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<p>With a new tallest tower in the world, as well as several national and continental records set to fall in 2023, it’s shaping up to be a big year for tall towers.&nbsp;</p><p>Architectural advances in materials, design, and technology are set to reinvent how we think of offices and apartments. And on the home front, some of the most talked-about projects in recent years are ready to top out.</p><p><em>The Urban Developer</em> takes a look at the year ahead and explores some of the most exciting towers on the horizon.&nbsp;</p><p>So, here in no particular order, are the top 10 completions projected for 2023.<br><br></p><hr><p><br></p><div id="5UOCnWVoYFT63yLjOjObHN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4Wo4LMN0b514HeHALE4609/2f097b63910320ca38a319fc72e97113/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4Wo4LMN0b514HeHALE4609/2f097b63910320ca38a319fc72e97113/1.jpg"></picture><div><br></div></div><h2>Merdeka 118</h2><p><br><strong>Address:</strong> Hang Jebat Road, Kuala Lumpur</p><p><strong>Developer:</strong> PNB Merdeka Ventures Sdn Bhd</p><p><strong>Architect:</strong> Fender Katsalidis&nbsp;</p><p><strong>Building type:</strong> Mixed-use; residential, retail, hotel, offices</p><p><strong>Height:</strong> 678.9m</p><p><strong>Development cost:</strong> $1.66 billion</p><p><strong>Status:</strong> Topped out</p><p>Topping out in early December 2022 at 118 stories, or 678.9m, Merdeka 118 is officially the world’s second-tallest building, (albeit with a little help from a 158m spire). Designed to hold a little bit of everything, the tower will mix residential, offices, and tourist facilities with a 15-storey Park Hyatt hotel.</p><p>Located in the heart of the Malaysian capital, the tower takes its name from the nearby Stadium Merdeka. The design emulates the raised arm of Tunku Abdul Rahman, the country’s first Prime Minister, as he declared the nation’s independence from the UK in 1957.</p><p>The building’s cladding holds over 18,000 panels, along with 114,000sq m of glass. Melbourne firm Fender Katsalidis designed the building for PNB Merdeka Ventures, a Malaysian government-initiated fund manager. Leslie E. Robertson, Robert Bird Group and Arup acted as engineers.<br><br></p><hr><p><br></p><p><br></p><div id="bw6KaudqFucMfhAWbAGr7"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3T1dC8jrsMomwVDPKg0liv/53f97b0c1735a178a4a9f7547c658d7d/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3T1dC8jrsMomwVDPKg0liv/53f97b0c1735a178a4a9f7547c658d7d/2.jpg"></picture><div><br></div></div><h2>Queen’s Wharf</h2><p><br><strong>Address: </strong>Queens Wharf, George Street, Brisbane</p><p><strong>Developer:</strong> Destination Brisbane Consortium (The Star Group, Far East Consortium, Chow Tai Fook)</p><p><strong>Architect:</strong> Cottee Parker</p><p><strong>Building type:</strong> Casino (390,000sq m), Hotel (1100 guest rooms), Residential (2000 apartments)</p><p><strong>Height:</strong> 71 storeys (234m), 58 storeys (190m), 54 storeys (180m), 30 storeys (101m), 30 storeys (101m)</p><p><strong>Gross development value:</strong> $3.6 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> 2023 (stage one)</p><p>Brisbane’s largest private-sector development may have taken a hit with the Star Group’s troubles, but there’s no stopping this $3.6-billion juggernaut.&nbsp;</p><p>The project includes four luxury hotels and 2000 apartments alongside the casino, spread out over a 12ha footprint (and 15.3ha of water).<br><br></p><hr><div id="1nyjRCd6Dwr48iR6wtmERz"><br><br><div id="1nyjRCd6Dwr48iR6wtmERz"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3mIYj9dTEOlR6RXTCTxJSJ/e0a2e802d6d7e3779ad8fbe28989c74e/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3mIYj9dTEOlR6RXTCTxJSJ/e0a2e802d6d7e3779ad8fbe28989c74e/3.jpg"></picture><div><br></div></div></div><h2>Tora Asa</h2><p><br><strong>Address:</strong> Azabudai Hills, Tokyo</p><p><strong>Developer:</strong> Mori Building</p><p><strong>Architect:</strong> Pelli Clarke &amp; Partners</p><p><strong>Building type:</strong> Mixed-use; residential, office, education</p><p><strong>Height:</strong> 325.2m</p><p>Development cost: $6.25 billion</p><p><strong>Status:</strong> Topped out</p><p>The 64-storey Toro Asa topped out in April 2022 and is now the tallest building in Japan. PCP co-founder Fred Clark has said that Toro Asa will be “the first thing visitors will see upon arrival in Tokyo”.</p><p>Built to a concept of “modern urban village”, the tower sits beside two others and will hold 1400 residences, a supermarket and a school. The complex will host enough office space for 20,000 workers.</p><p>Designed as a place of refuge in disaster events, the project has incorporated built environment practices learnt from the 2011 Tohoku earthquake and tsunami. The site will also hold a shelter, and a warehouse for emergency supplies.<br><br></p><hr><p><br></p><div id="1OZOf52YEOL713PHmfXfxy"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5aDiddkvAvTiv9AtpmhQZl/826998c621fa16eb6ef270a9e40c60e5/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5aDiddkvAvTiv9AtpmhQZl/826998c621fa16eb6ef270a9e40c60e5/4.jpg"></picture><div><br></div></div><h2>Iconic Tower</h2><p><br><strong>Address:</strong> New Administrative Capital Central Business District, Cairo</p><p><strong>Developer:</strong> Egyptian government; China State Construction Engineering&nbsp;</p><p><strong>Architect:</strong> Dar Al-Handasah Shair &amp; Partners</p><p><strong>Building type:</strong> Mixed-use; office, hotel, residential</p><p><strong>Height:</strong> 385.8m</p><p><strong>Development cost:</strong> $4.39 billion</p><p><strong>Status:</strong> Topped out</p><p>At 77 storeys and 393.8m, Cairo’s Iconic Tower is the tallest building in Africa. The project is part of a Belt and Road initiative between Chinese state-owned companies and the Egyptian government.</p><p>The design by architects Dar Al-Handasah Shair &amp; Partners is inspired by a pharaonic obelisk, and is one of twenty towers planned for a new CBD and administrative capital.&nbsp;<br><br></p><hr><p><br></p><div id="2tAZhQcLIlkNoYWaV4r8b2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2IEXwjz3gUzdtDXOJO5oaU/973fa47bb529486f5e4b74e3296b0596/5.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2IEXwjz3gUzdtDXOJO5oaU/973fa47bb529486f5e4b74e3296b0596/5.jpg"></picture><div><br></div></div><h2>Ciel Tower</h2><p><br><strong>Address:</strong> Dubai Marina, Dubai</p><p><strong>Developer:</strong> The First Group</p><p><strong>Architect:</strong> NORR Group Consultants International Limited</p><p><strong>Building type:</strong> Hotel</p><p><strong>Height:</strong> 365.5m</p><p><strong>Status:</strong> Under construction</p><p>The super-tall tower’s 81 floors over 365.5m will see Dubai’s Ciel Tower become the tallest hotel-only tower in the world. Dubai specialist developers The First Group contracted NORR for the design, which provides 360 views of the city, Palm Jumeirah and the Arabian Gulf.</p><p>Dubai has a history of both successful and failed mega-projects. The tallest building in the world, the Burj Khalifa, was only completed after the Emirati ruler opened the cheque book after costs ran over. A $US10-billion mega-project, the Dubai Pearl, was stalled in construction for 13 years before developers pulled the plug in November 2022.<br><br></p><hr><p><br></p><div id="1v9U0sWCOHfRPFFfNSujbQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/62wNgS5Zn08p61VHrEUhpL/94633edcbf22f725bd6849d708d4a679/6.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/62wNgS5Zn08p61VHrEUhpL/94633edcbf22f725bd6849d708d4a679/6.jpg"></picture><div><br></div></div><h2>Greenland Group Suzhou Center</h2><p><strong><br>Address:</strong> Chunjiang Road, Suzhou</p><p><strong>Developer:</strong> Greenland Group</p><p><strong>Architect:</strong> Skidmore Owings &amp; Merrill</p><p><strong>Building type:</strong> Mixed-use; hotel, offices&nbsp;</p><p><strong>Height:</strong> 358m</p><p><strong>Status:</strong> Topped out</p><p>Chinese developers Greenland have a swathe of record-breaking projects under way, but the Suzhou Center is one of the most visually striking to be completed in 2023. At 88 storeys and 358m, it doesn’t skip on the height, either.</p><p>Architecturally, Suzhou is more known for its antique temples and monuments, including the 2500-year-old Pan Gate. But the Suzhou Center is sure to place the city at the forefront of contemporary design with its 30-storey operable window, delivering air flow and natural light throughout the building.<br><br></p><hr><div id="6HBH87xDcF5r0anJbnJy4L"><br><br><div><div id="6HBH87xDcF5r0anJbnJy4L"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3FzgA7s2igyeCwxYd4Qz5U/2aeae9da23f5d38bfdb07ab277872867/7.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3FzgA7s2igyeCwxYd4Qz5U/2aeae9da23f5d38bfdb07ab277872867/7.jpg"></picture><div><br></div></div><br></div></div><h2>Galaxy Towers</h2><p><strong><br>Address:</strong> Wuhe South Road, Shenzhen</p><p><strong>Developer:</strong> Galaxy Group</p><p><strong>Architect:</strong> AECOM</p><p><strong>Building type:</strong> Mixed-use; residential, office, commercial</p><p><strong>Height:</strong> 356m</p><p><strong>Status:</strong> Topped out</p><p>Shenzhen’s ever-accelerating skyscraper boom rolls on, with the Zaha Hadid-designed Tower C set to reshape the skyline sometime in the next decade. In the meantime, the twin Galaxy towers, at 356m and 73 storeys apiece, topped out in 2022 and are set for completion in 2023.</p><p>Architects AECOM took inspiration from bamboo shoots along the river for the twin twisting towers, and designed for a multifunctional community, which includes living and working spaces, shopping recreation, a 1200-seat theatre, a 56,000sq m commercial center. The two buildings use an AI-enhanced smart operating system.<br><br></p><hr><p><br></p><div id="45ErPEB4M6F8nJ12azfz91"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4KiGB3G7yawFZuwSqkQzqb/f4a0b6ca35665a40ef190ef8fa01683c/8.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4KiGB3G7yawFZuwSqkQzqb/f4a0b6ca35665a40ef190ef8fa01683c/8.jpg"></picture><div><br></div></div><h2>555 Collins Street</h2><p><strong><br>Address:</strong> 555 Collins Street, CBD, Victoria, 3000</p><p><strong>Developer:</strong> Charter Hall</p><p><strong>Architect:</strong> Gensler, Cox Architects</p><p><strong>Building type:</strong> Commercial (84,000sq m)</p><p><strong>Height:</strong> 35-storeys (115.5-metres)</p><p><strong>Gross development value:</strong> $1.5 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> 2023 (stage one)</p><p>Next year’s completion of the first stage of 555 Collins Street is only a teaser for the main event, but it’s enticing enough on its own merit to land a place on the list.&nbsp;</p><p>Charter Hall’s 2023 completion will see 35 levels hosting 50,000sq m of office space added to the heart of Melbourne, a stone’s throw from Southern Cross station.&nbsp;</p><p>Stage two will add another 34,000sq m of offices, along with 2300sq m of retail.<br><br></p><hr><p><br></p><div id="5B8YLU2aUTkHZ6i8W1Twfm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6LWIhvCdtchtYhexn89oEH/d876adc529625cc64789e5bfe1899f4c/9.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6LWIhvCdtchtYhexn89oEH/d876adc529625cc64789e5bfe1899f4c/9.jpg"></picture><div><br></div></div><h2>Stanza London</h2><p><strong><br>Address:</strong> 40 Leadenhall Street, London</p><p><strong>Developer:</strong> Nuveen</p><p><strong>Architect:</strong> Make</p><p><strong>Building type:</strong> Office</p><p><strong>Height:</strong> 153.9m</p><p><strong>Development cost:</strong> $2.54 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> December 2023</p><p>Demand in the City of London is always hot, no matter the economic situation. And with height and heritage serious constrictions on developers, any new development at all is valuable, let alone one like the Stanza.</p><p>Architects Make recalled the classic North American skyscrapers of the early 20th century for this 153.9m complex, spread out over 34 floors. The site holds 83,600sq m of office space, with retail and amenities sprinkled throughout.<br><br></p><hr><p><br></p><div id="1POoKTPl5sMNOBCtGEJVJf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2NitrWOee994wQsuy70AZV/70dcffa716233ca37c38a11f28f131b2/Mid_article_resizes__9_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2NitrWOee994wQsuy70AZV/70dcffa716233ca37c38a11f28f131b2/Mid_article_resizes__9_.jpg"></picture><div><br data-mce-bogus="1"></div></div><h2>Residence One, One Sydney Harbour</h2><p><br><strong>Address:</strong> Sydney</p><p><strong>Developer:</strong> Lendlease</p><p><strong>Architect:</strong> Renzo Piano</p><p><strong>Building type:</strong> Residential</p><p><strong>Height:</strong> 72 storeys (250m), 68 storey (233.48m), 30 storey (103.5m)</p><p><strong>Gross development value:</strong> $4 billion</p><p><strong>Status:</strong> Under construction</p><p>It’s difficult to deny that Barangaroo is one of the most talked-about Australian development projects in living memory, whichever side of the fence you fall. With Lendlease’s Residence One topping out in December 2022, expect proud new apartment owners to be sizing up their calendars for a move-in date.</p><p>The towers were designed by Pritzker Prize-winner Renzo Piano and form an anchor for Lendlease’s overhaul of the Sydney CBD waterfront, with a number of major projects also under way at Circular Quay.</p>

