REAL ESTATE DEVELOPERS – AUSTRALIA

Day departs the house as home-building dreams turn to nightmare

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Original article by Ben Butler, Samantha Hutchins, Rick Wallace
The Australian – Page: 1 & 5 : 18-Oct-16

Family First senator Bob Day has resigned from Parliament after his residential development company, Home Australia, was placed in the hands of liquidators from McGrathNicol. The collapse has affected 207 unfinished homes in five states, and the liquidators will seek to have other builders complete these homes. Day has apologised to affected customers and conceded that he will lose his own home, as he had provided a personal guarantee for Home Australia’s debts. He has committed to repaying all of the company’s debts.

CORPORATES
FAMILY FIRST PARTY AUSTRALIA LIMITED, HOME AUSTRALIA PTY LTD, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, GOSHEN CAPITAL RESOURCES, HSBC HOLDINGS PLC, QBE INSURANCE GROUP LIMITED – ASX QBE

Nylex site battle heads to court

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 34 : 22-Sep-16

The refusal by Heritage Victoria to allow Caydon Property to demolish some elements of the historic Nylex maltings site along the Yarra river in Melbourne has resulted in legal action. Caydon took the matter to the Victorian Supreme Court, frustrated that it could not proceed with its plans to develop the 1.1 hectare site into an apartment, office and entertainment precinct.

CORPORATES
CAYDON PROPERTY PTY LTD, SUPREME COURT OF VICTORIA, CITY OF YARRA, CAYDON PROPERTY PTY LTD, HERITAGE VICTORIA, VICTORIA. CIVIL AND ADMINISTRATIVE TRIBUNAL

Developers will cut jobs if Labor wins

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Original article by Michael Bleby
The Australian Financial Review – Page: 6 : 27-Jun-16

Research by the Urban Development Institute of Australia has found that the Federal Opposition’s proposed changes to the negative gearing regime would prompt many residential property developers to shed staff and build fewer homes. The survey also found that 72 per cent of respondents expect that rents would rise as a result of the changes to negative gearing, while more than 50 per cent expect that house prices would fall.

CORPORATES
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA, AUSTRALIAN LABOR PARTY, SQM RESEARCH PTY LTD, PROPERTY COUNCIL OF AUSTRALIA LIMITED, THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, STOCKLAND – ASX SGP, NATIONAL SHELTER

Melbourne ‘not oversupplied’

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 33 : 24-Jun-16

Asian Pacific Group CEO Will Deague claims that there is no oversupply of apartments in Melbourne, and in fact not enough apartments are being built in the Victorian capital. Asian Pacific Group’s Melbourne developments include the Whitehorse Towers apartment project in Box Hill and the Collins House project in the CBD. The latter is a joint project with another developer.

CORPORATES
ASIAN PACIFIC GROUP PTY LTD, FAR EAST CONSORTIUM HOLDINGS (AUSTRALIA) PTY LTD, PONTIAC LAND GROUP

Developers risk $100k loss on each apartment: report

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 37 : 24-May-16

Secret Agent director Paul Osborne notes that there is growing concern among apartment developers that some buyers will default prior to settlement. He says this has been prompted by moves by the banks to restrict lending to offshore property investors. Secret Agent, a buyers’ advocate firm, estimates that an off-the-plan developer could lose more than $A100,000 on a two-bedroom apartment in Melbourne if the buyer defaults.

CORPORATES
SECRET AGENT PROPERTY SERVICES, MACQUARIE BANK LIMITED – ASX MBL, CBRE PTY LTD, OLIVER HUME REAL ESTATE GROUP PTY LTD, CORELOGIC AUSTRALIA PTY LTD

Lend Lease bets big on urban renewal

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Original article by Turi Condon
The Australian – Page: 26 : 18-Feb-16

Lend Lease Group has posted a 2015-16 interim net profit of $A353.8m, which is 12 per cent higher than previously. The property developer’s residential pre-sales rose by 49 per cent to $A5.4bn, and funds under management increased by 26 per cent to $A22bn. CFO Tony Lombardo will succeed Rod Leaver as the CEO of Lend Lease’s Asian business, and Tarun Gupta will take on the role of CFO. Lend Lease shares rose by $A0.57 to $A12.84 on 17 February 2016.

CORPORATES
LEND LEASE GROUP LIMITED – ASX LLC, MACQUARIE GROUP LIMITED – ASX MQG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Mirvac points to issues across both sectors

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Original article by Matthew Cranston
The Australian Financial Review – Page: 33 : 12-Feb-16

Mirvac Group has posted a 2015-16 interim net profit of $A472.7m, which is 69 per cent higher than previously. The result was bolstered by a $A289.3m rise in the value of the group’s portfolio of investment properties. Mirvac still expects to pay a full-year distribution of between $A0.097 and $A0.099 per stapled security. Meanwhile, CEO Susan Lloyd-Hurwitz forecasts that growth in residential property prices will slow and sales volumes will fall.

CORPORATES
MIRVAC GROUP – ASX MGR, MORGAN STANLEY AUSTRALIA LIMITED, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED

Apartment plan raises fears for Skipping Girl sign

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Original article by Lucy Battersby
The Age – Page: 5 : 5-Jan-16

Salta Properties is seeking council approval for an apartment project at 647 Victoria Street in the inner Melbourne suburb of Abbotsford. There are concerns that the proposed apartment tower will adversely affect views of the iconic Skipping Girl Vinegar sign, which has been a local landmark for decades. Salta MD Sam Tarascio argues that previous buildings on the site had a greater impact on views of the neon sign.

CORPORATES
SALTA PROPERTIES PTY LTD, CITY OF YARRA, COLLINGWOOD HISTORICAL SOCIETY, NATIONAL TRUST OF AUSTRALIA (VICTORIA), AGL ENERGY LIMITED – ASX AGL

Perth housing mogul tops BRW young rich

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Original article by John Stensholt
The Australian Financial Review – Page: 3 : 30-Oct-15

Blackburne Property Group founder Paul Blackburne is ranked third on the 2015 "BRW” Young Rich List, with estimated wealth of $A536m. The residential property developer had capitalised on the global financial crisis to buy development sites in Perth, and now undertakes around four apartment projects each year. The 2015 list features 10 property industry players, whose average wealth is $A191m.

CORPORATES
BLACKBURNE PROPERTY GROUP PTY LTD

Stockland: housing strength to continue

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Original article by Robert Harley
The Australian Financial Review – Page: 40 : 28-Oct-15

Some 97 per cent of votes cast at Stockland’s 2015 AGM were in favour of the property developer’s remuneration report. Chairman Graham Bradley told shareholders that Stockland will now require directors to hold 40,000 of the group’s securities, up from 10,000 previously. He also forecast that Australia’s housing market will remain strong, citing factors such as an undersupply, low interest rates and population growth.

CORPORATES
STOCKLAND – ASX SGP, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION