciation in values was normal, however, recent sales levels had no historical parallel. 
"Property sales figures generally rise and fall in correlation with the fluctuations of economic cycles, as do other asset classes. However, over the last five years commercial property investment has accelerated significantly at a time of relatively low global economic growth," she said.
From a low of $2.4 billion in June 2012, commercial sales touched $9.378 billion in 2016, according to the research. This was also 85 per cent up on the 10-year average of $5.05 billion.
"That is an unprecedented recovery driven by historically low interest rates and Australia’s safe haven status. Volatile global financial markets led investors to select core commercial property as a solid investment asset class,’’ Mondkar said.
<a href="/images/BOTMP%20-%20chart.png" target="_blank">Click to enlarge</a>
<img src="/images/BOTMP%20-%20chart.png" alt="">
Savills’ state director – CBD &amp; Metropolitan Sales, Clinton Baxter, said the record spend was in part a reflection of Melbourne’s livability status and projections that it was on track to become Australia’s most populous city.
"There is no doubt that Melbourne has been very attractive to property investors – it is safe and secure on all economic, political and social fronts and offers excellent returns – but underlying that attraction is Melbourne’s widely acknowledged superior livability status, which is driving strong population and economic growth, and forecasts that it will become the nation’s demographic centre by 2050 or before.
"Of Australia’s two major cities, Melbourne has more affordable housing - which has been critical to population growth - and arguably a more stable ­employment market and easier public and private transport access, and they are the key factors behind the ABS’ most recent data which reveals seven out of the country’s top ten growth areas are in Greater Melbourne,’’ Baxter said.
He said yields were a further attraction particularly for foreign investors.
"Whilst our investment yields have firmed to record low levels across all asset classes, to global investors our yields still appear very attractive relative to comparable assets in cities such as Singapore, Hong Kong, Kuala Lumpur, Taipei, Dubai and most major US cities.’’
At a glance:
Office - $4.739 billion in sales; previous year $4.319 billion; five year average $3.266 billion. 99 properties sold. Foreign investors purchased 51 percent of the stock.
Industrial - $1.873 billion in sales; previous year $1.855 billion; five year average $1.23 billion; 112 properties sold. Funds purchased 32 per cent of stock.
Retail - $2.766 billion in sales; previous year $2.246 billion; five year average $1.84 billion, 158 properties were sold. Private investors purchased 33 per cent of stock.
Foreign investors dominate the markets with 38 per cent of purchases by value followed by private investors at 21 per cent and funds with 18 per cent.
Foreign investors had a particular predilection for office property with just over 50 per cent of purchases, while private investors took the lion’s share of retail property at just under 33 per cent and funds were the largest buyers of industrial property also at just under 33 per cent.
<a href="/images/BOTMP%20-%20graphic.png" target="_blank">Click to enlarge</a>
 <img src="/images/BOTMP%20-%20graphic.png" alt="">
Baxter said the general appeal of Australia as a safe-haven investment destination was likely to become more pronounced with the recent Brexit and South China Sea concerns.
"Melbourne has clearly matured into a city capable of attracting a huge volume of off-shore capital from the full spectrum of investor classes ranging from wealthy privates, to major institutions, pension funds and sovereign wealth funds, and global factors which contribute to uncertainty for investors appear likely to work to enhance that status,’’ Baxter said.
<a href="/images/BOTMP%20-%20majorsales.png" target="_blank">Click to enlarge</a>
<img src="/images/BOTMP%20-%20majorsales.png" alt="">
 
 
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jonathanchancellor-7SQnKwU6yx

