National developer Time &amp; Place appears to have settled on a design for its long-anticipated Potts Point project.

After several years of back and forth with local council and the NSW Government, the developer, which has spent close to a decade targeting the former The Chimes site on Macleay Street, has now progressed its plans.

Following a concept design submission last year by SJB, Time &amp; Place has lodged a full State Significant Development Application with the NSW Government, this time for a scheme designed by Kerry Hill Architects.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="504d2a27-d65f-4227-8189-1e35e3376e62" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.38.24%E2%80%AFAM.png?VersionId=_XqFKATYHF30KnVByPxhaI9UBzmkmfn7" />

The 16-storey proposal includes 44 apartments, 21 of which will be build-to-sell. These will comprise 19 three-bedroom apartments and two four-bedroom penthouses.

More than 50 per cent of the development will be dedicated to affordable housing, with 23 one- and two-bedroom apartments delivered in line with the NSW Government’s Housing SEPP.

Kerry Hill Architects said the proposal is driven by a strong response to place.

“Our proposal for a new residential building for Potts Point in Sydney is driven by a deep consideration of place,” the practice said in its submission.

“This operates on multiple levels, including a landscape approach that reinstates endemic flora of the Sydney peninsula and provides a ground-floor garden for residents, reconnecting the site to its pre-European history. A brick podium further strengthens this relationship to context, integrating planting and fine bronze detailing that references the predominant material language of Macleay Street.”

The three-level podium will be topped by a communal resident space, featuring a covered pool designed to receive direct afternoon sun in winter, a neighbouring reflection pool, dining and event areas oriented to maximise sunset views, and an outdoor exercise zone.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="8d3eedc1-babb-44a3-bd96-d8a42f3adf1f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.37.48%E2%80%AFAM.png?VersionId=Ii7.4dvqNatu5GQi6bhqNjAswrMB998." />

The design also incorporates highly crafted shopfronts and a clearly defined residential entry to activate the street. Juliette balconies to the podium residences will provide passive surveillance and a strong sense of habitation.

Above, the larger apartments are housed within a light-coloured masonry and bronze tower.

“The tower steps back in a series of gently curved volumes that reference the rich Art Deco context of Macleay Street,” the architects said. “Carefully calibrated vertical fins frame the views while providing privacy and a sense of refuge.”

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="6fab60f4-3140-4469-b47a-48c781e0a30b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.28.44%E2%80%AFAM.png?VersionId=e5XxrM3kzdASdKlcIACHAHbOSZhSKC9O" />

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in South Melbourne.

The developer has approval for The Burke, a mixed-use project in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>&nbsp;being delivered in partnership with Woolworths. The 60 apartments, positioned above a new Woolworths supermarket, are expected to launch in the coming months. Time &amp; Place is also progressing plans for the redevelopment of&nbsp;<a href="https://www.apartments.com.au/developments/northcote-vic-3070">Northcote</a>&nbsp;Plaza, and have recently submitted plans for a <a href="https://www.apartments.com.au/news/vic/time-place-unveils-plans-22-storey-south-melbourne-tower">22-storey tower</a>, another in South Melbourne.

In&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw">Sydney</a>, the developer has two projects in Manly: Two Tides, which is currently under construction, and an ultra high-end building on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach. It is also continuing to work through the redevelopment of The Chimes building on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as Marlborough House, the redevelopment of the original David Jones warehouse building in&nbsp;<a href="https://www.apartments.com.au/developments/surry-hills-nsw-2010">Surry Hills</a>.

Joel Robinson

First look: Time & Place settles on design for The Chimes, Potts Point redevelopment

<a href="https://www.apartments.com.au/developers/develotek">Develotek</a> is joining the likes of TOGA, Deicorp, and One Global Capital, betting on a boom in Five Dock ahead of the 2032 mooted opening of the Five Dock Metro Station.

Develotek, which is currently developing Bianca on the Drummoyne waterfront and has plans approved for a tower in Chatswood, has filed a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/79-81-queens-road-five-dock-nsw-2046">two-building project in the evolving Kings Bay precinct</a>.

The buildings, one more boutique just five storeys and the other 26 storeys, will rise from an 3,158 sqm site across&nbsp;79–81 Queens Road and 2–8 Spencer Street, will home 134 one-, two-, and three-bedroom apartments, above ground-floor retail and five basement levels of parking.

A key component of the proposal is the inclusion of 15 per cent of residential floor space as in-fill affordable housing, unlocking additional height and density under the Housing SEPP.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="3ee31bf7-75ba-4bc5-b190-49885193219f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_2.png?VersionId=730UbrduuwK3C1sO28RHjiLPUPqXqjkh" />

Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, the scheme adopts a podium-and-tower configuration, with a five-storey street wall along Queens Road transitioning to a 26-storey tower set deeper into the site. The ground plane prioritises activation and permeability, with retail frontages and a new through-site link connecting Queens Road to Spencer Street.

At the upper levels, the tower façade has been conceived using a modular system to support prefabrication and reduce construction waste, while improving build efficiency. The splayed form draws on the geometry of surrounding industrial rooftops, reinterpreting the area’s heritage in a contemporary expression while also helping to reduce solar heat gain to east and west-facing apartments.

“This project aspires to transform a former industrial site into a connected, resilient and people-focused urban community, grounded in Country, shaped by history, and designed to enrich everyday life within the evolving Kings Bay Precinct,” said John Walsh, Principal at Plus Studio.

The proposal reflects the broader transformation of the Kings Bay Precinct under the Parramatta Road Corridor Urban Transformation Strategy, marking a shift from its industrial past to a higher-density, mixed-use urban neighbourhood.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="abde734c-1e31-4a97-a1d2-fa9bcf31c380" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/building%20podium.png?VersionId=fNUupP6u146yEytQT31kKVRxwtACgPpP" />

Develotek is emerging as an active participant in the state’s affordable housing-led uplift pathway. The developer recently secured approval for a 34-storey mixed-use tower in Chatswood, where it similarly leveraged the in-fill affordable housing provisions to increase scale and deliver a 101-unit scheme with dedicated affordable apartments.

Their entry into Five Dock places them alongside a growing list of developers targeting the suburb ahead of its anticipated transport uplift, with Sydney Metro set to extend into the area. Major players including TOGA, Deicorp, and One Global Capital are all progressing large-scale precinct-style developments nearby, collectively reshaping the low-rise industrial fabric into a higher-density mixed-use corridor.

The Five Dock site sits within the Kings Bay Precinct, a key renewal area under the Parramatta Road Corridor Urban Transformation Strategy, where planning controls support significant uplift tied to affordable housing delivery. The consolidated 3,158 sqm site is currently occupied by low-rise industrial uses, including warehouses and vehicle workshops, earmarked for transition.

First Look: Develotek joins in Five Dock apartment boom

Ascot’s Racecourse Road continues to be a hive of activity for Brisbane developers.

Following Fortis and GRAYA, which are both preparing new projects along the key strip connecting Kingsford Smith Drive and Eagle Farm Racecourse, local developer <a href="https://www.apartments.com.au/developers/skyhold">Skyhold</a> is the latest to lodge plans for its own development.

The group is proposing One One Two Residences, a boutique project comprising just seven apartments, named after its address at 112 Racecourse Road.

The proposal outlines a five-storey building on an 810 sqm site. The built form slightly exceeds the four-storey expectation under the neighbourhood plan, aligning instead with the emerging character of the strip. As the planning report notes, “the locality is characterised by a transition toward medium-rise residential development, with a number of recent developments… above the stipulated height limits.”

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="ec577631-8c51-4163-960e-e7b3a77d655b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot.png?VersionId=iAzQ46D4Uu1UqiS0mVnlcy9jeFKBpJIj" />

Designed by 111 with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/paul-bangay-garden-design">Paul Bangay Studio</a>, the scheme adopts a layered architectural approach with strong articulation and a subtropical response. Deep balconies, integrated planters, and a mix of masonry and textured finishes define the façade, while upper-level setbacks reduce perceived bulk. The architectural statement describes “a series of horizontally expressed layers, defined by deep balconies and a consistent robust material palette,” aimed at delivering a refined streetscape presence.

Apartments are configured as large-format residences, including multiple three-bedroom layouts and a full-floor penthouse, supported by ground-level parking. A rooftop terrace will provide communal amenities including a pool and landscaped recreation areas. The design prioritises privacy, natural ventilation, and greenery, with planting integrated across all levels to soften the building form and contribute to the public realm.

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="1e1219bd-b45a-4d7f-bbc7-7207d7b2fc94" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot%20entry.png?VersionId=JIoUOLMgQ5xWpEF0etEI3ffIoIVjD7gO" />

The proposal sits within the Racecourse Road precinct, a key mixed-use spine in Ascot that continues to attract renewed development interest.

Later this year national developer Fortis will launch its own boutique development, which, pending council approvals, will be 16 apartments designed by Koichi Takada Architects, just down the street.

“Racecourse Road is going through a massive revitalisation and we’re proud to be a part of that transformation,” said Fortis's QLD General Manager, Dan Boman.

Nearby, GRAYA is advancing its larger-scale The Gallery, a mixed-use shop-top housing project designed to act as a “catalytic project for Racecourse Road.”

First Look: Racecourse Road, Hamilton revitalization to continue as Skyhold joins the party

Twenty-five years after launching one of Australia’s most visionary and successful masterplanned beach communities - Casuarina on the Northern NSW Tweed Coast - developer Consolidated Properties Group has unveiled plans for an $800 million sister project located 10 kilometres south, at Cudgera Creek near the coastal town of Pottsville.

CPG has taken the wraps off Caldera, a 78-hectare masterplanned village that builds on the legacy of Casuarina and aims to help address Northern NSW’s coastal housing shortage via the delivery of 550 homes built in a sustainable manner and addressing affordability and housing diversity, while also focusing on architectural and ecological merit.

Caldera is being brought to life by the same creative team that delivered Casuarina, led by Consolidated Properties CEO and chairman Don O’Rorke, Hutchinson Builders chairman Scott Hutchinson and renowned urban designer Brian Toyota, of architectural practice Bureau Proberts.

CPG has lodged a rezoning application with Tweed Shire Council for the Caldera site, which has been designated since 1991 as the Dunloe Park Urban Release Area, the final land release area within the Pottsville locality and one of only four remaining growth areas along the entire Tweed coastal strip. Preliminary plans for Caldera feature a 13-hectare retail and commercial precinct at the core of the village, surrounded by meticulously planned residential areas comprising around 550 homesites.

The retail hub will be anchored by a Coles Supermarket and will offer 7000 sqm of retail and 23 commercial lots designed to serve the local community and bring together curated shopping, dining, gym, wellness, childcare, medical and other essential services.

<img alt="Cons prop" data-entity-type="file" data-entity-uuid="fca7dc71-4b71-45b1-bb04-5a60bd7158d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%208.34.04%E2%80%AFAM.png?VersionId=vAKwIvLuwmTKj6blHJRYIEeXS_8lCgUx" />

The project will create more than 1500 jobs over its development cycle, according to its economic modelling, and significantly address the shortage of employment land in the Tweed.

The residential areas will encourage a sense of community via a cohesive urban design that encourages walking, cycling, enhanced resident connectivity and reduced reliance on cars via bike paths and pedestrian-friendly streets.

Homesites will include a range of options from premium ridge-top homes to affordable housing options, ensuring a community that is inclusive of different income levels and designed to appeal to a wide demographic from baby boomers to families, singles and professionals. Architectural and planting covenants on home building will support the village’s built form and protect its character.

O’Rorke says CPG intends Caldera to be a model project delivered efficiently in a dedicated urban release area and ‘very much for this region and for this time’.

“Our vision for Caldera is to create a modern coastal village with its own unique northern NSW identity,” he said.

“Building on our legacy of Casuarina, 25 years on, this new village is designed to stand apart, offering the future of modern living, balancing the natural beauty of the region with contemporary amenities and convenience.

“Caldera will be more than just a place to live - it will be a welcoming, inclusive coastal village neighbouring Pottsville that invites visitors and embraces new residents. With its strong ties to the land, vibrant lifestyle and sense of place, Caldera will set a new standard for village living in Northern NSW.”

<img alt="CPG" data-entity-type="file" data-entity-uuid="9a5a7cf4-5f76-4ddf-bd05-c8fb77d0a787" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%208.33.59%E2%80%AFAM.png?VersionId=J1CzCGD7kE7fcAMd41V4pKAf_sI4L5Jv" />

The project’s centrepiece is environmental sustainability, with comprehensive wetlands protection measures and planting of native trees, parklands, village greens and communal grounds to enhance the natural beauty of the area.

CPG will also deliver a developer-funded wastewater treatment plant to ensure zero ocean outflows and provide high quality long-term infrastructure for Tweed Shire.

A key focus is wildlife management planning, including extensive conservation controls for the West Pottsville koala population, aligned with Tweed Shire Council’s Koala Plan of Management and designed to enhance koala habitat connectivity and future population growth.

Caldera will extend the existing koala corridor by connecting koala precincts west of the Pacific Highway with populations in the north and east precincts. A koala underpass will be created under Pottsville Road to complete the connection of this important corridor. Native tree plantings will expand essential koala food sources, while approximately eight kilometres of exclusion fencing will be constructed to safeguard the koalas from urban threats.

The Caldera site is nestled in the hills of Cudgera Creek and benefits from its rich natural surroundings including the Pottsville Wetland, Cudgera Creek Nature Reserve and nearby Pottsville Beach.

It takes its name from the surrounding Tweed Shield Volcano and Caldera, the vast bowl-shaped depression stretching from Byron Bay to the Queensland border that 20 million years ago was the world’s largest shield volcano and which has shaped the region’s striking landscape, with Mount Warning standing as one of its most iconic features.

The development is a joint venture between CPG and Pottsville Development Corporation, which made its first investment in Pottsville more than 45 years ago and is the developer of Black Rocks By the Sea, a masterplanned community now part of the fabric of Pottsville and which was the catalyst for the construction of a bridge across the Pottsville Estuary, providing direct access to the beach.

CPG’s $1.5 billion Casuarina Beach township, 10 kilometres to the north of Caldera, commenced construction in 2000 and has become the model for modern Australian, eco-sensitive beachside development.

Consolidated Properties unveils $800m coastal village Caldera in Casuarina

Growing national developer Time &amp; Place has announced its fifth new apartment development.

With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.

The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.

Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.

Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.

fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.

The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.

fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”

The new development will replace five existing two-storey homes.

“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”

Mosman has become increasingly popular with developers in recent years.

Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.

Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.

They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.

Time & Place to take on Mosman apartment market

The Ralan Group

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The creditors of collapsed apartment developer Ralan Group have voted to put its Arncliffe project into liquidation.
But off the plan buyers in its Ruby, Gold Coast towers have accepted a controversial plan that could see the company founder William O’Dwyer back in action. 
Under the proposal, Mr O’Dwyer and a yet-to-be-disclosed developer, will take control of the Ralan companies involved with the Gold Coast apartment projects. 
Ralan’s voluntary administrator, Grant Thornton’s Said ­Jahani advised against adopting the proposed revival.
At yesterday's final creditors’ meeting for The Ralan Group, Grant Thornton announced the results of the poll to either liquidate or accept the Deed of Company Agreement (DOCA) proposed by the director, Mr William O’Dwyer.
Class action lawyer Matthew Bransgrove twas reported by The Australian as noting O’Dwyer had been allowed to put forward a DOCA that was “vague in the ­extreme” and required the creditors to trust him yet again.
The majority of creditors voted in favour of the DOCA for the Gold Coast companies. The Ruby Collection in Surfers Paradise was proposed as 1600 apartments across four towers, along with the the nearby 670-unit Sapphire development. 
These companies now have 15 days to sign the Deed of Company Arrangement giving effect to the outcome of the vote.  
“As the creditors of the DOCA Entities (ie Gold Coast projects) have voted in favour of the DOCA, the onus will now be on the director, Mr O’Dwyer who proposed the DOCA to reveal the identity of the mystery developer, the location of future development sites and details of the discount mechanics for creditors to consider whether they wish to enter into new sale contracts,” Said Jahani, National Managing Partner Financial Advisory, stated.
It was a close vote.
For the 7 DOCA entities (relating to the Gold Coast projects), there were a majority in both value and number for DOCA and against liquidation for six of the entities. 
However, for one of the DOCA entities, Ralan Paradise No 2 Pty Limited there was a split vote meaning the chairman (Said Jahani) had a casting vote. 
For this entity: 112 creditors owed $60,307 voted for the DOCA but 103 (ie less) creditors owed $87,720 (ie more) voted against the DOCA. 
This vote was swayed by a single creditor with a claim of $63,000 who voted against the DOCA. 
Whilst Said Jahani recommended against the DOCA’s in the report to creditors, the Chairman’s casting vote was used to pass the resolution for the DOCA for this entity because:
1.      On a stand-alone basis there will not be any recoveries available to creditors in a liquidation for this entity.
2.      The total value of creditors in this entity are c. $382K and this equates to the value of unreleased deposits by purchasers in this entity. We currently hold in a trust account, cash of a similar value relating to the quantum of unreleased deposits from purchasers. Once these funds are returned (after allowing for costs), there will be a very small amount of creditor claims left in a liquidation. These funds will be returned regardless of whether this entity enters a DOCA or into liquidation.
3.      In casting a vote for the DOCA, the creditors who voted against the DOCA are not precluded from bringing a claim against Mr William O’Dwyer.
Jahani was conscious that the majority of creditors in the combined DOCA entities voted for the proposal - $93m (703 votes) versus $60m (570 votes).
“The Gold Coast entities all needed to vote in favour of the DOCA for it to proceed.
"Regardless of the case we made for liquidation it is the clear wish of the majority of creditors in these entities to proceed with the proposed DOCA.
"To allow this to happen, and in the knowledge that the creditors of the entity with the split vote will be no worse off, I cast my vote in favour of the DOCA for this single entity with the split vote,” Said Jahani, National Managing Partner Financial Advisory, stated.
The arrangement provides for a creditor who is owed $50,000 to purchase an apartment valued at $500,000 for $450,000.
Mr Jahani said the Australian Securities &amp; Investments Commission had been presented with Grant Thornton’s full report to assess any steps “in terms of disciplinary action or charges related to the sole director, William O’Dwyer”.
The majority of creditors voted in favour of liquidation for the Arncliffe company (Ralan Arncliffe Pty Limited). This company is now in liquidation, but is being built to completion.
The Ralan Group <a href="/news/william-odwyers-ralan-hits-voluntary-administration">went into administration in July</a> with debts of $500 million and five unfinished projects, with its mostly Australian-Chinese off the plan investors having signed contracts that released their deposits to the company in return for 15 per cent annual interest during construction.
It emerged the company had been <a href="/news/collapsed-ralan-group-was-insolvent-in-2014">trading insolvent since 2014.</a>
 