The Urban Developer takes a look at some of the most exciting projects set to complete this year at home and around the world…

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<p>WA building and engineering firm Clough Group has gone under, putting the future of the massive infrastructure project Snowy 2.0 under a cloud.</p><p>The firm has gone into voluntary administration after an acquisition deal with Italian contractor WeBuild, which had reportedly lent Clough $167 million and was set to lend another $30 million in working capital, collapsed.</p><p>Clough’s South African owners Murray and Roberts sold the firm to Webuild last month for $350 million. On Monday Webuild said in a statement the companies had agreed there was “no reasonable prospect of that acquisition proceeding through to a successful completion”.</p><p>Clough has 12 companies under it with about 1250 employees in Australia and a similar number in the UK, the US and Papua New Guinea.</p><p>The company posted a $375.3 million loss and a $304 million working capital deficit in the last financial year.</p><p>Aside from the pumped hydro-energy project in the Snowy Mountains, Clough was working on a transmission line, Energy Connect, for Transgrid in NSW as well as the Waitsea LNG project in WA for Mitsui and Beach Energy.</p><p>It was also part of a consortium with Webuild working on a section of <a href="https://www.theurbandeveloper.com/articles/webuild-infrastructure-project-upsurge-drives-growth" data-mce-href="https://www.theurbandeveloper.com/articles/webuild-infrastructure-project-upsurge-drives-growth">the inland rail project</a>.</p><p>Founded in 1919 and listed on the Australian Securities Exchange in 1998, Clough was acquired by Murray and Roberts in 2013.</p><p>The Clough Group deal was to be Webuild’s first move into Australia.</p>

The WA building and engineering firm has gone into administration after an acquisition deal with Webuild failed, throwing thousands of jobs and a raft of substantial infrastructure projects into doubt…