Victorian commercial sales touch record $9 billion: Savills

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<img src="/images/2016/07/05/Holdencapital_banner.jpg" alt="" width="617" height="130">
SPONSORED POST
I have noted the growing frustration amongst developers in recent times with the banks requirement for higher pre-sales, particularly as the market shifts more towards owner occupied product and away from investment sales.
So I thought it worthwhile taking the time to explain that essentially, it is a means to reduce the capital impost on their own balance sheet position and maintain their return on capital that drives this requirement.
I have previously talked about the new world order in construction finance and the impact that the regulatory changes are having on our sector and this issue is directly related.
Without wanting to get too deep into the processes involved, simplistically, the banks are required to risk model every new loan transaction, which then directly determines the level of risk capital they need to allocate in their balance sheet. Construction finance can attract a high level of risk capital and given the outcomes of these models are regularly audited by APRA to ensure compliance, the banks are very motivated to achieve a lower score which means less risk capital is required improving both their return on capital and potentially an improved share price.
As a result, two key risks banks look to mitigate when assessing a construction loan application are the market and financial risks.  If a bank is required to take control of a project prior to completion, it may be forced to sell any unsold stock to recover its debt and it will generally be restricted to marketing and selling that stock in the local market. Before committing to the loan, the bank will generally require a number of pre-sales to be secured from local buyers to satisfy it that that local market actually has an appetite for the product at the price point implied in the feasibility. A pre-sale requirement of around 25 to 30% of the project stock is normally considered sufficient to mitigate that price point risk.
Because of their very nature, offshore pre-sales do nothing to satisfy banks that the local market has accepted the product or price points and it can often be the case that those sales are actually motivated by other needs such as a future migration opportunity for the buyer. As such they don’t reflect the local demand that the bank is looking to satisfy in the event that they are required to sell unsold stock in a default scenario.
The second risk mitigated by pre-sales relates to how much of the banks capital is exposed in the event of a default by the borrower. How many pre-sales will need to be secured to adequately mitigate this risk is determined by the loan metrics comprising the ‘Loan to Cost’ and ‘Loan to End Value’ ratios. Banks use these as a means of determining the level of equity the developer has at risk in the project and therefore how much of a discount the project can stand before that equity is exhausted and the Bank’s capital is at risk. Both are also key drivers in the loan risk model I mentioned earlier.
The ‘Loan to Cost’ ratio largely measures the cash equity contributed by the developer and determines the loan funds that will be required on a “cost to complete” basis, ensuring the bank always has sufficient funds to complete the project while maintaining the level of exposure they committed to at the outset the completed stock settles for its full on completion value.
The ‘Loan to End Value’ ratio measures the banks exposure relative to the market value of the completed product and as such is a measure of how much discount the product can bare before the bank is exposed to a capital loss. The higher the leverage the more pre-sales are required to ensure this risk is minimised. Traditionally Banks were keen to see that there were sufficient pre-sales to ensure that in the event that no further sales were achieved during the construction phase, there would still be an ability to refinance the balance stock at or close to a 50% loan to value ratio. This was reflected in presale requirements ranging from 30-50%, however as they have become more concerned with the state of the markets in terms of oversupply and a potential fall in value of completed stock, the requirement for increased presales to minimise this risk has become more important in their credit modelling and assessment process.
Banks also prefer pre-sales mitigating this financial risk to be by way of local sales because in the event that they end up in control of the project, they believe they will have more success in enforcing the terms of the sales contracts against local purchaser to settle. Historically, it is almost impossible for banks to enforce against foreign buyers and this is another negative factor when inputting the deal metrics into the banks risk model.
Most banks will allow 10-20% presales to off shore purchasers but will usually insist on closely vetting the contracts to satisfy themselves as far as possible of the bona fides of those buyers. This due diligence approach is also applied to the local buyer contracts, which in the bank’s eyes represent their primary means of recovering both their capital and their targeted interest return when they approve the transaction.
So in summary, the banks fear of foreign buyers is primarily driven by the risks that they represent to the banks ability to recover loan capital but more importantly, the impact that they have on the banks own balance sheet from a capital allocation perspective which in turn has an impact on their share price. Its clear from this why we are seeing a rise in the private lenders participating in the sector and as I have previously commented, this is a permanent structural shift and one that developer’s need to come to grips with and revise their business plan for funding accordingly.
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arrange construction finance and invest in projects through their equity fund, Queen Street INVEST. To discuss your project finance requirement please call (07) 3171 4200 or visit HoldenCAPITAL <a href="https://www.holdencapital.com.au/" target="_blank">here</a>.
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