The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Landbanking

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ASIC has successfully sought orders from the Federal Court to wind up the highly solvent Melbourne-based company Aviation 3030 Pty Ltd on the basis that there is a justifiable lack of confidence in the management of Aviation by its directors.
Aviation’s primary asset is property located at 756 Aviation Rd, Point Cook, which it purchased for $7.8 million in 2011 with a view to rezoning the property to increase its value.
In ordering that Aviation be wound up, Justice O’Callaghan stated the case that ASIC makes to wind up Aviation is an overwhelming one.
"Directors have issued to themselves and to their associates large numbers of shares at a gross undervalue; they have fabricated correspondence and invoices; they have provided false instructions to the company’s external solicitors; they duped and misled investors; they entered into related party loans; and they made unauthorised and exorbitant expenditures.
"The audacity of the March 2016 share issue alone could well be enough to warrant a winding up order, but it is not necessary to decide the case on that sole basis because of the many and varied ways that the directors have demonstrated that they are unfit to sit on the board of Aviation."
ASIC’s winding up application was opposed at trial by Aviation and its two majority shareholders (which were companies associated with the directors of Aviation) to which 63% of Aviation’s share capital was issued in March 2016.
ASIC’s application was supported, however, by a group of 12 minority investors who were granted leave to intervene in the proceeding.
The Federal Court also ordered the winding up of an unregistered managed investment scheme operated by Aviation through five separate trusts, as well as their trustee companies, which were also used to raise funds for the Aviation scheme.
John Lindholm and George Georges of Ferrier Hodgson were appointed as joint and several liquidators of Aviation, the Aviation scheme and associated entities.
The orders have been stayed for seven days to allow the defendants to consider an appeal.
ASIC Commissioner John Price said the orders made by the Court will allow an orderly and lawful winding up of the companies and the investment scheme they have operated and will place the future process of distribution of funds to investors into independent hands.
To facilitate the purchase and rezoning of the property, Aviation raised around $10.59 million from approximately 73 shareholders and unit holders.
Many investors in the trusts paid significantly less than $500,000 for their units, and were therefore retail clients rather than sophisticated investors.
In 2011 Aviation had entered into an agreement with auDirect Property Group Pty Ltd to provide project management services in relation to the Aviation land, for an annual fee of $120,000, plus reimbursement of costs. 
On 13 September 2012, the Aviation property was rezoned from Green Wedge Zone to Farming and significantly increased in value.
In March 2016, Aviation issued 63% of its share capital to companies associated with the directors of Aviation.
On 25 October 2018, the property at Point Cook was sold to Shanghai-based developer, Dahua for $135 million through Colliers International and Biggin &amp; Scott Land. The purchaser paid Aviation a deposit of $27 million. The balance of $108 million is payable in April 2023.
Following an investigation, ASIC commenced proceedings in September 2018 to wind up Aviation, the trustee companies and the Aviation scheme.
The defendants resisted the making of the winding up orders primarily on several grounds, including the investors were only ever promised 1/240th an interest for every million shares.
ASIC first wrote to Aviation in December 2015 in relation to concerns about Aviation’s fundraising activities, and it commenced its formal investigation back in May 2016.
ASIC recommenced taking active steps in its investigation in August 2017 which included section 19 examinations, in addition to those which ASIC had previously conducted in 2016, including with Hakly Lao, Khay Taing, Huy Taing, Marintha Lao, Terry Grundy, Michael Bishop and Jenny You.
The investor group included the Deva Family Trust; JS Fotia Superfund; Harbourlink Wealth, as trustee for the Zou family; Sergio Valentino and Darryl Williams; Sang Aung; the Yuantong Family Trust; Heng Aung; Yoke Ngoh Wong and Jessie and Colin Luxton.
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j.ballantyne1990-6AQqhLzZaK

Federal Court winds up $135 million Point Cook Aviation Road land banking company

