<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

New Developments

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If you are thinking of developing property then you will need to have a good understanding of construction finance.
As property developers, most of our clients like to highly gear their lending. That means, using as much funding from others to pay the builder rather than use their own cash reserves.
However, you may like to use a line of credit (LOC) set up against another property and/or cash on hand to fund your development. It will depend on your own situation and strategy.
You will require some cash to put into the deal of course for deposits on the land purchase and on the construction loan.  The loan to value ratio (LVR) will vary from lender to lender from just 50% up to 95% with lender's mortgage insurance (LMI).
What Is a Construction Loan?
A construction loan is specifically intended to be used to pay for the construction of new dwellings. The loan will be finalised once you have provided your lender with a number of documents including the DA consent for your project, the construction certificate, council stamped plans and your signed builder's contract.
If you are not sure who to use for construction lending, a good starting point is a mortgage broker. They will look at your individual situation and advise the right lender for you. 
However, make sure you do your finance due diligence before you buy the land/property you intend to develop. It's important the lender you use to finance the purchase of the land/initial property also offers construction loans as not all lenders do. You can brief your broker to only present lenders who offer construction loans.  Early identification of any issues that may impact on your lending, will mean a smoother process once your development application is approved.
Understanding the process
In the builder's contract there will be a draw down schedule. Some banks will accept this and others may ask for it to be changed to suit their policy.  Once your lender gives you unconditional finance approval, they will send a letter to the builder authorising the commencement of construction work.
The first drawdown or payment to your bank will be required after the slab or slabs are laid.  
The second due after frames and trusses are erected.
The third is typically due after brickwork, windows and roof coverings are completed.
The fourth payment will be paid after the internal linings (insulation, plasterboard or internal concrete walls, ceilings) and timber mould out or fit out. This includes timber architraves, skirtings and doors. This can be known also as 'lock up' stage.
The last payment is due after a practical completion inspection is done and you are happy the builder has completed all (but some minor touch ups which they usually have seven days to complete). Your bank will send a valuer out to check that all works have been completed before they pay the final payment to your bank.
At Property Bloom, our role is to ensure the builder meets these milestones before we instruct our client to authorize all payments. We also oversee any credits that may be due to our clients and variations that may be required. It's important property developers do hold a contingency fund for any unforeseen works that may be required that aren't included in the builder's contract. For example, rock excavation is almost always an excluded item and mostly cannot be determined until the site works commence.
It is also possible for you to take out a construction loan for the renovation of your existing home or an investment property. However, the process of applying for a construction loan for renovations may differ to that of construction lending on new dwellings, so be sure to check this with your lender.
What do you need to submit in your application for construction lending?
The more you understand what banks are looking for before you apply for a construction loan, the better this can play out for your development and make the processes as smooth as possible.
We've had some situations where the bank has taken literally six months to process and finalise a construction loan. This is not good for property developers because our main goal is to complete our project as quickly and efficiently as possible. If you are waiting this long before you can start to build, then holding costs can eat into your profit. Here's <a href="https://www.mortgagechoice.com.au/media/2590560/Construction-loans.pdf">a good overview</a> on what you will need to have ready to submit to your lender to ensure a successful loan application as well as required repayments.
Being financially prepared is just as important for property developers as doing your due diligence on the right location for your development and using the right builder.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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jochivers-wq5Bp59R5a

Financial preparation is just as important as due diligence for property developers

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A new 20-storey hotel appears to be under consideration for the spot between Parliament House and the Adelaide Casino, as part of the revitalization of the Riverbank area.
According to The Advertiser, property developer Lang Walker is looking to build a hotel and a one-to-two storey building that includes restaurants, bars and cafes, next to Parliament House.
At present, the site is a service road.
The Advertiser reports that sources suggest the proposal was developed within government, with construction able to occur within 12 months if there is support from the community.
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jduke-EHk3XBmHkn