 
 
 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Ralan Arncliffe liquidated but Ruby, Surfers Paradise lives on 

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The collapsed apartment developer the Ralan Group has been operating insolvent since at least 2014.
That's the view of administrator Grant Thornton, who have submitted their final report to ASIC.
"Based on our investigations, The Ralan Group has been operating insolvent since at least 30 June 2014," the report noted.
"Our in-depth investigation has found that The Ralan Group was trading insolvent from at least February 2014 when its primary builder, Steve Nolan Construction entered into Voluntary Administration and it relied on released purchaser deposit monies to bail itself out of the financial hole.
"It never recovered from this event. At no time from 2014 onwards was The Ralan Group in a position to pay all creditors in full."
The Ralan Group, one of the country's biggest private apartment developers, <a href="/news/william-odwyers-ralan-hits-voluntary-administration">fell in to administration earlier this year</a> with estimated debts of around $500 million. Debts at collapse were $564 million.
It's been revealed banks and financiers are owed $238 million, while individuals and creditors are owed a further $241 million.
There are around 1,500 individual creditors.
Grant Thornton suggest it is difficult to say how much creditors could get back, however they estimate between "nil to two cents in the dollar."
Funds came in to the group over the last three years from lenders who provided finance, the sale of properties from completed developments and purchasers who agreed to release their deposit in return for interest of between 15 per cent and 20 per cent.
Grant Thornton believe the practice of Ralan Group boss William O'Dwyer broke the law.
"We believe there is evidence that several sections of the Corporations Act have been breached." Thornton advised.
Creditors will now be given the opportunity to consider the report at the second meeting of creditors to be held on 9 December where the future of the Group will be determined.
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jrobinson-rf4aSBido9

Collapsed Ralan Group was insolvent in 2014

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The Sydney developer B1 Group has reportedly expressed interest in resuming Ralan's four-tower Ruby Collection apartment project on the Gold Coast.
The Australian Financial Review says backing would come from B1's partner, the Hong Kong based Shimao Property.
The 1600-unit project is now the subject of a voluntary administration <a href="/news/william-odwyers-ralan-hits-voluntary-administration">following Ralan's collapse in August</a>.
While B1 was considering the site, the Gold Coast market has not found appeal with many prospective developers.
The deal is plausible if the project is sold with a high number of pre-sales intact, B1 told The Australian Financial Review. 
<div>
<div id="adspot-728x90-pos2-tablet">The project is up for tender by the project's receivers, Deloitte.</div>
</div>
<div id="endOfArticle">
The firm is also marketing the management letting rights for Ruby Apartments.
Ralan's collapse left about 1800 investors and buyers caught in the collapse.
Ralan second creditors meeting seems set to be postponed until possibly December.
</div>
In the lead-up to Ralan's $500 million collapse, founder William O'Dwyer was <a href="/news/ralan-otp-buyers-offered-15-percent-returns-in-alleged-ponzi-style-scheme">offering investors returns as high as 20 per cent, not just the previously known 15 per cent</a> if they released their deposits to the developer as unsecured loans.
The loans were being personally guaranteed by O'Dwyer.
As part of the signed contract the buyer acknowledged that he had been advised to obtain independent financial, legal and taxation advice and that they were providing an unsecured loan.
Attached to the contract were statements showing amounts of just $100 being deposited into trust accounts.
 