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<p>Every day, driving along the Captain Cook Highway skirting the picturesque coastline between Cairns and Port Douglas, he gazes across the turquoise abyss of the Coral Sea.</p><p>“And every day I just look out there and go, ‘F***, I wish there was a wave’,” laments veteran surfer and developer David Imgraben.</p><p>Of course, with the Great Barrier Reef living up to its name just offshore, the forces of nature have conspired against his endless pipe dream.</p><p>But Imgraben is not letting a 2300km-long coral reef system put an end to his hopes of one day riding a barreling wave in the Far North Queensland surfing nirvana of his mind’s eye.</p><p>In the development world, imagination and opportunity are indeed two of the most powerful forces of nature.</p><p>And with the convergence of new wave pool technology, a pandemic-triggered surfing boom and surge in lifestyle-driven demand for housing there is now a rising tide of major projects with surf parks as their centrepiece.</p><p>Imgraben’s <a data-mce-href="theurbandeveloper.com/articles/plans-approved-for-aud320m-port-douglas-wave-park" href="theurbandeveloper.com/articles/plans-approved-for-aud320m-port-douglas-wave-park" target="_blank" rel="noopener">$320-million NorthBreak proposal</a> for a 40ha site near Port Douglas is among the fast-evolving new asset class, which has emerged from next-generation wave machines designed to mimic ocean swells.</p><p>At last count, the number of surf park projects planned or under construction across Australia had already hit double digits.</p><p>So far, however, only one—Urbnsurf Melbourne—is up and running. Built on a 5.4ha site owned by Melbourne Airport at Tullamarine, it is capable of generating up to 1000 waves an hour and has been attracting more than 100,000 visitors a year.&nbsp;</p><div id="73gYdHyFl2l5YSaD9nZVPA"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7kcdPYg8XNAcHuOE2Luqsg/8e536641a5f885d30ae5d9aef66874c3/4.jpg" alt="A computer-generated image of the NorthBreak wave park planned for far north Queensland." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7kcdPYg8XNAcHuOE2Luqsg/8e536641a5f885d30ae5d9aef66874c3/4.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A computer-generated image of the NorthBreak wave park planned for Far North Queensland.<br><br></span></div></div><p>The planned NorthBreak Port Douglas surf park is part of a masterplanned resort earmarked for a cane farm property next to the Mowbray River and less than 10km from the tourist town.</p><p>One of a handful of local proposals utilising Canada-based Whitewater’s pneumatic Endless Surf technology, it also comprises a freshwater swimming lagoon and aqua park, 4.5-star hotel with 160 guest rooms, waterfront “paddle-in, paddle-out” villas, 35-cabin tourist park as well as alfresco dining decks, cafes and retail shops.&nbsp;</p><p>But despite being approved by the Douglas Shire Council in March, NorthBreak’s progress has been blocked by an appeal lodged with the Planning and Environment Court over claims of inappropriate land use and potential ecological impacts.</p><p>“So, we’re still going through the process,” Imbragen says.</p><p>Meanwhile, his daily commute beside the waveless wide blue yonder of the Coral Sea has become even more tortuous after a recent tour of surf park developments in Europe and the US.&nbsp;</p><p>The itinerary included a session at Alaia Bay, a wave pool in Sion at the foot of the Swiss Alps that is open almost year-round except for a three-week shutdown for maintenance.</p><p>“It blows me away,” Imgraben says. “It’s a country that doesn’t even have a coastline and there you are riding near perfect waves with this magnificent backdrop of the Swiss Alps behind you. It’s that sort of dream of being able to surf in the morning and ski in the afternoon—it’s quite do-able over there.”</p><p>The similarities between the evolution of the ski resort industry with the invention of the chairlift in the late 1930s and the current rise of surf parks with recent advances in wave pool technology is not lost on Urbnsurf founder Andrew Ross.</p><p>“From then until now there’s been about 5500 ski resorts developed around the world and 30,000 chairlifts installed,” he says. “You can see some definite parallels between what happened in snow sports and what could potentially happen in surf sports with manmade environments.”</p><div id="42VcL4pnaMiWHwWeqQLQDE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3PYEbqE19dIbespZ5CWaym/9e4fe70b55a542c2a486dcaa50d9efa5/7.jpg" alt="Slotted in the Swiss Alps: A surfer gets barrelled at the Alia Wave Park in Switzerland." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3PYEbqE19dIbespZ5CWaym/9e4fe70b55a542c2a486dcaa50d9efa5/7.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Slotted in the Swiss Alps: A surfer gets barrelled at the Alaia Bay wave park in Switzerland.<br><br></span></div></div><p>Ross—a former lawyer and investment banker—stumbled upon a newspaper article about a patent dispute over a wave pool design in 2012 and, after some research and quite a few phone calls, he found himself paddling on to a wave in a prototype surfing lagoon built under the cover of darkness in the hills behind San Sebastian in Spain.</p><p>“I paddled into my first wave, surfed along it, did five or six turns, kicked out and went ‘Holy s**t, this thing is real’,” he recalls. “The wave was only about thigh high but I could see right away where the potential for the technology could go.</p><p>“I’d turned up to the session with my cynical investment banking hat on and came away having lunch with the Wavegarden guys and signing up the rights to Australia for their technology.”</p><p>That was the easy part. Coming up with the equity for what he calls Australia’s first “church to surfing” in Melbourne was—as he puts it—“the single most difficult raise I’ve done in my career”.</p><p>“We had this unproven prototype technology and there was no business model wrapped around it.”</p><p>Eventually he says most of the capital came from “family office money and high-net-worth investors” many of whom have also supported Urbnsurf’s second wave pool project <a data-mce-href="https://www.theurbandeveloper.com/articles/urbnsurf-homebush-sydney-surf-park" href="https://www.theurbandeveloper.com/articles/urbnsurf-homebush-sydney-surf-park" target="_blank" rel="noopener">under construction at Sydney’s Olympic Park</a>.</p><div id="5zEkUk6vTLxw3CSUJyvhZr"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6mo9mou0xM9Iq0wAPyOwsv/6beabb17aff01c801f1809889b07e223/8.jpg" alt="Urbnsrf Melbourne is currently the only operational surf park in Australia." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6mo9mou0xM9Iq0wAPyOwsv/6beabb17aff01c801f1809889b07e223/8.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Urbnsurf Melbourne is currently the only operational surf park in Australia.<br><br></span></div></div><p>Now spearheading US-based Aventuur’s plans for the <a data-mce-href="https://www.theurbandeveloper.com/articles/developer-southern-hemisphere-biggest-wave-park-perth" href="https://www.theurbandeveloper.com/articles/developer-southern-hemisphere-biggest-wave-park-perth" target="_blank" rel="noopener">southern hemisphere’s largest surfing lagoon development</a> on a 5.8ha site owned by the Western Australian government in Perth’s southern suburbs, Ross says the nascent asset class is on the precipice of securing “proper institutional grade capital”.</p><p>“The interesting thing about this asset class is the lagoon itself is fantastic, it makes a tonne of money and it has got a great margin profile (40-50 per cent EBIDTA) but it’s really all about its destinational value.</p><p>“It’s a massive attractor and what it does, because of that, is it then elevates all the surrounding property around the park, so having it as a centrepiece to a larger integrated property development makes a whole lot of sense.”</p><p>Imbragen agrees and says there is an accelerating incorporation of surf parks in real estate projects, which is creating a lifestyle and “enabling people to participate in that lifestyle who normally wouldn't be able to”.</p><p>“It’s only early days but already there’s probably hundreds of these wave pools in various stages of planning around the planet … and increasingly they are being used as a focal point to anchor real estate developments.”</p><h2>The race is on</h2><p><br>Ross says there is also now “a bit of a race to the finish line” occurring in the industry.</p><p>“In the same way you’ve got a limited number of airports or maybe major sports stadiums or the like, if you can be the first in a market you can get monopolistic control of it,” he says.</p><p>Much of the initial surf park development momentum came from 11-time world champion Kelly Slater’s unveiling of his Surf Ranch wave pool prototype at Lemoore in California in December 2015.</p><div id="2Q8ZblXOjqnMM5wWpFS1Ua"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3w9KOET0lo1Blv2HJukpM2/f293aa9ed0ef2310fa88fa26f4be7f31/5.jpg" alt="The start of it all: Kelly Slater’s Wave Ranch put high-performance wave pools on the map." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3w9KOET0lo1Blv2HJukpM2/f293aa9ed0ef2310fa88fa26f4be7f31/5.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The start of it all: Kelly Slater’s Surf Ranch put high-performance wave pools on the map.<br><br></span></div></div><p>It remains surfing’s hottest and most expensive ticket to ride a manmade wave. Even at a reported cost of $10,000 a session or $50,000 to $100,000 a day to rent the entire facility, it is booked out up to 12 months in advance.</p><p>“That validation with Kelly supporting this space gave people a lot of confidence—you know, that the world’s best ever surfer thought that this was an authentic experience, which was true to surfing. It kind of helped everyone really and absolutely broke through a lot of barriers,” Ross says.</p><p>Avid surfer and one of Queensland’s most successful developers, Don O’Rorke, has not only ridden “the Kelly Wave” but also forged a partnership with the World Surf League—pro surfing’s governing body and a major stakeholder in the Kelly Slater Wave Company.&nbsp;</p><p>Under a plan to bring Surf Ranch to Australia revealed back in 2019, O’Rorke’s Consolidated Properties Group has proposed a $1.1-billion multistage integrated resort with a surf stadium, eco-lodge, residential development, retail village as well as a food and beverage precinct on a 510ha site at Coolum on the Sunshine Coast.</p><p>But with the project still awaiting support from the local council and Queensland government it has been left in limbo.</p><p>“We remain in discussions with the state government and the Sunshine Coast Council in regard to what we can do with our Coolum land,” O’Rorke recently told <em>The Urban Developer</em>.</p><p>Meanwhile, a legal stoush has unfolded between two other rival surf parks planned for the region. One of them is a 25ha integrated resort development by Sanad Capital that has recently begun works on what its chief executive Bradley Sutherland claims will be “the best surf pool in Australia” using American Wave Machine's PerfectSwell technology.</p><p>North of Sydney, Wiseman’s Surf Lodge—a $120-million adaptive re-use of an existing hotel complex—has been approved for a freehold 18ha site on the banks of the Hawkesbury River. It is being developed by surf park creator and operator Balnce with funds raised through an unlisted property trust.</p><p>It will be operated under a private membership and events model.</p><div id="4ejfwZiNUER6QTLHyRvqJs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1Fv0isPEd0UNiU2mkxbj7I/25d895844ab9a1d922bc05af85afc741/Mid_article_resizes__23_.jpg" alt="A render of the planned Wiseman’s Surf Lodge, north of Sydney." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1Fv0isPEd0UNiU2mkxbj7I/25d895844ab9a1d922bc05af85afc741/Mid_article_resizes__23_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the planned Wiseman’s Surf Lodge, north of Sydney. <br><br></span></div></div><p>Director John Du Vernet says the capital raise has reached its minimum target to start construction on the project, which has been designed by architect Kelvin Ho— also known for his work with pub tsar Justin Hemmes’s Merivale hospitality ventures.</p><p>“It’s an asset class that is just ripe for growth,” he says. “And there’s more and more coming online globally … so, clearly, they’ve established themselves as investable and the future should be very exciting for valuations.”</p><p>Referring to the development parallels drawn with the ski resort industry, Du Vernet says: “If you think about it, where’s the value created? It’s not on the mountain, it’s all around the mountain … it’s a total halo effect.</p><p>“And that’s why we want to be the landlord, not the tenant, because all the value is in the ground.</p><p>“We’ve always thought that when you’re spending this much money on ground improvements, you want to have freehold. So, we discounted leasehold opportunities and that allows you to look at these assets slightly differently, it allows you to really leverage the site.”</p><h2>Ripple effect</h2><p><br>The project’s ripple effect is already being felt with billionaire property mogul Sam Arnaout’s Iris Capital forking out about $10 million for nearby heritage pub the <a data-mce-href="https://www.theurbandeveloper.com/articles/iris-capital-bill-young-wisemans-inn" href="https://www.theurbandeveloper.com/articles/iris-capital-bill-young-wisemans-inn" target="_blank" rel="noopener">Wisemans Ferry Inn Hotel.</a></p><p>On the central Queensland coast near Yeppoon, a development agreement was recently struck between Surf Lakes International—innovator of arguably one of the most unique prototype wave-making contraptions—and wave pool operations company Global Surf Parks.</p><p><span class="mce-preview-object mce-object-iframe" contenteditable="false" data-mce-object="iframe" data-mce-p-allowfullscreen="allowfullscreen" data-mce-p-src="https://www.youtube.com/embed/zFlV5LUA30g"><iframe src="https://www.youtube.com/embed/zFlV5LUA30g" width="560" height="314" frameborder="0" allowfullscreen="allowfullscreen" data-mce-src="https://www.youtube.com/embed/zFlV5LUA30g"></iframe><span class="mce-shim"></span></span></p><p>The facility’s Mad Max-like plunger technology has the capacity to create 2000 rides an hour with 200 surfers in its large 80-million-litre man-made lake at a time.&nbsp;</p><p>Under the agreement, the existing research and development site will be rebuilt, expanded from a 6ha to 40ha footprint and developed in three stages—with the first priority being to establish its facilities so that it can be opened to the public.</p><p>Approval was granted last year allowing for accommodation, a food and beverage precinct, camping and glamping facilities as well as an events and entertainment area.</p><p>“We’re looking at this being a destination,” says Global Surf Parks business development manager Wayne Dart. “I mean, we’ve got 800m of waterfront land in a spectacular environment—so, obviously, from a residential, hotel, retail, commercial or food and beverage perspective you’re looking at prime land.</p><p>“And we’ve already had discussions with quite a few developers who may take on the remaining acreage.”</p><p>Aventuur’s Andrew Ross says the new asset class is filled with very passionate people who believe in it but he adds—without pointing his finger—that some of them suffer from an affliction he calls ‘surf park fever’.</p><p>“The symptoms of surf park fever are a complete suspension of reality when it comes to commercial matters and thinking about property development and the like, and just an abiding passion and unrelenting desire to get the thing built in your hometown so you can actually surf it.”</p><div id="1U6g4SaVJVXaCAgO4aZdfQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7okH3TG2JJn5m37EbveudR/c04e7d046fc8894d8032aef3564c45cf/2.jpg" alt="A render of Aventuur's planned Perth wave park." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7okH3TG2JJn5m37EbveudR/c04e7d046fc8894d8032aef3564c45cf/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of Aventuur's planned Perth wave park.<br><br></span></div></div><p>Ross says the fundamental way for a surf park business to make money is “a function of bums on boards multiplied by frequency of waves—that’s kind of essentially what it comes down to”.</p><p>But he warns: “This is a very technical, in some respects very difficult space to develop in. These are incredibly complicated pieces of infrastructure that you need to build. And then they’re linked to a highly complicated operating model.”</p><h2>Limited opportunity</h2><p><br>In the Australian context, his research indicates the window of opportunity may be limited to as few as “probably 10 or 11” commercial surf parks across the whole country that will “perform well, do a decent return for their investors and provide good solid experiences for their guests”.</p><p>“And you’re going to have to deliver an authentic experience for it to be successful,” Ross says. “These assets are not a soul-less space, they very much have to have a soul.</p><p>“Success for me was when I heard people starting to refer to the surf park in Melbourne as their local break.</p><p>“There’d be a bunch of people driving up from Torquay and Bells Beach to surf in the lagoon, which in itself was incredible to me—we’d turned the traffic around and all the cars with surfboards on their roof racks were heading towards Melbourne rather than down the coast.</p><p>“But then you’d also have all of these locals surfing in the park referring to these ‘coastals’ coming into their lagoon … that’s just an illustration of culturally what success can be around these assets.</p><p>“People have a great deal of ownership of these things and they can sniff out really quickly if you’re not authentic.&nbsp;But the opportunity is there and if you get it all right it’s a fantastic ride.”<br><br></p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