Lang Walker looks to build 20-storey Adelaide hotel near casino

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The world's first kilometre tall highrise is to set to start construction later this year. 
Saudi Arabia's Kingdom Tower in Jeddah, Saudi Arabia designed by Adrian Smith + Gordon Gill Architecture, will boast a number of world firsts, including 56 of the world's fastest elevators. It's expected to be completed in 2018 at a cost of $US1.23 billion.
It will overtake the Burj Khalifa, in Dubai and which Adrian Smith had previously worked on, as the tallest building by 173 metres.
The Kingdom Tower will include hotels, offices, apartments and an observation spot and will be cheaper per square metre than its tallest predecessor.
<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/2014/08/14/140707%20Kingdom%20Tower%20versus%20the%20London%20skyline%20graphic.jpg" alt="">
In an interview with Saudi Arabian newspaper Al Sharq, Prince Al-Waleed bin Talal said that it will be part of a larger 3,500,000 square metres of real estate.
"The Kingdom Tower will be a milestone in this project, because it will boost the value of the rest of the property," he said. Bin Talal said that they expect a return on investment over a period of 10 years.  
Asked by Al Sharq about Burj Khalifa's difficulty in finding tenants, bin Talal said that the development sold out and the developers got their money.
"It is the new owners who are not able to find tenants. The hotel there does very well," he said. "The problem is that Dubai faced a crisis of its own excess, add to that the crisis that hit the global banking sector in 2008, and add a new economic crisis faced by many countries around the world such as Greece, Italy and others. All these factors weighed heavily on the shoulders of the real estate market in Dubai."
Kingdom Tower continues the trend of “supertall” highrises over 300 metres. 
More than 50% of buildings over 300 metres in height have been built in the last four years, with just one, the Gold Coast's Q1, in Australia. The Eureka Tower in Melbourne falls just short of the classification at 297 metres.
The Middle East and Asia accounts for 90% of "supertall" projects, including the Kingdom Tower.
By 2020, the average total height of the top 20 tallest buildings globally is expected to be around 600 metres. 
Interestingly, these highrises bring their own challenges. In Australia, <a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">n</a><a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">ew multi storey towers were recently suggested for a number of areas of Sydney under zoning changes</a>. This is likely to prompt plenty of community opposition, despite no suggestion they will be one kilometre tall, record breaking offerings.
Insurance is also a challenge when it comes to the super highrises. Allianz Global Corporate &amp; Speciality (AGCS), who were also the insurer of the Gold Coast’s Q1, have created a Supertall Buildings Risk Bulletin detailing the challenges.
AGCS regional manager engineering, Ronan Gallgher, said that insurance has a huge role in managing the complex risks of these projects.
“One of the biggest challenges of such developments relates to safety and the success of the design because many materials are being used at the limits of their performance capability,” he said.
Photos courtesy of Adrian Smith + Gordon Gill Architecture.
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Kingdom Tower, one kilometre into the sky: New tallest highrise, new challenges

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Harry Triguboff’s Meriton Group has bought the DEXUS Property Group business park in Rosebery spending $190 million for the 4.9-hectare offering.
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DEXUS Property Group sold <a href="https://www.realcommercial.com.au/property-offices-nsw-rosebery-5497126" target="_blank">5-13 Rosebery Avenue</a> (pictured above) and 25-55 Rothschild Avenue in Rosebery, Sydney, with trading profits to be realised in FY15 and FY16. 
It is expected that the sale will contribute approximately $17 million to FY15 trading profits and materially increase trading profits in FY16 contributing approximately $74 million pre-tax. 
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The business park which had a book value of about $100 million was sold through JLL’s Michael Fenton, Sam Brewer and Blair Peterken.
Meriton now has 14,000 units in its pipeline as more than 1000 apartments will be built at the 4.9-hectare site.
There are eight mature Hills Fig trees on the boundary of 5-13 Rosebery Avenue with City of Sydney studies having identified these trees as a local landmark and as a defining feature of the precinct. 
5-13 Rosebery Avenue is a recently refurbished, 10 level office building within close proximity to Southern Cross Drive, the Eastern Distributor and Sydney Kingsford Smith airport.
During the year DEXUS undertook a total of $5.4 billion transactions across the group, including the joint acquisition of the $3.4 billion CPA portfolio with CPPIB. 
The CPA transaction, completed in April 2014, increased the value of the office portfolio to $7.6 billion.
DEXUS today announced its 30 June 2014 results. 
Dexus Property Group said its full-year net profit fell to $406 million. Revenue in the year rose 7.2% to $700 million.
In FY15, DEXUS has a trading profit target of $40 million.
DEXUS chief Darren Steinberg said it had progressed the sale of 40 Market Street, Melbourne which is expected to contribute to FY15 trading profits.
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Amid heritage fig trees Meriton spends $190 million on DEXUS Rosebery business park