 
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Ralan Ruby, Surfers Paradise white knight could be B1 Group

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Construction at the apartment project, The Orchid at Arncliffe, has recommenced after non-bank lender Wingate secured funding to complete the development.
Construction was halted in August <a href="/news/william-odwyers-ralan-hits-voluntary-administration">after the Ralan Group collapsed</a> owing creditors $500 million.
The administrators Grant Thornton signalled $70 million to $80 million was needed to complete the project.
Almost two-thirds of the 318 apartments and 13 out of 36 commercial units at The Orchid were sold off-the-plan, according to Grant Thornton.
At the end of August, Ralan's secured lender Wingate appointed Deloitte as receivers and managers of the development having previously appointed Deloitte as receivers of six other Ralan companies that hold land and other assets tied to Ralan's now-scrapped Ruby and Sapphire high-rise development on the Gold Coast.
A spokeswoman for Wingate confirmed that construction recommenced at The Orchid in late August "with the current program tracking towards completion by mid-2020".
"The development is approximately 50 per cent complete," she said.
"Richard Crookes Constructions is continuing as the builder of the development with work on site progressing well with [on average] 165 workers on site each day in the past week," she said. "Details regarding the financing of the development are commercial in-confidence."
At the same time as construction restarted at The Orchid, Deloitte, as receivers, has appointed ResortBrokers to sell management rights to the only completed tower at Ralan's now mothballed four-tower Ruby Collection project on behalf of Wingate. The 30-level tower was completed last November and includes 230 apartments.
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The Orchid, Arncliffe resumes construction after Ralan collapse

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It is easy to get caught up in the excitement of purchasing a new apartment, particularly when you are presented with beautiful, stylish, modern designs.
It's the same whether you are a first time buyer right through to the downsizer.
But you cannot let your excitement get in the way of doing proper due diligence, or it can really cost you, Parramatta Stacks solicitor, Zohra Ali warned this week.
Ali suggests that off the plan (OTP) buyers can never be too careful.
The risks involved in off the plan purchasing emerged recently after the collapse of the Sydney-based Ralan Group, the longtime apartment developer.
It has left hundreds of apartment buyers at risk of losing their deposits for their intended Arncliffe acquisitions.
Like other off the plan purchasers they put forward a deposit - generally being 10 percent - before their property has been built. But these Arncliffe buyers went further and released their deposit for the developer who'd promised a high rate of return during the intervening period. 
The apartment buyers who have released their deposits will be considered as unsecured creditors, ranking behind secured lenders the ATO, Westpac, NAB, St George, Wingate Group and Balmain NB Commercial Mortgages. 
Not all off the plan contracts present the same level of risk, and as with all investments, there are important things to research.
Ali says off the plan buyers should seek independent legal advice as well as financial advice prior to signing off.
"Ultimately an off the plan buyer is purchasing something that does not exist yet," Ali noted.
She points out there are many players involved from the time of signing the contract to having it ready for settlement, including the developer, council, valuers, builders and certifiers.
"With so many players involved, it only follows that the risk of something going wrong increases exponentially to when purchasing an already built home."
An already built home is a fairly simple process – but does often involve the cautionary pest and building inspection reports during the cooling off period.
Your lawyer can help you assess the risk level of entering into an off the plan transaction by undertaking some due diligence on the proposed developer and also the builder whose bankrupcy could see construction halted indefinitely.
Ali says she wouldn't ever contenance a client releasing the deposit in an OTP situation.
"There is no reason for why a deposit should be released to a developer, and if anything, the request should serve as a red flag as to the developer’s financial situation.
"What happened to Ralan is a perfect example of what can happen if your deposit is not sitting safely in a trust account."
She describes the situation that the Ralan buyers have found themselves in was "a terrible situation."
"It will definitely take a large, financial toll on the affected families.
"To face losing your deposit this way, and at a time where the market is at a downturn and is otherwise the perfect time for a first home buyer to purchase, would be absolutely devastating."  
Ali adds even if you do all the due diligence, and ensure that you go with a reputable developer, somethings can still go wrong.
After all developers cannot predict what state the property market and lending standards are going to be in in the future.
This article was first published in the Daily Telegraph.
 