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The Federal Court of Australia made interim orders restraining Askk Investment Group Pty Ltd (Askk) from dealing with funds in their bank accounts in relation to a suspected land banking scheme. 
The December 20 orders see Askk also restrained from selling or otherwise dealing in the property which is the subject of the land banking scheme.
Askk has an interest in land located in Lot 2, 615 Hume Highway Beveridge, Victoria.
Askk is Broadmeadows based.
ASIC suspects that since October 2017, Askk has raised in excess of $10 million dollars from more than 270 investors in relation the land, and since this time, investors have been making ongoing payments in respect of their investment.
The money is in two Westpac accounts.
ASIC is concerned that Askk:
<ul>
<li>may be operating an unregistered managed investment scheme (MIS);</li>
<li>may be carrying on a financial services business in relation to the promotion and operation of an unregistered MIS without holding an Australian Financial Service Licence; and</li>
<li>may have engaged in conduct that is misleading or deceptive during the promotion of the scheme to investors.</li>
</ul>
ASIC’s investigation is ongoing. The freezing orders remain in place until the next hearing date on 8 February 2019.
The orders allows Askk withdrawing up to $50,000 for the purposes of paying the defendant’s legal expenses in relation to this matter.
The land was initially marketed as a large acreage "ready to be owned by astute developers, builders and land bankers including group of investors looking to cash in capital."
It was described as a "unique land parcel zoned under urban growth with its boundary located in the famous Beveridge north suburbia."
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$10 million frozen in suspected Askk Investment Group land banking scheme

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Landbanking firm KSI investments has advised the DomaCom Fund to close the fundraising for the purchase of a second parcel of land at Badgerys Creek early given strong investor interest.
It came after an influx of investment from local and overseas property investors following the announcement of a $100 million university and research precinct within 3.8kms of the land located at 60 Devonshire Road, Rossmore (pictured above).
The campaign for the land in Rossmore near Badgerys Creek was oversubscribed by 20 per cent.
Investors who missed out will be able to invest in other upcoming crowdfunded land investment which will be available over the next few months.
DomaCom is Australia's leading property crowdfunder. It allows anyone to <a href="/expert-insights/crowdfunding-into-property-domacom-explains">invest a little or a lot</a> into property investment. 
Arthur Naoumidis CEO of DomaCom Ltd, said it was very exciting to have completed the second parcel of land so quickly after the first transaction.
"It sees the realisation of what the DomaCom Fund was established for, allowing retail investors access to an asset which would not normally be accessible to this market," he said.
"We now have close to 100 investors owning a fractional interest in this asset.”
KSI investments CEO Robin Luo says there are some factors at play in the Sydney property market pushing land prices higher leading to heightened interest in crowdfunding of land near Badgerys Creek.
“As the Sydney residential property market cools, investors have been looking for alternative ways to make money in property he said.
"Appreciating the topography of Sydney is key to understanding why land prices are surging, Sydney is landlocked by mountain ranges to the west and ocean to the east, meaning flat land is limited to a 80 km radius of the CBD."
"In contrast, Melbourne has flat land for over 200kms from the CBD. The south-west Sydney region is the last frontier for land in Sydney. It’s the last opportunity for investors to buy unimproved farm land to convert into residential. Basically, everywhere else in Sydney has already been through this transformation process over the past 30 years,” Mr Luo concluded.
Endre Kollo, KSI Executive Director said the Government will break ground on the construction of Badgerys Creek airport later this year
In preparation, the State Government has already committed hundreds of millions of dollars to building new train stations and putting in new roads.
"The infrastructure support from the State Government has been wonderful for land prices in the region," Mr Kollo said.
Mr Luo said that many people want to buy in the Badgerys Creek region but few have the funds and resources to acquire the properties.
In the past, landbanking was only available to big developers however the DomaCom fund has opened this up to mum and dad investors via a crowdfunding structure.
He suggests that residential housing values will continue to fall while rural land prices will continue to rise for the next few years.  
“Given the 70 per cent price increases we’ve seen in Sydney over the past 5 years, even after a correction, prices are still higher than the long-term trend growth of 7.25 per cent and remain unattractive to most, particularly noting the still unattractive rental yields on residential property.  
"The land market in the south-west region on the other hand, is a buoyant market and we need to act quick to snap up good land otherwise it gets taken up by another developer within days”.
AFL legend <a href="/news/afl-legend-kevin-sheedy-ambassadorial-assist-in-domacoms-push-in-farm-fractional-ownership-scheme">Kevin Sheedy</a> is an ambassador for Domacom. 
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Domacom landbanking opportunity trumping residential decline in Sydney

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The Federal Court in Melbourne has ordered that a land banking scheme known as the Realestate Equity Investment Trust (REIT) and an associated company, Timeline Project Management Pty Ltd (Timeline), be wound up. 
REIT is a managed investment scheme that owns land located at <a href="https://www.realestate.com.au/property/490-flinders-ave-lara-vic-3212" target="_blank">Flinders Avenue in Lara in Victoria</a> (below).
At least 82 investors have invested approximately $800,000 into the REIT scheme.
ASIC advise a large amount of the money paid to Timeline has been withdrawn and the balance of that account is now approximately $45,000.
<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/2017/12/21/land.jpg" alt="">
The Lara Property was purportedly mortgaged in favour of a Shariah law lender known as Equitable Financial Solutions Pty Ltd (EFSOL) without the consent of the custodian of the Lara Property, Perpetual, and without that mortgage being registered with the land titles office.
ASIC advised the court the land had purportedly been mortgaged in favour of EFSOL for an amount of between $400,000 and $507,000.
The 2016 agreement, made under Shariah law, contemplates the transfer of the Lara Property to EFSOL and Lotus jointly, with EFSOL owning a 52 per cent share and Lotus owning at 48 per cent share.
The value of EFSOL’s share is expressed to be “consideration of $507,000” with $400,000 being paid into a solicitor’s trust account and $107,000 stated to be for services provided by EFSOL to Lara, including “back office support, front office support and underwriting of any financial costs to Lara if REIT is unable to fund it. 
It is not clear to ASIC where or why most of that money has gone as contrary to its legal obligations, no financial statements have been prepared for the REIT scheme for 5 years, ASIC advise. 
Since 2013, investors have been making payments in respect of their investment to Timeline. The Court orders have been issued in English, Arabic and Somali given the source of the investors.
ASIC’s concerns included that:
<ul>
<li>REIT had been operating despite it not having a validly appointed responsible entity;</li>
<li>REIT appeared unviable given there had been no progress in, nor prospect of, developing the Land;</li>
<li>financial statements for REIT had not been prepared or lodged with ASIC since 2012; and</li>
<li>the interests of investors appeared to have been prejudiced by the operators of the scheme, including the dissipation of investors’ money by management to entities unrelated to the scheme.</li>
</ul>
ASIC Commissioner John Price said, ASIC will take action against unlawful managed investment schemes and the parties that run such schemes.
"Unlawful schemes such as land banking put investors' money at risk and investors should be very careful in checking whether schemes are legitimate before putting up their hard-earned money," John Price said.
Nicholas John Martin and Andrew Thomas Sallway of BDO Australia have been appointed as receivers of the property of REIT, liquidators of Timeline and to ensure that REIT is wound up in accordance with its constitution and the Court’s orders. 
Mr Martin and Mr Sallway are required to undertake a range of investigations into the affairs of REIT and Timeline, including to:
<ul>
<li>identify any assets and creditors;</li>
<li>identify unitholders in REIT and verify the amount invested by each unitholder;</li>
<li>determine the validity and value of any claims on the Land;</li>
<li>determine the nature of any potential claims against Timeline or REIT; and</li>
<li>once the pool of available funds has been determined, calculate the distributions that may be made to unit holders in REIT and any other creditors.</li>
</ul>
The orders also provide that Mr Martin and Mr Sallway are to take all reasonable steps to procure an enforceable offer to purchase the Land from another company, Equitable Financial Solutions Pty Ltd.
Mr Martin and Mr Sallway will report to the Court by 9 March 2018 with its listed for a case management hearing on 20 March 2018.
ASIC filed an application to wind up REIT and Timeline on 25 July 2017.
This followed the cancellation of the Australian financial services licence held by Lotus Securities Pty Ltd (Lotus), the responsible entity that managed the REIT scheme until 21 September 2016. Lotus was placed into liquidation on 14 December 2016, on the application of a creditor.
Lotus had secured debts totalling $700,000 and unsecured debts totalling $150,000.
Half the purchase price of $975,000 in 2010 was funded by private investors. 
ASIC said John Isaacs, who was investigated by ASIC, has been involved with the management of REIT and Lotus and is connected with other entities involved in the scheme. The management of REIT, Lotus and Timeline includes Mr Isaacs, who has been involved with the management of REIT and Lotus and is connected with other entities involved in the scheme and Natalie McKeown, Mr Isaacs’ partner. Mr Sharmarke Mohamed Ahmed, a friend of Mr Isaacs, was the purchaser under the original contract of sale of the Lara property.
From around 2011, the REIT investors purchased units in the Lara Syndicate for at least $7,000 each as an initial deposit and paid a minimum of $300 per month under a “savings plan.”
Investor monies were being paid into Timeline’s account from June 2013 up until at least June 2017, notwithstanding that Timeline was deregistered on 25 January 2015 and Lotus had its AFSL cancelled on 21 September 2016.
An amount of $308,212.90 was received through the Paygate system from June 2013 to June 2017, from investors in REIT, by way of recurring deposits. 
ASIC is concerned that no steps have been taken to develop the Lara property and on current information it appears that the development of the property cannot go ahead.
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ASIC has been told by the Greater Geelong Council that  the Lara property is located in a farming zone;  the Council does not support the rezoning of the property for development.
These proceeding are part of ASIC's wider and ongoing investigation into land banking schemes.
 
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Shariah law loan emerges as Timeline's $800,000 Lara land banking scheme wound up by Federal Court

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Crowdfunding company DomaCom has joined with KSI Investments for a land banking campaign in Western Sydney’s Rossmore/Badgerys Creek area.
Investors will soon be able to own units in a sub-fund of DomaCom Fund that will acquire the <a href="https://www.domacom.com.au/public-crowdfunding-campaigns/rural-properties/badgerys-creek-land-banking/?utm_content=bufferf089c&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer" target="_blank">Rossmore/Badgerys Creek</a> land site.
The DomaCom Fund is designed so that so that any number of investors can pool in different amounts to purchase a specific property asset – such as this Rossmore/Badgerys Creek parcels of land – and reap the benefits of the increased capital value of the asset over time.
The fund expects to deliver investors with strong capital growth in about 10 years.
DomaCom’s land banking formula enables even mum-and-dad investors to acquire an area of land zoned for rural or agricultural use that will, due to growth in the urban corridor, eventually be re-zoned to residential. Previously, it was the domain of institutional investors, DomaCom says,
It works on the principle that holding the land for the long term would see the property increase in value as population/housing demand sees re-zoning occur to create new suburbs.
The current land banking assets are at 60 Devonshire Road, Rossmore, which is a 2.5 ha of land. The other is 64 Devonshire Road (2.1 ha). The total area is 4.6 ha.
The zoning is RU4 – Rural Small Holdings.
The total price is $7.56 million or $162 per sqm.
This differs from traditional land banking where most of the profit goes to the developer. Instead, through the crowdfunding model, of DomaCom and KSI Investments, “investors will be able to receive some of the expected profit that traditionally has only been available to developers,” says the campaign document.
Key features: 
1. Western Sydney Airport at Badgerys Creek – 5km or 10 mins drive
2. Commercial hubs such as Penrith, Campbelltown, and Liverpool – 20km or 30 mins drive
3. Sydney CBD – 40km or 1 hour drive from Sydney CBD
4. Future regional centre, Leppington – 4km.  Leppington has been identified as a priority precinct by the NSW Planning Department and developments will include:
a. Train station
b. Supermarket and department store
c. Aquatic and sport centre
d. Community and cultural centres
e. A large integrated hospital
f. Employment for approx. 13,000 people
Rossmore precinct – only 2km away.  The future Rossmore precinct will also include:
a. Train station (location is currently under Government planning)
b. Supermarkets
c. 1 High school, 3 Primary schools, 3 Childcare centres and 15 General Practitioners.
The crowdfunding campaign is still being structured but applications are open for interested investors.
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DomaCom partners KSI Investments with crowdfunded campaign of Badgerys Creek sites

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The Sydney investment management firm KSI Investments has acquired 11.55 acres of land in Rossmore, in South-West Sydney which will be part of the Sydney Landbanking KSI Investment Fund.
The land is located 5 kilometres from the planned second airport at Badgerys Creek.
It is expected to accommodate between 110 to 140 houses once rezoned which is expected to occur over the next five to seven years. 
The deal, brokered by KSI Investments as an off market transaction includes two adjoining pieces of farm land.
It has been structured under an options contract with settlement to occur within the next six month. 
Robin Luo, CEO of KSI Investments says investing in landbanking has been traditionally limited to wealthy investors and property developers.
"However, KSI Investments has opened up this sector to retail investors via this Australian first, with a minimum of $2,000 investment under a retail managed fund structure,” Luo says.
The KSI Sydney Landbanking fund is a retail managed fund overseen by ASIC. 
KSI Investments has engaged Perpetual Australia Limited as custodian for the fund, named the Sydney Landbanking KSI Investment Fund.
The fund is able to accept investment from SMSF investors as well as private investors, companies and trusts.   
Using the investment registry services of DomaCom Limited, investors are able to trade units in the fund freely, meaning they have liquidity before the eventual land sale after rezoning occurs. 
KSI Investment, charge a 25% annual management fee and 20% performance fee on the eventual sale of the land.
<a href="https://www.domacom.com.au/public-crowdfunding-campaigns/rural-properties/badgerys-creek-land-banking/" target="_blank">DomaCom is working with KSI investments</a> to bring this Rossmore/Badgerys Creek land banking crowdfunding campaign to investors.
Once the land/campaign is acquired KSI have the skillset to manage the opportunity through subsequent phases of development to extract additional value.
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Residential landbanking crowdfunding opportunity in fringe Badgerys Creek farm