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A new library is coming to Green Square Town Centre and it boasts something a little different – a lot of it is underground.
The detailed designs have been submitted as part of the DA and integrate the library with the ground level plaza. It includes a sunken garden, an ampitheatre that seats up to 160 people, and a glass 15 metre entrance.
The library is a seven storey tower and will contain an acoustically-designed music room, community function room, two levels of reading rooms and a technology suite.
The design, as can be seen in the pictures above, is from Sydney-based designers Felicity Stewart and Matt Hollenstein, in associate with Stewart Architecture, who won the City of Sydney’s international design competition for both the library and the plaza.
The Green Square Town Centre, spanning 14 hectares of land next to Green Square railway station, is part of a 278 hectare urban redevelopment area. An estimated $8 billion is being funneled into apartments and facilities for an expected 53,000 new residents by 2030.
Lord Mayor Clover Moore said that Green Square is the fastest growing village in the City of Sydney, and the facilities will be much used by the residents..
“This important project is quickly taking shape and I’m delighted to see how these plans have been refined and improved,” she said.
The cost of the library and plaza are estimated at $47 million, and are part of $440 million being invested by the City of Sydney into Green Square. Work will commence next year.
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What an underground library looks like: Green Square, Sydney

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China’s richest man, Wang Jianlin, has committed $HK12.5 billion ($1.7 billion) to invest in Australian real estate including the construction of the Jewel, a $900 million beachfront resort on the Gold Coast.
Mr Wang, the chairman of the Hong Kong-listed Wanda Group, made the announcement to the Hong Kong Stock Exchange yesterday.
The Jewel project has approval for a triple-tower project on a 1.13 hectare site, including 110 metres of beachfront, in Surfers Paradise.
It expects the total capital commitment by Wanda to be $290 million.
As recently reported in Property Observer, the Wanda Group had been <a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">finalising plans to take what emerged as </a><a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">a 55% stake in the joint ventur</a>e.
Mr Wang, who holds top spot on the Forbes China Rich List, recently visited the Trade and Investment Minister Andrew Robb.
Property Observer gathers Mr Wang gifted Prime Minister Tony Abbott with an authentic Auratic china tea set and some Tong Quing Hao tea which is now in use at the Lodge in Canberra. 
Wanda Group said it would pay for The Jewel through internal resources and a mixture of debt and equity. 
The remaining stake will be held by the <a href="/news/ridong-billionaire-riyu-li-buys-bellagio-la-villa-the-gold-coast-hinterland-mansion">Ridong Group’s Riyu Li</a> and Fengliu Wu, the partners having granted unconditional put and call options.
“The board believes that given the unique location of the Jewel property and its unobstructed waterfront views along the Surfers Paradise of Gold Coast, the company is confident it can maximise the development value of the Jewel property and generate attractive returns on this investment,” it said.
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After cup of tea for PM Abbott, Wang Jianlin commits to Jewel, Surfers Paradise development