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Ralan collapse shows off the plan buyers need genuine independent legal and financial advice 

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Some 800 anxious off-the-plan buyers of apartment in incomplete Ralan Group projects didn’t get heartening news when they attended the creditors meeting in Sydney.
The over whelming majority of buyers had allowed their deposits - that ranged from the standard 10 per cent up to 20 percent - to be released to the developer in return for 15 percent interest rates on the funds during the construction phase.
They have a small hope of getting their deposit back although not any time soon amid the <a href="/news/william-odwyers-ralan-hits-voluntary-administration">$500 million company collapse</a>.
The first creditors’ meeting was not attended by William O’Dwyer, the founder of Ralan who had promoted its projects heavily among the Chinese-speaking community.
It emerged a Sydney law firm has taken up the fight on behalf of the apartment buyers. 
Matthew Bransgrove, who heads up Bransgroves Lawyers, a firm specialising in mortgage lending litigation, was now representing Ralan investors who had released their deposits to the developer as unsecured loans.
"We are currently investigating whether it will be possible to recover the funds through legal action against either the secured creditors or the solicitors who acted for the investors," he indicated.
Bransgrove said the 15 percent interest rate being offered suggested "Ralan was operating a Ponzi scheme (in as much as the money raised from investors was being used to pay interest to other investors)."
"In the absence of a prospectus there was no way for the investors to ascertain or judge the risk involved.
"Ralan required but did not hold a AFSL licence to issue debentures.
"In borrowing the deposits from the investors Ralan was issuing debentures."
There are 1200 apartment buyers in Ralan’s Sydney and Gold Coast apartment towers among the 1800 creditors of the collapsed property developer, according to voluntary administrator Grant Thornton.
The failed developer which entered administration in late July owes at least $500 million to its creditors.
Details of the creditors’ identities shows Queensland’s Hutchinson Builders is owed $5.5m.
Grant Thornton said there were five apartment towers affected by the Ralan collapse.
They are The Orchid at Arncliffe, a long-dormant site near Sydney Airport, along with Ruby Tower 2, Ruby Tower 3, Ruby Tower 4 and Sapphire on the Gold Coast.
Grant Thornton said The Orchid, which fronts 213 Princes Highway, Arncliffe, was the only apartment tower under construction and it was in discussions with the relevant stakeholders.
Lawyer James Feng was at the meeting to represent clients who had bought into the Orchid, the incomplete 318-five tower apartment project, in 2014.
He hoped the buyers would be able to keep their purchase alive as there had been considerable price appreciation.
They had hoped it would be settled by early next year.
Said Jahani at Grant Thornton Australia said the administrators would explore whether future buyer or developers would honour the purchaser’s sale contracts but this remained uncertain.
“Purchasers may receive their deposit back if their funds are still held in a separate trust account,” he said.
One Ralan buyer Shirley Han at Roseville had known of Ralan for more than decade. She resides in a Ralan project at Roseville and has another investment at Warawee.
"They sold like hot cakes," she said.
"I don't think it is a con," she said.
"I am suffering but so too are all the workers at Ralan," she added.
Some of those who attended the meeting were the sales team who had worked for Ralan on commission-only sales contracts for years, and had also invested themselves in the off-the-plan apartments taking their apartments in lieu of regular income.
The NSW state government has indicated it was moving to ensure that off the plan apartment deposits won’t be able to be accessed prematurely by property developers.
New legislation would safeguard deposits within the trust funds of solicitors/conveyancers, estate agents or the public trustee.
The legislation passed parliament last November, but the regulations have been ­delayed and not expected until later this year at the earliest.
This article was first published in the Daily Telegraph.
 