Surf parks as development centrepieces are on the rise, riding the wave of new technology, a pandemic-triggered surfing boom and lifestyle-driven housing demand...

<p>The winners of the Council on Tall Buildings and Urban Habitat (CTBUH) have been revealed, with Australian structures figuring prominently.</p><p>While the best tall building worldwide accolade was awarded to the David Rubenstein Forum at the University of Chicago, five Australian building won six awards, five of them in Melbourne.</p><p>Among the winners was Mirvac’s Olderfleet in Melbourne’s Collin Street, named the world’s best building 100m to 199m.</p><p>Mirvac Head of Integrated Investment Portfolio Campbell Hanan said they were “thrilled to have&nbsp;Olderfleet&nbsp;recognised by the CTBUH on this global stage”.</p><p>“It’s a testament to the collaboration between the talented visionaries at Grimshaw, our own development team and our partners, Deloitte.</p><p>“Olderfleet&nbsp;sets a new standard in workplace design, bringing together heritage, smart technology and show-stopping art and architecture.</p><p>“It’s a place where brilliant minds and overall wellness thrives, and it’s a very proud moment for Mirvac, as we also announce the building’s WELL Platinum Certification.”</p><p>Twenty-six awards were decided on by the international judging panel plus another 26 were chosen by the audience at the CTBUH conference in Chicago, with 130 Lonsdale Street in Melbourne picked as Best Tall Building Australia, and Prahran Square, Melbourne, taking the Urban Habitat—District-Masterplan Scale award.<br><br></p><hr><h2><br>Australian winners<br><br></h2><div id="6XpLJ3Uri4KX3ChfYRIY5X"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6hCaDNo7lJfNPOZVvIOW8j/ce1ea98e28fcb98dde32798167ec946b/2.jpg" alt="CTBUH Olderfleet" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6hCaDNo7lJfNPOZVvIOW8j/ce1ea98e28fcb98dde32798167ec946b/2.jpg"></picture><div><br></div></div><h2>Best Tall Building 100m to 199m</h2><p><strong><br>Olderfleet</strong></p><p>Melbourne, Australia</p><p><strong>Height:</strong> 168m</p><p><strong>Floors:</strong> 40</p><p><strong>Status:</strong> Completed 2020</p><p><strong>Address:</strong> 477 Collins Street</p><p><strong>Function:</strong> Office</p><p><strong>Structural material:</strong> All concrete</p><p><strong>Energy Label:</strong> Platinum Core and Shell Pre-Certification from the International WELL Building Institute, target at 6 Star Green Star, 5 NABERS Energy, 4 Star NABERS Water<br><br></p><div id="6k1u67DbTYuDfo7p4SKpYs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4x5FUnRPYQvjhjpf8Qti9h/1fb68ed8c203565f32a4d838f61d1930/3.jpg" alt="Collins Arch" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4x5FUnRPYQvjhjpf8Qti9h/1fb68ed8c203565f32a4d838f61d1930/3.jpg"></picture><div><br></div></div><h2>Best Tall Mixed-Use Building<br><br></h2><h2>Best Tall Building, Australia<br><br></h2><p><strong>Collins Arch</strong></p><p>Melbourne, Australia</p><p><strong>Height: </strong>148.4m</p><p><strong>Floors: </strong>42</p><p><strong>Status:</strong> Completed 2020</p><p><strong>Address:</strong> 433-455 Collins Street</p><p><strong>Function:</strong> Residential, hotel, office</p><p><strong>Structural material:</strong> All concrete</p><p><strong>Energy label: </strong>5.5 star NABERS Energy, office; 4.5 stars NABERS Energy, hotel; 7 stars NatHERS, residential.<br><br></p><div id="1H3j3d2YYJsbps34Yl89XG"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4PkqbJB3turKL2ufJF1Gkn/d8fdeb531b315faad872366fe159cd0e/4.jpg" alt="Wesley Place" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4PkqbJB3turKL2ufJF1Gkn/d8fdeb531b315faad872366fe159cd0e/4.jpg"></picture><div><br></div></div><h2>Urban Habitat—District/Masterplan Scale</h2><p><strong><br>Wesley Place</strong></p><p>Melbourne, Australia</p><p><strong>Height:</strong> 156.5m</p><p><strong>Floors:</strong> 35</p><p><strong>Status:</strong> Completed 2020</p><p><strong>Address:</strong> 130 Lonsdale Street</p><p><strong>Function:</strong>&nbsp; Office</p><p><strong>Structural material:</strong> All concrete</p><p><strong>Energy label:</strong> 6 Star Green Star, v1.1 rating; WELL certification (Core and Shell)— PLATINUM v2<br><br></p><div id="62HtO15DdlhimAWHWXSMQl"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7KeLRgav3XNintWspGNRpI/953eff47f36d9791b47806ed636d7216/5.jpg" alt="55 Southbank Boulevard" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7KeLRgav3XNintWspGNRpI/953eff47f36d9791b47806ed636d7216/5.jpg"></picture><div><br></div></div><h2>Renovation Award</h2><p><br><strong>55 Southbank Boulevard</strong></p><p>Melbourne, Australia</p><p><strong>Height:</strong> 69.7m</p><p><strong>Floors:</strong> 19</p><p><strong>Status:</strong> Completed 2020</p><p><strong>Address:</strong> 55 Southbank Boulevard</p><p><strong>Function:</strong> Hotel, office</p><p><strong>Structural material:</strong> Steel-timber composite over concrete<br><br></p><div id="R9NxVXZJV7ZJPOeewMXyD"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4XJ91rlo2yiagE77Td9bW3/5f60f3e3d8ea71d69cbe333305000b15/6.jpg" alt="Sydney Greenland Centre" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4XJ91rlo2yiagE77Td9bW3/5f60f3e3d8ea71d69cbe333305000b15/6.jpg"></picture><div><br></div></div><h2>Construction Award</h2><p><strong><br>Sydney Greenland Centre</strong></p><p>Sydney, Australia</p><p><strong>Height:</strong> 245m</p><p><strong>Floors:</strong> 67</p><p><strong>Completed:</strong> Completion 2021</p><p><strong>Address:</strong> 115 Bathurst Street</p><p><strong>Function:</strong> Residential</p><p><strong>Structural material:</strong> All concrete</p><p><strong>Energy label:</strong> Green Star<br><br></p><div id="CiIsDpg4ju9XhfW7Bn5fn"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1jO6m4B7C2a7UsjWeSkL1F/b1b052b24547d8b7ce74d82be2f14550/1.jpg" alt="The David Rubenstein Forum" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1jO6m4B7C2a7UsjWeSkL1F/b1b052b24547d8b7ce74d82be2f14550/1.jpg"></picture><div><br></div></div><h2>Best Tall Building Worldwide</h2><p><br><strong>The David Rubenstein Forum</strong></p><p>Chicago, US</p><p><strong>Height:</strong> 52.1m</p><p><strong>Floors:</strong> 10</p><p><strong>Status:</strong> Completed 2020</p><p><strong>Address:</strong> 1201 E 60th St</p><p><strong>Function:</strong> Education</p><p><strong>Structural material: </strong>All concrete</p><p><strong>Energy label: </strong>Certified LEED Gold Design</p>