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As more people live in apartments there’s a greater focus on balconies.
In urban environments it’s clear that there’s demand for outdoor space, both private and public. For inner city apartment dwellers <a href="/expert-insights/buying/balconies-are-the-new-backyards">access to both is important and the market is responding</a>.
The balcony has for some time now been seen as an extra living room and is starting to become as important as the kitchen or living room. Buyers are increasingly more alert to a balcony’s aspect, whether it’s sunny or in the shade, is the balcony private, a good space to have a coffee, a wine or a meal or just sit and watch the clouds fly buy.
As apartments are getting smaller, buyers see this area as a place to relax after work, an important extension of their living space. Reflecting this trend there’s also a big increase in the variety and quality of furnishing that’s available to enhance the balcony space, it’s now very fashionable.
As more detailed attention is being paid to outdoor space in development projects, what are some of the key points to consider and are there any pitfalls?
I previously suggested the idea of thinking about balconies from three aspects – pets, plants and people. I if all three thrive then the balcony must be pretty well designed. From a down to earth view I think buyers will also consider – access, climate, privacy, views, services, storage and the environment.
Access is really important. Possibly the most popular layouts allow an apartment’s internal and external spaces to merge together to give the owner one big space. And another plus is when multiple rooms have balcony access. These designs are very different from those of the 1960s and 70s when you might have only been able to squeeze through one single door to the balcony.
Climate is another big issue. For the space to be comfortable to use all year round the design needs to pay attention to climate, so the space is not too hot, not wet or a spot where you’ll be blown off your feet in the wind. These points are common sense, but should not be overlooked otherwise valuable space for any buyer can be compromised. Covered north-facing are great, but not every apartment can have just one aspect and so this is why planning now takes the function of the balcony into account.
Views are also important. As areas have to accommodate more density, we need to consider how a view works in terms of privacy. The use of external shutters both fixed and movable designs are now commonly used and they do help to make balcony spaces much more inviting and private. I know that off the plan buyers are always keen to fully understand the views from their balcony – it’s an area that gets a lot of their attention.
As balconies are becoming more a part of daily living space then they need to have good services, drainage, electricity, gas and water and something that is less common, storage. However all these services have not always been provided. Trying to get the best use of a balcony can be limited if there’s no water or gas supply.
Today’s buyers have become very alert to having these basic service items. And while storage, in particular storage cupboards, are not common it’s a good idea and it can help to keep balcony areas tidy and presentable.
Article continues on the next page. Please click below.
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But There Can Be Some Areas Of Conflict
Thinking of tidy balconies, with all of the pluses associated with these spaces, they can also become areas of conflict and this does place greater pressure on owners, strata managers and the body corporate.
Clothes drying, smoking, storage and the humble BBQ can be areas of conflict. Smoking on balconies remains an issue and stronger rules and restrictions are possibly on their way with the stalled review of NSW strata laws.
With higher energy costs and greater environmental awareness, to many it is reassuring that balconies can be used to hang out the washing. Yes, there are rules and limits and so privacy shutters can come in handy. However, this is another area where legislation is lagging and rules are up for clarification.
Private and Public Space in Demand
In almost every city there is demand for things outdoors, be that a balcony for a new Sydney apartment, a roof top pocket garden in London or Paris, or a few square metres of outdoor space attached to a New York apartment.
The quest for private outdoor space is always there, even in a booming real estate market. While a stunning city or harbour view might be out of reach for the average buyer, securing a private outdoor space is always ticked as a desirable option, space for a deck chair and a spot for al fresco dining is clearly a shared aspiration.
So far I have been looking at the importance of private space for the average apartment owner that’s a balcony and how the everyday use and design of this important space is evolving. But there is another aspect to this subject and that is access to public and communal space.
In areas where there is major development, we see what a positive impact new parks and open spaces have. Good examples include Brisbane’s now well established South Bank and soon in Sydney Barangaroo’s Headland Park will be a new public space covering six-hectares of harbour foreshore park. While it will be a space for the entire city it’s a good example of what we now expect from our public parks with space for all sorts of daily recreation, grassed areas, lookouts, walking and cycle paths, and a new harbour cove.
Then much further afield we have perhaps the ultimate example of a modern urban public space in Singapore’s Gardens By The Bay, supported by a huge capital investment and run with the assistance of 10,000 hours of volunteer labour. While in Philadelphia a new 5000 square metre mega roof garden is taking shape as part of a new development there.
There’s no shortage of evidence that as more of us are now apartment dwellers, private and public outdoor space is very important and the humble balcony is transforming as a public space and delivers some stunning options.
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The evolution of the balcony: A public and private space that delivers some stunning options

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Malaysian developer Mammoth has paid $12.3 million for its third development site in Melbourne.
It is a 2,271-square-metre site on Wreckyn Street in North Melbourne which was sold by the veterinary organisation, Lort Smith Animal Hospital.
With 10 bidding parties, the $5,416 a square metre sale price was a new record for a pure land acquisition in North Melbourne. 
However earlier this month, a Chinese investor with unknown intentions <a href="/expert-insights/investing/chinese-buyer-pays-32-over-reserve-a-record-land-rate-for-north-melbourne-office-site">paid $6,358 a square metre when paying $13.2 million for a 2076 square metre office building bloc</a>k at 13-21 Bedford Street, North Melbourne. 
Mammoth’s 55-level MY80 Elizabeth Street with 487 apartments is due for imminent completion.
Empire, its second high-rise apartment block, with 474 apartments over 61 levels, is due for construction commencement with 60 remaining for purchase.
The delayed settlement sale was through CBRE with Charter Keck Cramer acting as the transaction ­manager.
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Malaysian property developer Mammoth purchases North Melbourne site

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Arden Group has chosen Hutchinson Builders to build Jade, their $200 million development in Queensland’s Albion.
<a href="/expert-insights/buying/arden-group-launches-200-million-albion-development">Jade</a>, located on Burdett Street, is expected to be completed by 2015, and includes one, two and three bedroom apartments from 60 square metres to 160 square metres, from $392,000 to $990,000.
Arden Group director Steven Walsh said that the commencement of construction indicates the beginning of the urban renewal of the inner north suburb precinct that will grow in lifestyle and residential attractions.
In total there will be 350 apartments across the Sage, Fern, Jasmine and Lotus buildings.
“We are delighted to have Hutchinson Builders on board and are looking forward to working with them to deliver the high quality and affordable apartment product in Albion,” Walsh said.
It includes a 22 metre lap-pool, three park areas, a spa and a gym, and spans a 1.4 hectare site.
Each apartment has at least one car parking space, some have two, and 50 or more visitor parking spaces will be included.
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Builder chosen for $200 million Albion, Brisbane development

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Further sales were secured in the Parramatta apartment project Promenade through Savills Residential Projects.
It has sold 115 of the 153 apartments in building three at Promenade, a five hectare site which is being developed by Starryland Australia, the local arm of the giant Chinese property group, Fuxing Huiyu Real Estate Company Ltd.
Prices ranged from $440,000, for a one-bedroom apartment. 
The apartments in building three comprised: 
<ul>
<li>(6)  one-bedrooms (44 – 49 square metres) from $440,000</li>
<li>(17) one-bedrooms plus study (46 – 69 square metre) from $465,000 </li>
<li>(125) two-bedrooms (63 – 98 square metres) from $585,000, and</li>
<li>(5) three-bedrooms (83 – 112 square metres) from $850,000</li>
</ul>
Fewer than 40 apartments remain for sale.
Buyers, who registered their interest with a $3,000 refundable deposit, were invited to attend the launch last Saturday morning.
Irene Lau, from Savills Residential Projects, said more than 70% of purchasers were owner-occupiers.  Promenade‘s initial two buildings of 124 apartments sold out over one weekend in May. 
 Both buildings are currently under construction with completion in late 2016.
Located in Morton Street just 1.2 kilometres east of the city centre, Promenade will have 1.2 hectares of landscaped foreshore open space, a proposed pedestrian bridge across the river and an extensive walking and cycling network.  James Swete, the sales and marketing director of Starryland Australia, said Promenade would provide resort-style living. 
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