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Ralan OTP buyers offered 15 percent returns in alleged Ponzi style scheme

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Buyers in a Sydney apartment block being built by the failed Ralan Group have been told deposits from their off-the-plan purchases have likely already been spent.
The administrator of the collapsed apartment developer is ascertaining the whereabouts of hundreds of deposits for the Arncliffe block and the Ruby at Surfers Paradise.
The semi-complete development, Orchid, was expected to be the showpiece of the private property developer company which fell into voluntary administration earlier this week estimated to owe cred­itors $500 million.
“The development is currently on time with a good proportion of pre-sales,” the administrators Grant Thornton advised yesterday.
But the administrators also noted their “initial estimate is that there is a significant ­deficiency owing to purchasers who elected to release their ­deposit.” Grant Thornton are investigating whether the “side agreements” had effectively granted use of the funds to Ralan as unsecured loans.
It is not usual practice for off-the-plan buyers to release their 10 per cent deposits with most developers instead ­safeguarding the money in trust funds.
“It is uncertain how much, if any, of your deposit you may receive back if you had agreed to release it as an unsecured loan,” the administrators told anxious Arncliffe buyers.
“We are currently in discussion with the relevant stakeholders about next steps regarding the development.
“We believe that the majority, if not all, of the deposits ­released have been used to fund the expenses of the group, including payment of interest on unsecured loans.
“The administrators will be undertaking an investigation into the group’s financial position to establish how these funds have been used and whether any recoveries can be made in the future that will be available to pay you back.”
It is not known what sale prices were achieved but realestate.com.au puts the average Arncliffe apartment price at $630,000, suggesting the deposits could average $63,000.
“If a purchaser did not elect to release their deposit, it is our understanding these funds are being held in the group’s trust account,” Grant Thornton’s Said Jahani advised the 1200 off-the-plan buyers.
The Ralan Group applied in 2014 to build seven apartment towers for the $132 million project on the Princes Hwy.
This article was first published in the Daily Telegraph.
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Off the plan deposits in Ralan Group apartment projects not kept in trust funds

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The Ralan Group, one of the country's biggest private apartment developers, has fallen into administration with debts estimated at around $500 million. 
Falling victim to sluggish unit prices amid a tough sales environment, the collapse will trigger job losses in the already east coast contracting construction industry.
Grant Thornton have been appointed to the group’s 58 companies, which undertakes developments of apartments across Sydney and serviced apartments on the Gold Coast.
The group's current project is 213 Princes Highway, Arncliffe (above) <a href="/buildings/bloom-arncliffe-213-princes-highway-arncliffe">designed by Stephen Bowers Architects</a>.
The project is backed by Westpac and the Melbourne-based non-bank lender Wingate.
Its head office was in Chatswood. 
The first creditors meeting will be held in Sydney on August 9.
The little known company founder, the Welsh-born William O’Dwyer, 53, is Bellevue Hill based where he owns a $5.7 million home.
He has been involved in the development of property since 1993, then founding The Ralan Group in 1998. 
<div dir="ltr">He prided himself of "maintaining a hands on approach to each and every Ralan project."</div>
The Ralan Group currently has a development pipeline of over 3,000 residential units which are in the construction or pre-sale stage.
The administrators are undertaking an urgent financial assessment of the group. 
“In terms of the operating businesses within the group, it is as far as possible, business as usual.
"We are working closely with key stakeholders to identify and preserve value for creditors,” said Said Jahani from Grant Thornton Australia.
Ralan sought to develop up to 600 apartments annually, concentrating on Sydney. At one staged Ralan had 11 sites underway on the North Shore, including a $13 million site in Killara. 
In 2015, he spent $95 million on Surfers Paradise properties and quickly becoming one of the Gold Coast’s biggest landholders. 
His big ongoing project was a $1.4 billion integrated residential and resort precinct at Surfers Paradise, the Ruby which was potentially set to span an entire city block.  
It was reported last year that Ruby buyers were facing difficulty in securing loan applications following a decline in valuation of up to 30 per cent.
Ralan's recent site purchases in Sydney included Turramurra where after spending $1.8 million on a 5,900 sqm site, it completed a six level, 83 apartment complex. 
There have been projects in Camperdown, Rhodes, Mascot, Wahroonga, Concord and Beaconsfield over the last two decades.
The collapse of Ralan is the latest of builders and developers experiencing financial difficulties since the property market slowdown began in 2017.
Martin North, from consultancy firm Digital Finance analytics, says there is "more bad news to come for developers."
He noted the slump in apartment demand arose from less buying interest from investors and foreign buyers, along with tighter lending criteria.
There was also concerns of buyers of off plan apartments who are not able or willing to complete purchases, North said.  
Just three years ago Ralan sold almost 100 in Lindfield and Roseville within 21 days of registering the strata plan.
“It’s obvious the demand is there and it’s obvious Australians are still having a love affair with property in Sydney,” Mr O'Dwyer suggested.
This article was first published in the Daily Telegraph.
 
 
 
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