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The Federal Court of Australia has made orders appointing liquidators to companies associated with Jamie McIntyre and 21st Century land banking companies.
Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as joint liquidators to the corporate respondents to ASIC’s proceeding that commenced in August 2015.
The corporate respondents are:
Archery Road Pty Ltd (ACN 162 921 735) Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211) Secret Valley Estate Pty Ltd (ACN 602 817 532) Kingsway South Holdings Pty Ltd (ACN 159 230 976) Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393) Property Tuition Pty Ltd (ACN 129 421 281) Education Holdings Pty Ltd (ACN 129 551 917) Sourcing Property Pty Ltd (ACN 602 474 779)
Mr Wallace-Smith and Mr Woods were appointed provisional liquidators of the corporate respondents on 7 October 2015. Mr Wallace-Smith and Mr Woods stated in their report dated 15 December 2015 that each of the corporate respondents are insolvent and recommended that each should be wound up to enable a liquidator to conduct further investigations into their respective affairs and to identify any recoveries which might be made for the benefit of creditors.
The Federal Court also granted ASIC leave to seek orders at the final hearing of the matter that:
<ul>
<li>Jamie McIntyre be declared a shadow director of each of the corporate respondents; and</li>
<li>Jamie and Dennis McIntyre be disqualified from managing corporations.</li>
</ul>
The matter has been adjourned for a further directions hearing at 10:15am on Friday 8 April 2016. A date for the final hearing of the matter has not been set by the court.
McIntyre agrees to 21st Century provisional liquidation for five land banking schemes in October last year.
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ASIC appoints liquidators to 21st Century land banking companies associated with Jamie McIntyre 

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The Federal Court of Australia has set aside a resolution made by creditors of land banking developer Midland Hwy Pty Ltd  to enter into a deed of company arrangement (DOCA) and for Midland Hwy to be wound up. 
The DOCA had been proposed by Bilkurra Investments Pty Ltd.
ASIC had sought wind-up orders in public interest for a proper investigation into the affairs of Midland Hwy by independent liquidators.
Nicholas Martin and Craig Crosbie of PPB Advisory have been appointed as the liquidators of Midland Hwy.
In his judgment, his Honour Justice Beach found that the public interest required the winding up of Midland Highway, "particularly where there is no intention for any part of the business of Midland to be salvaged".  
"There is nothing concerning Bilkurra's financial position or status that would give me or the option holders any confidence that the project will proceed to completion.  Moreover, the project appears to now be in the hands of entities and persons implicated in the very transactions under which $24 million of option holders' funds have been siphoned off in shadowy circumstances and through the use of phantom like corporate structures," the judge said.
Midland Hwy was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly 'Acacia Banks'), located just outside of Bendigo, Victoria and was put into administration on 2 July 2015. At the second creditors' meeting of Midland Hwy held on 21 October 2015, creditors voted in favour of the DOCA despite the Administrators recommending the company be put into liquidation.
"This outcome demonstrates ASIC's commitment to ensuring that  DOCA arrangements proposed to be entered into under the Act are not used as a means to avoid proper investigation and scrutiny by independent persons" said ASIC Commissioner Greg Tanzer.
The move is part of ASIC's wider investigation into land banking schemes.
ASIC previously resolved proceedings against Midland Hwy to remove David Anthony Ross and Richard Albarran of Hall Chadwick as the administrators.
Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. 
Land banking companies typically promote the investment with representations of high potential returns if the land is redeveloped, or if plans for rezoning and development are finalised.
Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision.  The option agreement is triggered at a time that the necessary development is approved by the local council.
While ASIC does not regulate direct property investment, ASIC considers that land banking schemes, depending on the particular scheme, may be a managed investment scheme and/or a financial product and that the promoters of these schemes should therefore hold an Australian financial services licence and register these schemes with ASIC.
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Court orders winding up of failed land banking company Midland Hwy 

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The Federal Court today made interim orders appointing provisional liquidators to companies associated with Jamie McIntyre and 21st Century land banking companies.
Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as provisional liquidators to corporate respondents to ASIC’s legal action commenced in August 2015.
The respondents are:
<ul>
<li>Archery Road Pty Ltd (ACN 162 921 735)</li>
<li>Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)</li>
<li>Secret Valley Estate Pty Ltd (ACN 602 817 532)</li>
<li>Kingsway South Holdings Pty Ltd (ACN 159 230 976)</li>
<li>Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)</li>
<li>Property Tuition Pty Ltd (ACN 129 421 281)</li>
<li>Education Holdings Pty Ltd (ACN 129 551 917)</li>
<li>Sourcing Property Pty Ltd (ACN 602 474 779)</li>
</ul>
In addition, injunctions were made preventing all of the respondents, including Jamie McIntyre and Dennis McIntyre from promoting the five schemes ASIC is concerned about. They are: Botanica, Secret Valley Estate, Oak Valley Lakes Estate &amp; Resort, Bendigo Vineyard Estate &amp; Resort and Melbourne Grove Estate.
The provisional liquidators have been ordered to provide a report to the court, ASIC and the respondents within 42 days by November 19 reporting on a number of matters including the solvency of the companies and the schemes, any money owing to investors and the likely return to creditors of the companies.
Jamie McIntyre, Dennis McIntyre and the companies all agreed to the orders made today.
The matter returns to court for a further directions hearing on December 4. A date for the final hearing of the matter has not been set by the court.
The Scheme known as Botanica includes land located at 805 Archer Road, Kialla, Victoria 3631 and involves Archery Road Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Secret Valley Estate includes land located at 1955 Old Sydney Road, Bylands, Victoria 3762 and involves Secret Valley Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein. t
The Scheme known as Oak Valley Lakes Estate &amp; Resort includes land located at 124 Booth Road, Brookhill, Townsville Qld 4816 and involves Kingsway South Holdings Pty Ltd, Sourcing Property Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Bendigo Vineyard Estate &amp; Resort includes land located at 51 Andrews Road, Bendigo, Victoria 3551 and involves Bendigo Vineyard Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
The Scheme known as Melbourne Grove Estate includes land located at 1491 Dohertys Road, Mount Cottrell, Victoria 3024 and involves Melbourne Tarniet Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd and the investors therein.
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Jamie McIntyre agrees to 21st Century provisional liquidation for five land banking schemes

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ASIC has commenced proceedings in the Federal Court of Australia against companies associated with Jamie McIntyre and the 21st Century Group in relation to their promotion and sale of interests to investors in five land banking schemes.
ASIC alleges that the schemes are unregistered managed investment schemes and that the 21st Century Group companies and Mr McIntyre have been unlawfully carrying on an unlicensed financial services business.
The five schemes are promoted and advertised as:
<ul>
<li>Botanica, located at 805 Archer Rd, Kialla, Victoria 3631</li>
<li>Secret Valley Estate, located at  955, Old Sydney Road, Bylands, Victoria 3762</li>
<li>Oak Valley Lakes Estate &amp; Resort, located at  124 Booth Road, Brookhill, Townsville, Qld 4816.</li>
<li>Bendigo Vineyard Estate &amp; Resort, located at  51 Andrews Road, Bendigo, Victoria 3551</li>
<li>Melbourne Grove Estate, located at  1491 Dohertys Road, Mount Cottrell, Victoria 3024</li>
</ul>
ASIC understands that there are over 100 investors in the schemes, which have been promoted to investors, including through seminars, by entities associated with Mr  McIntyre's 21st Century Group. Companies associated with Mr McIntyre and the 21st Century Group are also the developers of the schemes (development companies). 
On 21 August 2015, the Federal Court of Australia accepted undertakings from each of the defendants, including Jamie McIntyre, that until further order or agreement with ASIC, they would not promote the developments, act in furtherance of the developments, receive, solicit or dispose of any funds in connection with the developments, remove any assets from Australia or charge any assets and dispose of or destroy any books and records in relation to the developments. 
The undertakings allow the defendants to make interest payments in relation to the loan entered into by Bendigo Vineyard Estate Pty Ltd for the Bendigo Vineyard Estate &amp; Resort development.
On 10 August 2015, the Federal Court accepted undertakings from Messrs Jamie and Dennis McIntyre that until 5 November 2015, they would give notice to ASIC of any travel outside of Australia and would deliver their passports to their solicitors. 
The matter has now been set down for hearing on 8 October 2015 at 10:15am.
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