The winners of the Council on Tall Buildings and Urban Habitat have been revealed, with Australian structures figuring prominently…

GLOBAL HOUSE PRICE.jpg

<p>Global house prices are steadily increasing while house prices in Australia’s major capital cities are falling at their <a data-mce-href="https://www.theurbandeveloper.com/articles/house-price-decline-australia-corelogic-research-august-2022" href="https://www.theurbandeveloper.com/articles/house-price-decline-australia-corelogic-research-august-2022" target="_blank" rel="noopener">fastest monthly pace</a> since records began in the early 1980s.</p><p>According to Knight Frank’s latest Global Residential Cities Index, which tracks the movement of average house prices across 150 cities globally, 90 per cent have continued to register an increase in house prices.&nbsp;</p><p>The average house price across the combined cities worldwide increased by 11.7 per cent in the year to June 2022. At 0.8 per cent, Australia saw the third largest decline in prices for the three-month period, while New Zealand recorded the biggest decline with prices down 3 per cent.</p><p>Economists and property forecasters are tipping national house prices could fall by between 15 per cent and 25 per cent over the next couple of years, with the biggest losses expected in high-priced Sydney and Melbourne where values surged during the pandemic.</p><p>Accelerating the property market correction has been five consecutive months of cash rate increases to now be at 2.35 per cent. While the pace of rate rises could soon slow, the cash rate is expected to exceed 3 per cent by the end of the year and to approach 4 per cent by mid next year.</p><p>So far, national house prices have eased a modest 3.5 per cent since peaking early this year and the correction is relatively minor compared to prices soaring more than 30 per cent during the pandemic.</p><p><strong>Global residential cities Index, second quarter 2022</strong></p><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><table class="mce-item-table" style="width: 99.9962%;" data-mce-style="width: 99.9962%;"><thead><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">Rank</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">City</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">12-month change (%)</th></tr></thead><tbody><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">1</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Instanbul</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">184.9%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">2</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Ankara</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">165.4%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">3</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Izmir</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">150.9%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">4</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Miami</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">34.0%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">5</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Halifax</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">30.9%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">6</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Dallas</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">30.8%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">7</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Phoenix</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">30.8%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">8</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Tallinn</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">29.5%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">9</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Atlanta</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">26.3%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">10</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Adelaide</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">25.6%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">20</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Brisbane</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">20.4%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">21</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Hobart</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">20.2%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">67</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Canberra</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">9.9%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">89</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Perth</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">6.6%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">104</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Sydney</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">5.1%▲</th></tr><tr><th style="width: 14.829%;" data-mce-style="width: 14.829%;">109</th><th style="width: 48.0698%;" data-mce-style="width: 48.0698%;">Melbourne</th><th style="width: 37.1176%;" data-mce-style="width: 37.1176%;">4.3%▲</th></tr></tbody></table></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup><sub>^Source: Knight Frank</sub></sup></p></div></div></div><p>Knight Frank head of residential Erin van Tuil said further upward adjustments to the cash rate and higher costs of living in the coming months would continue to place downward pressure on property prices over the next 18 months.</p><p>“Our research shows that by the end of 2023, the overall Australian residential property market could experience price declines of 3 per cent,” van Tuil said.</p><p>“We anticipate trends will move back towards positive territory in 2024 given the undersupply of new properties being built across the country.”</p><p>Two Australian cities had continued to buck the national trend with Adelaide and Brisbane recording house price growth.</p><p>Ranked in the top 10 residential city globally for annual growth, house prices in Adelaide grew 25.6 per cent on the previous year. <a data-mce-href="https://www.theurbandeveloper.com/articles/brisbane-housing-market-update" href="https://www.theurbandeveloper.com/articles/brisbane-housing-market-update" target="_blank" rel="noopener">Brisbane also saw strong growth</a>, ranked as the top 20 city with house prices increasing 20.4 per cent. Sydney and Melbourne ranked 104 and 109, respectively.</p><p>“Australia’s best performing cities for annual price growth, Brisbane and Adelaide, also saw elevated population growth in 2021 against the Australian average,” van Tuil said.</p><p>“The main factors continuing to drive smaller cities and regional residential markets include the relocation of digital nomads to more affordable locations.</p><p>“Investors returning to the market are seeking a higher rental yield than they could achieve in the larger capital cities and holiday homes purchased to incorporate retirement plans in the coming years.”</p><p>Overall, the global index is still rising at 10 per cent per annum with 51 of the 56 tracked countries continuing to register an increase in house prices.&nbsp;</p><p>This is despite expectations of a notable slowdown in the second quarter given recessionary fears, energy prices, rate rises and geopolitical concerns.&nbsp;</p><p>More realistically, when taking inflation into account, global house prices in real terms are averaging just 1.6 per cent growth in the year to Q2, down from 6.2 per cent a year earlier according to Knight Frank.</p><p>The strongest property market over the past 12 months has been Istanbul which has seen 184.9 per cent growth in property prices.</p><p>Top performed US cities include Miami, Dallas and Phoenix. While the worst performed major capital city was Wellington, which has fallen 12.2 per cent in the past 12 months.</p>

According to Knight Frank’s latest Global Residential Cities Index, 90 per cent of global cities have continued to register an increase in house prices... 

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<p>Skyportz has revealed a modular vertiport design by leading architectural firm Contreras Earl Architecture that can be shipped anywhere in the world.</p><p>The company also announced at the World Air Taxi Congress in Istanbul, Turkey that it had now opened its property partner database to accept registrations anywhere in the world from potential vertiport locations.</p><p>Skyportz said the vertiport design had been created with site specific input from Arup and To70 Aviation and that “these beautiful sculptural buildings can be deployed in components packed into shipping containers anywhere in the world”.</p><p>Electric aircraft developer Beta Technologies will provide battery charging infrastructure which will be suitable for almost any aircraft that may use the vertiport.</p><p>Late last month Skyportz announced the <a href="https://www.theurbandeveloper.com/articles/skyportz-vertiport-unveiled-victoria" data-mce-href="https://www.theurbandeveloper.com/articles/skyportz-vertiport-unveiled-victoria">first Australian vertiport partnership</a> at a business park in Melbourne at Caribbean Park.</p><p>Skyportz chief executive Clem Newton-Brown said at the congress it was urgent that the property industry and policy makers enable vertiport networks to be established.</p><p>“The frontrunners have had over $10 billion invested into aircraft development in the last year,” he said.</p><p>“This investment needs to be doubled down into vertiport infrastructure if the business cases are to be realised.</p><p>“There is no point developing these aircraft if they can’t land in new locations.”</p><p>No-where in the world has any jurisdiction set out definitive rules, regulations and standards for new vertiports, Newton-Brown, a former deputy lord mayor of Melbourne and Yarra River water taxi service provider, said.</p><div id="1DFgWkFvy1XhKX9p3y0Tcx"><picture><img src="//images.ctfassets.net/8pr762qjocl3/68QrbVsg6RDgrctJxBOH2U/a65f04a5683eb14450187b5d23917240/Mid_article_resizes.jpg" alt="A render of the planned Melbourne vertiport." data-mce-src="//images.ctfassets.net/8pr762qjocl3/68QrbVsg6RDgrctJxBOH2U/a65f04a5683eb14450187b5d23917240/Mid_article_resizes.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the planned Melbourne vertiport.<br><br> </span></div></div><p>“Skyportz is offering the property industry a chance to get on the front foot and install these lightweight, affordable vertiports in advance of being able to actually use them,” he said.</p><p>“We don’t need to wait for the policy makers, these buildings can be used for other purposes for now and will be on site and ready to activate for aviation in the future.</p><p>“With our vertiport database growing daily we can assemble networks of sites in any launch market sought by investors”.</p><div><p>Newton-Brown stressed that the planned vertiport in Melbourne would be a game-changer.</p><p>“With the development of a vertiport in a business park we are breaking the nexus between aviation and airports,” he said.</p><p>“For this industry to succeed it needs to have policy makers and property owners pushing the envelope to support new mini airports in locations people want to go.”</p><p>Previously in Queensland Skyportz said <a data-mce-href="https://www.theurbandeveloper.com/articles/air-taxis-skyportz-electric-olympics" href="https://www.theurbandeveloper.com/articles/air-taxis-skyportz-electric-olympics" target="_blank" rel="noopener">flying taxis could transport athletes</a> around the 2032 Brisbane Olympics after it announced it would develop a transport hub north of Brisbane and make the aircraft in Queensland.</p><p>At the time Newton-Brown said they were also in the process of identifying sites near the Olympic venues to join the network of facilities.</p></div>

Skyportz has revealed a modular vertiport design by leading architectural firm Contreras Earl Architecture that can be shipped anywhere in the world.

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<p>A city is a sum of its parts, and its tallest towers are more often than not the highlights, literally.</p><p>For the 22nd time, an international panel of experts has picked its top 10 from a worldwide pool of more than 600 eligible skyscrapers, which were completed in the previous calendar year and are at least 100m tall, for the Emporis Skyscraper Awards.</p><p>It is the world’s most renowned prize for high-rise architecture and has been awarded on an international basis. The primary criteria in awarding the prize are excellence in aesthetic and functional design.<br><br></p><hr><h2><br>10. CIBC Square South Tower<br><br></h2><div id="4OTFzsu0clm7Wlge9qARI9"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5Ti7UfPgZB6NRIFWdykwtx/59d7ceee08fe59b0a305f11220ab2d02/3213-way-split-new.jpg" alt="cibc square south tower inside" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5Ti7UfPgZB6NRIFWdykwtx/59d7ceee08fe59b0a305f11220ab2d02/3213-way-split-new.jpg"></picture><div><br></div></div><p><strong>Architect:</strong> WilkinsonEyre, Adamson Associates<br><strong>Developer:</strong> Ivanhoé Cambridge and Hines<br><strong>Location:</strong> Toronto, Canada<br><strong>Storeys:</strong> 49</p><p>This tower is one of two in a mixed-use project in the heart of Toronto’s financial district. The second tower of 50 storeys will be completed in 2024. The south tower’s exterior is covered with diamond-shaped cuts of blue glass that reflect sunlight in different colours that change across the course of the day.<br><br></p><hr><h2><br>9. One Park Drive<br><br></h2><div id="50eFqEqF684BYkEXPrTPk6"><picture><img src="//images.ctfassets.net/8pr762qjocl3/16mE12Q5GWsCoOsGInCv60/4d43eea74ed09da0ef053fc1c1559b25/4213-way-split-new.jpg" alt="one park drive" data-mce-src="//images.ctfassets.net/8pr762qjocl3/16mE12Q5GWsCoOsGInCv60/4d43eea74ed09da0ef053fc1c1559b25/4213-way-split-new.jpg"></picture><div><br></div></div><p><strong>Location: </strong>London, UK<strong><br>Developer: Canary Wharf Group<br>Architect:</strong> Herzog &amp; de Meuron, Adamson Associates<br><strong>Storeys:</strong> 58</p><p>The residential tower in the Canary Wharf district is one of only a few residential towers in this business district. Its distinctive cylindrical shape sets it apart from the office buildings and was the first residential skyscraper in the UK designed by Swiss architects Herzog &amp; de Meuron.<br><br></p><hr><h2><br>8. Sven</h2><p><br></p><div id="69FkEoLPbgEpuFY5jbQlFh"><div id="4WrpbS2zEDtOI84ua8lJbj"><picture><img src="//images.ctfassets.net/8pr762qjocl3/27ZaNqyDMQjhhnB2QALgwL/6150665a5b54a9e062442ab1b5ebc6a0/413213-way-split-new.jpg" alt="handel architects /sven inside" data-mce-src="//images.ctfassets.net/8pr762qjocl3/27ZaNqyDMQjhhnB2QALgwL/6150665a5b54a9e062442ab1b5ebc6a0/413213-way-split-new.jpg"></picture></div></div><p><strong><br>Location:</strong> Long Island, US<br><strong>Developer:</strong> The Durst Organization<br><strong>Architect:</strong> Handel Architects<br><strong>Storeys:</strong> 71</p><p>The tower’s characteristic shape arises from the concave facade and it is currently the second tallest completed tower in Queens. Sven is the first building in New York where residents can illuminate the tops of the tower via an app.<br></p><hr><h2><br>7. Premier Tower</h2><p><br></p><div id="3QdWqhUAQHYru1Y29jlWky"><div id="6cQM8gPKHYzL62yJOp0Gyy"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4ZjitjjYJLgCrC9sVYaNfh/9bcb09f73215c3d3a4678d41777f42e8/4123-way-split-new.jpg" alt="Premier Tower Melbourne inside" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4ZjitjjYJLgCrC9sVYaNfh/9bcb09f73215c3d3a4678d41777f42e8/4123-way-split-new.jpg"></picture></div><div><br></div></div><p><strong>Location:</strong> Melbourne, Australia<br><strong>Developer:</strong> Fragrance Group<br><strong>Architect:</strong> Elenberg Fraser<br><strong>Storeys:</strong> 78</p><p>Premier Tower’s curves, reminiscent of a human body, is in homage to one of Beyoncé’s music videos, <em>Ghost</em>. Apartment residents have access to an exclusive club and luxury amenities such as a garden lounge, outdoor fitness park or a games area. The tower is on an island site opposite Melbourne’s Southern Cross station.</p><p><br></p><hr><h2><br>6. Warsaw Unit</h2><h2>&nbsp;&nbsp;</h2><div id="185ejhvFzneXjNmyUPEYtS"><div id="5IF18G7As3UbglQHbEX9cN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2fdfKlVkSwxCJcYIxfidSv/11819609cd34381f90e6626b2c69f3f0/3213123123-way-split-new.jpg" alt="Warsaw Unit development" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2fdfKlVkSwxCJcYIxfidSv/11819609cd34381f90e6626b2c69f3f0/3213123123-way-split-new.jpg"></picture></div><div><br></div></div><p><strong>Location:</strong> Warsaw, Poland<br><strong>Developer:</strong> Ghelamco Poland<br><strong>Architect:</strong> Projekt Polsko Belgijska Pracownia Architektury<br><strong>Storeys:</strong> 45</p><p>Warsaw Unit has a kinetic facade called Dragon Skin that reacts to gusts of wind and forms naturally created images on the building. It has a high level of health safety, including against infectious diseases with state-of-the-art technologies such as UV lamps to disinfect the spaces and a mobile app offering access monitoring to ensure a safe working environment. The building has a BREEAM certificate at the outstanding level, the highest possible rating for ecological and socio-cultural aspects of building sustainability.<br><br></p><hr><h2><br>5. Bundang Doosan Tower</h2><p><br></p><div id="2YAhLd4R5P7zhcy3QA4vby"><div id="5CV40sKEyJ9Xh8SO39fUIu"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5I3KV0aD4VXWNCyVt7NZqM/57367d8848629c7a513bc5f912fe3f06/3213123123123-way-split-new.jpg" alt=" Bundang Doosan Tower" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5I3KV0aD4VXWNCyVt7NZqM/57367d8848629c7a513bc5f912fe3f06/3213123123123-way-split-new.jpg"></picture><br></div></div><p><strong><br>Location:</strong> Doosan, South Korea<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;" data-mce-style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"><br></span><strong>Developer:</strong> Doosan Group<br><strong>Architect:</strong> Kohn Pedersen Fox Associates, Gansam Architects and Partners<br><strong>Storeys:</strong> 27<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;" data-mce-style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"><br></span></p><p>Bundang Doosan Tower consists of two towers connected by a skybridge 100m above street level. The glass facade brings natural light inside the building, while solar gain is limited by vertical and horizontal exterior shading devices. The fourth floor of the South Wing boasts a history museum detailing Doosan’s past.<br><br></p><hr><h2><br>4. Antares Tower</h2><h2>&nbsp; &nbsp;</h2><div id="4cJVTYOhPhY0XwqxngOZeC"><div id="6UOSG3symWlxZb78BFFXk8"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5r7btrLPfZAgkxCGwXUpu8/d6bc88f7bffbd0f225eac609513efd98/1423-way-split-new.jpg" alt="Antares Tower Studio Odelie" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5r7btrLPfZAgkxCGwXUpu8/d6bc88f7bffbd0f225eac609513efd98/1423-way-split-new.jpg"></picture><div><br></div></div></div><p><strong>Location:</strong> Barcelona, Spain<br><strong>Developer: </strong>Actual Capital<strong><br>Architect:</strong> Studio Odile DECQ architectes urbanistes<br><strong>Storeys:</strong> 28</p><p>The tallest luxury residential building in Barcelona, it offers views of the Mediterranean, the Montserrat Mountains and Barcelona itself. The Antares tower features curved balconies in a red hue on the upper floors which give the building a unique presence on the city’s skyline.<br><br></p><hr><div id="wHzdvilLtZbvjT2yqOmzp"><h2><br>3. NV Tower<br><br></h2><div id="5BOB8gdl3Iv4Wq6ljwxdTN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/74gofK05tTd28bmddzgMTb/5797ccf5457414a691b7003b9fcc6f91/2313-way-split-new.jpg" alt="NV Tower" data-mce-src="//images.ctfassets.net/8pr762qjocl3/74gofK05tTd28bmddzgMTb/5797ccf5457414a691b7003b9fcc6f91/2313-way-split-new.jpg"></picture><br></div></div><p><strong><br>Location:</strong> Sofia, Bulgaria<br><strong>Developer:</strong> Bulgarian Eco Projects AD<br><strong>Architect:</strong> A&amp;A Architects<br><strong>Storeys:</strong> 20</p><p>The mixed-use tower has extensive landscaping on roofs and facades and every floor has access to the landscaped terraces. The NV Tower has a LEED-Gold (Leadership in Energy and Environmental Design) certification with waste heat from all server rooms used to heat the office areas. Ventilation chambers with rotary recuperators are provided autonomously for each floor for ventilation and fresh air to reduce energy costs, and a recycling system collects and uses 100 per cent of rainwater.<br><br></p><hr><h2><br>2. 111 West 57th Street</h2><p><br></p><div id="6HJ9nJKJ3b2hm9BG4AOMxm"><div id="6HJ9nJKJ3b2hm9BG4AOMxm"><div id="79MlQoEFZperBohObEhR0S"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3PI1bJVQRtPntyC3VVrwFb/659eec50b256b6e730258f3a604227a4/3-way-split-new.jpg" alt="111 West 57th Street lobby" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3PI1bJVQRtPntyC3VVrwFb/659eec50b256b6e730258f3a604227a4/3-way-split-new.jpg"></picture><div><br></div></div><p><strong>Location:</strong> New York City, US<br><strong>Developer:</strong> JDS Development Group and Property Markets Group<br><strong>Architect:</strong> SHoP Architects<br><strong>Storeys:</strong> 84</p></div></div><p>Currently the third-tallest building in New York City and in the top 30 of tallest buildings in the world, this slender tower is known as the Stairway to Heaven thanks to the shape of the tower’s pinnacle. The skyscraper has a width-to-height ratio of about 1:24 and its bronze and terracotta facade references New York City’s art deco history.<br><br></p><hr><h2><br>1. Valley<br><br></h2><div id="jE1o2yCbg8ZP5GIvIFxM0"><div id="2UTbIVecpbPDA7BYkBGEzI"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6nYJUsCtaJWMehEHPQQ6pI/1d92b3be9b157d736a745bbd0e6b83c9/3213-way-split-new.jpg" alt="valley-mvrdv-near-completion-amsterdam/" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6nYJUsCtaJWMehEHPQQ6pI/1d92b3be9b157d736a745bbd0e6b83c9/3213-way-split-new.jpg"></picture></div><div><br></div></div><p><strong>Location:</strong> Amsterdam, The Netherlands<br><strong>Developer:</strong> RJB Group<br><strong>Architect:</strong> MVRDV<br><strong>Storeys:</strong> 26</p><p>Valley is a multi-functional complex with three towers comprising residences, offices, shops and a museum. Under the Valley lies the Grotto, a large interior space of offices and shops. The construction of the Valley began at the end of 2017 and has a publicly accessible sky-bar over two floors which offers panoramic views over the city.<br><br></p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

A city is a sum of its parts, and its tallest towers are more often than not the highlights, literally. Be inspired, be intrigued and see if you agree as we present the top 10 skyscrapers from around the globe…

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<p>Build-to-rent is increasingly moving to urban fringe areas as developers scavenge for large sites for their vertical communities.</p><p>But horizontal build-to-rent could be the next frontier in Australia’s burgeoning market.&nbsp;</p><p>While there are only a few examples of completed build-to-rent towers in the market currently, the pipeline is looking healthy as more domestic and international developers look to capitalise on the affordability pressures in the Australian market.&nbsp;</p><p>Colliers national director for build-to-rent Robert Papaleo believes as the urban sprawl of build-to-rent developments continues, developers could look to replicate the single family build-to-rent model in the United States.&nbsp;</p><p>The Sun Belt in the US is home to more than 90,000 single-family rental homes across about 720 build-to-rent communities, and continues to expand.&nbsp;</p><p>And it’s one of the strongest performing property sectors. It is forecast to outperform multifamily (vertical build-to-rent), office, retail, storage and hospitality growth this year in the US, with average rental growth of 14.3 per cent year-on-year.</p><div id="1lSrkQ94MSt3M7KQO7sAf1"><div id="44BfZjQPhZHcDA9wpwEEDb"><br><div><div id="3iTJdiCFCC8u4jwkQGrwqA"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3vlYJsRYHxU8cc9sEXTITi/d44d5e9cb255ae070190b60d2cb1434a/HoriBTRMID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3vlYJsRYHxU8cc9sEXTITi/d44d5e9cb255ae070190b60d2cb1434a/HoriBTRMID.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Greenfield community developers including Mirvac and Stockland could be the first to incorporate pockets of horizontal build-to-rent into their developments.</span></div></div></div></div></div><p><br>Papaleo says the horizontal build-to-rent communities are similar to land lease in Australia, but aimed at families as opposed to retirement living communities. Papaleo says the underlying market fundamentals are compelling for investors in this space as the pipeline doubles between 2021 and 2022, and then again by 2024.</p><p>“Institutional capital is looking for the next frontier … there’s definitely the logic to support horizontal build-to-rent in the Australian market,” Papaleo says.</p><p>“I think it comes down to <a data-mce-href="https://www.theurbandeveloper.com/articles/build-to-rent-luxury-alt-living-rental-crisis" href="https://www.theurbandeveloper.com/articles/build-to-rent-luxury-alt-living-rental-crisis" target="_blank" rel="noopener">not only the affordability issue</a>, but also the increased cost of living in those urban areas. Working from home has also influenced the way people live and the migration to the outer suburbs.&nbsp;</p><p>“There’s also the market segment that could afford to service a loan but at this point don’t have the deposit to access that housing.</p><p>“They’ve got sufficient income but they haven’t had time to raise a deposit, or they want the flexibility and are comfortable living in the greenfield market.”</p><p>Papaleo says build-to-rent developers are moving to cheaper sites in their search for scale, heading for the wilds of Parramatta, Nedlands and Penrith in Sydney, and lifestyle areas such as Scarborough in Perth.</p><p>But it could be the growth corridors outside of major cities that attract horizontal build-to-rent communities.&nbsp;</p><p>He says the likes of Mirvac, Stockland and Lendlease, who are already active in build-to-rent and land lease markets, could be the first to develop horizontal build-to-rent as part of their greenfield communities.&nbsp;</p><p>But unlike vertical build-to-rent, developments could be as small as 30 houses, whereas tower communities tend to be a minimum of 200 apartments.&nbsp;</p><div id="7nePZVzq7zFiwbSfYRiVGz"><picture><img src="//images.ctfassets.net/8pr762qjocl3/kd7xb3fi8sSuFWPR5tjpF/422a9fe34dcff9ecf00dca0a8bb92c46/Gurner_and_Qualitas_are_planning_to_build_a_61_storey_tower_in_Parramatta_after_buying_the_site_from_Toplace._" alt="Render of the Gurner-Qualitas mixed-use build-to-rent development proposal earmarked for a 2049sq m Parramatta site that, if approved, will comprise 385 apartments.
" data-mce-src="//images.ctfassets.net/8pr762qjocl3/kd7xb3fi8sSuFWPR5tjpF/422a9fe34dcff9ecf00dca0a8bb92c46/Gurner_and_Qualitas_are_planning_to_build_a_61_storey_tower_in_Parramatta_after_buying_the_site_from_Toplace._"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Render of the Gurner-Qualitas mixed-use build-to-rent development proposal earmarked for a 2049sq m Parramatta site that, if approved, will comprise 385 apartments. </span></div></div><p><br>Papaleo says 2022 has been a <a data-mce-href="https://www.theurbandeveloper.com/articles/affordable-housing-build-to-rent-future-urbanity" href="https://www.theurbandeveloper.com/articles/affordable-housing-build-to-rent-future-urbanity" target="_blank" rel="noopener">“breakout year” for the build-to-rent sector</a> but southeast Queensland’s residential market remained robust. It doesn’t have the affordability pressures in play to support a build-to-rent market boom.&nbsp;</p><p>“If and when those markets begin to soften I think that’s when the build-to-rent proposition becomes more feasible.&nbsp;</p><p>“By the end of 2026 we think there’s going to be around 16,000 completed assets in Australia. It’s a healthy pipeline. &nbsp;</p><p>“The residential housing market is the largest single market for any investor in Australia, and the <a data-mce-href="https://www.theurbandeveloper.com/articles/build-to-rent-perfect-conditions-housing-crisis" href="https://www.theurbandeveloper.com/articles/build-to-rent-perfect-conditions-housing-crisis" target="_blank" rel="noopener">underlying fundamentals for build-to-rent are not going away.</a>”&nbsp;</p><p>Victoria has about 58 per cent of the build-to-rent pipeline, Queensland has about a quarter of the market share, Sydney has 15 per cent and Perth has about 3 per cent.&nbsp;</p><p>It’s an asset class that is attracting big investment in the US.&nbsp;</p><p>Private equity firms are buying up big in the Sun Belt.</p><p>Swiss-based Partners Group are spending almost $1.5 billion to acquire 2500 single-family rental properties recently completed and a further 1000 under construction earlier this year.&nbsp;</p><p>Canada’s Tricon Residential—one of the biggest single-family listed REITs—has a portfolio of more than 33,000 single-family rental homes in the US and Canada. It announced last month it was again teaming with Arizona State Retirement System to invest $500 million to build a further 2500 single family rentals in the US Sun Belt.&nbsp;</p><p>Blackstone and Brookfield are also heavily invested in the US horizontal build-to-rent market, but are yet to export the asset class to Australian shores.&nbsp;<br><br></p><hr><p><br></p><p><strong>You are currently experiencing&nbsp;<em>The Urban Developer</em>&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;</strong><a href="https://www.theurbandeveloper.com/membership-plans" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.theurbandeveloper.com/membership-plans&amp;source=gmail&amp;ust=1662610085949000&amp;usg=AOvVaw3JkXX-kxBPumTcXlA92e22" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

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<p>While overseas investment in Australia in the first half of 2022 declined overall, some countries remain key investors in our property market.</p><p>CBRE’s In and Out Report for the Asia Pacific region for the period found Hong Kong lead the investment charge with Singapore close behind and that South Korea and Malaysia had entered the market too.</p><p>Hong Kong investment totalled $1334 million, up $641 million on 2021’s first half.</p><p>CBRE research head Tom Broderick said Australia’s <a data-mce-href="https://www.theurbandeveloper.com/articles/overseas-investors-drive-record-commercial-property-deal-increase" href="https://www.theurbandeveloper.com/articles/overseas-investors-drive-record-commercial-property-deal-increase" target="_blank">long-time appeal to Hong Kong investors</a> had continued strongly.</p><p>“Since 2020, Australia has been the second most popular destination, behind only Mainland China, for Hong Kong outbound capital investing in commercial real estate,” Broderick said.</p><p>Investors in South Korea and Malaysia put money into Australian property during the period to the tune of $315 million and $66 million respectively after no significant investment during the first half of 2021.&nbsp;</p><p>German investment increased by $365 million to $463 million but Singapore, the US and Canada all decreased investment into Australia.</p><p>Singaporean investment was down by $3250 million to $1246 million, still enough for it to be the second largest foreign investor.</p><p>US investment decreased by $902 million to $496 million and Canadian decreased by $1103 million to $106 million.</p><p>Most of the decrease in volume was attributed to a larger than normal amount of portfolio deals in the first half of 2021, with the report saying that the 2022 figures so far were on par with pre-Covid figures from 2018 and 2019.</p><p>Broderick said Korean and Malaysian investors had long been involved in the Australian market but not as intensely.&nbsp;</p><p>“I think these countries are just not as active in the Australian market, so [it is] not uncommon for [there to be] no transactions during a six-month period,” he said.</p><p>Broderick said that most Korean investment was in the office sector and that there had been significant investment in the second half of 2021, including NPS purchasing the Melbourne Quarter.&nbsp;</p><p>Malaysian investors have been active too, with <a data-mce-href="https://www.theurbandeveloper.com/articles/sp-setia-sets-500m-shangri-la-sale-price" href="https://www.theurbandeveloper.com/articles/sp-setia-sets-500m-shangri-la-sale-price" target="_blank" rel="noopener">SP Setia </a>and <a data-mce-href="https://www.theurbandeveloper.com/articles/beulah-commercial-road-prahran-development-application" href="https://www.theurbandeveloper.com/articles/beulah-commercial-road-prahran-development-application" target="_blank" rel="noopener">Beulah among those investing</a>.</p><p><strong>Overseas investment in Australia, first half 2022</strong></p><table border="0" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset; float: left;" style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset; float: left;" class="mce-item-table"><tbody><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Country</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">Volume (AUD million)</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">Change from 1st half of 2021 (AUD million)</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Hong Kong</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">1334&nbsp;</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">+641</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Singapore</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">1246</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">-3250</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">US</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">496</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">-902</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Germany</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">463</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">+365</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">South Korea</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">315</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">+315</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Canada</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">106</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">-1103</td></tr><tr><td style="width: 33.1627%;" data-mce-style="width: 33.1627%;">Malaysia</td><td style="width: 33.6718%;" data-mce-style="width: 33.6718%;">66</td><td style="width: 33.1655%;" data-mce-style="width: 33.1655%;">+66</td></tr></tbody></table><p><br><sub>Source: CBRE's Australia's In &amp; Out Report, H1, 2022<br></sub><br><br>The office sector was also most favoured by Australian firms investing overseas with a $1.4 billion spend in the first half of 2022.</p><p>This was attributed to the borders opening post-Covid for many countries including Australia.&nbsp;</p><p>The US market was the most popular for Australian investors with around $700 million being invested into the office sector there.</p><p>The second largest was Singapore—the most significant deal in the first half of 2022 the partnership of Lendlease with Singtel to rebuild its Singaporean headquarters.&nbsp;</p><p>Australians also started investing in France and Vietnam, new markets for local investors.</p><p>Broderick said this was in response to supply chain concerns.</p><p>“The Vietnam investment is in the industrial and logistics sector,” Broderick said.</p><p>“It appears to be in response to the evolving manufacturing sector in that country, given the cheaper production costs and also companies looking to diversify their supply chains.”</p><p>The sames is true of the French investment by Australians.&nbsp;</p><p>“As a general trend, investors have been looking at that sector in many developed countries given the rise of e-commerce and strong industrial leasing demand during Covid,” Broderick said.&nbsp;</p><p>Australian investment in the industrial and logistics sector totalled around $760 million.&nbsp;</p><p>Total outbound investment was around $.2.1 billion.&nbsp;</p><p>Around $15.2 billion worth of assets in the industrial, hotel, office and retail sectors exchanged hands in the first half of 2022 compared to $23.8 billion in the same period in 2021.&nbsp;</p><p>CBRE Asia Pacific capital markets head Mark Coster said this was mostly due to a decrease in the amount of investment and exchange occurring in that sector which fell from $10.6 billion to $3.5 billion.</p><p>“The decline in the overall sales volume in the first half is not a reflection of the market or investor interest,” Coster said.&nbsp;</p><p>“We saw significant trading in 2021 so it’s natural to expect market activity to decline year-on-year.”<br></p>

Australia saw an overall decrease in overseas investment in the first half of 2022 but certain countries remain key overseas investors in Australia’s property market.

CBRE’s In and Out Report for the Asia Pacific region for the first half of 2022 was recently released showing Hong Kong leading the investment charge with Singapore close behind but South Korea and Malaysia entering the fray compared to the first half of 2021. 

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<p>Confidence in Australia’s hotel market is soaring on the back of a record-breaking deal—Baring Private Equity Asia's $530-million acquisition of Hilton Sydney.</p><p>Chinese-backed investment group <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-hilton-sells-442-million" href="https://www.theurbandeveloper.com/articles/sydney-hilton-sells-442-million" target="_blank" rel="noopener">Bright Ruby bought the Hilton Sydney on George Street for $442 million</a> in 2015 before giving it a $25-million upgrade.&nbsp;</p><p>This is the highest price paid for a hotel in operation in Australia, both overall and on a per room basis at $900,000 per room.</p><p>It tops <a data-mce-href="https://www.theurbandeveloper.com/articles/offshore-insurance-group-buys-sheraton-hotel-463m" href="https://www.theurbandeveloper.com/articles/offshore-insurance-group-buys-sheraton-hotel-463m" target="_blank" rel="noopener">Chinese insurer Sunshine Insurance Group’s $463-million purchase of Sydney’s Sheraton on the Park</a> in 2014.</p><p>In Melbourne, other records are being eyed with <a data-mce-href="https://www.theurbandeveloper.com/articles/sp-setia-sets-500m-shangri-la-sale-price" href="https://www.theurbandeveloper.com/articles/sp-setia-sets-500m-shangri-la-sale-price" target="_blank" rel="noopener">SP Setia’s Shangri-La hotel listed pre-opening for $500 million—</a>around $1 million per room.&nbsp;</p><p>The expressions of interest campaign for Shangri-La ended on April 28.&nbsp;</p><p>Also in Melbourne, a $200-million listing for three hotels by Kuwait’s Sheikh Mubarak AM Al-Sabah’s Action Hotel Group is yet to garner interest.</p><p>The Accor Group, one of the world’s largest hotel operators, posted an average occupancy rate of 60 per cent across its 66 Victorian hotels (10,200 rooms) from January to the end of April.</p><p>Accor, in a deal with Salter Brothers, will manage the 275-key Mercure Melbourne Southbank.</p><p>The hotel operator has a pipeline of new hotels in Richmond, Hawthorn, Malvern and Latrobe, with Novotel and ibis Styles hotels in the works at Melbourne Airport. There are Melbourne hotels also planned by hoteliers 25hours and SO.</p><p>Accor Pacific’s chief executive Sarah Derry said the company was keen to invest in Victoria.</p><p>“Between 2021 and 2025, we will open 14 hotels in the state, which is an investment of more than $700 million by a variety of owners,” Derry said.&nbsp;</p><p>“This will create around 600 jobs, while boosting the appeal of the city and the quality of accommodation available.”<br></p><div id="1MOnCEix14QKNhGkHIRFEX"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6zhXaDJYNilKeVWDwAGaB4/a620334e18b2659224186cca74f9089b/hotel_market_stroy_mid_article_one.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6zhXaDJYNilKeVWDwAGaB4/a620334e18b2659224186cca74f9089b/hotel_market_stroy_mid_article_one.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The Palumbo Group's 251-room Sofitel Adelaide, one of many hotels across Australia currently for sale.&nbsp; Source: Sofitel Adelaide<br><br></span></div></div><p>Accor is also the operator for Palumbo Group’s 251-key Sofitel Adelaide which has been listed in what many see as a test of the market. It is Adelaide’s first five-star hotel offered for sale in 30 years.</p><p>Marriott, with more than 8000 properties and 150 million rooms globally, is also betting on Melbourne’s occupancy rates increasing, launching its new AC by Marriott Southbank.</p><p>It is predicting a 40 per cent occupancy rate over the next few months.&nbsp;</p><p>The launch is on the heels of its Melbourne Marriott Hotel Docklands with two further planned hotels to be revealed within the next few months.&nbsp;</p><p>Capital Alliance partnered with Marriott to build the Melbourne Marriott Hotel Docklands and the DKO-designed 205-key AC by Marriott Southbank, which it owns.&nbsp;</p><p>The 114th International Rotary Convention in the city next year is expected to attract more than 20,000 visitors and will be staged close to the AC by Marriott Southbank.</p><div id="39k6AqWrfrLru5MatPAuSm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/ILxswAshtD7AP9lcxoVJM/b7f018163cc8480a3f4f1ee7e4553d02/hotel_market_story_mid_article_image_two.jpg" alt="Capital Alliance's Marriott-operated AC by Marriott Southbank hotel, its second hotel with the largest global hotel group. Source: Marriott Hotel Group" data-mce-src="//images.ctfassets.net/8pr762qjocl3/ILxswAshtD7AP9lcxoVJM/b7f018163cc8480a3f4f1ee7e4553d02/hotel_market_story_mid_article_image_two.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Capital Alliance's Marriott-operated AC by Marriott Southbank hotel, its second hotel with the largest global hotel group. Source: Marriott Hotel Group<br><br></span></div></div><p>In Queensland, IHG Hotels and Resorts and Walker Corporation along with Pro-invest Hotels will launch the Holiday Inn Express and Suites Sunshine Coast<a data-mce-href="https://www.theurbandeveloper.com/articles/suncentral" href="https://www.theurbandeveloper.com/articles/suncentral" target="_blank" rel="noopener"> in the $2.5-billion Maroochydore City Centre, Australia’s largest greenfield CBD project</a> on the former Horton Park Golf Course site.&nbsp;</p><p>The nine-storey, 181-key hotel, complete with a rooftop pool, bar, restaurant, retail, parking, and conference and function facilities, will open in May and is the first Australian Suites product for the Holiday Inn Express brand.&nbsp;</p><p>IHG has also recently signed a deal with Pelligra to open a Holiday Inn and Suites hotel in Adelaide as well as a Crown Plaza hotel with Oscars Group on the NSW South Coast.</p><p>Office occupancy rates continue to effect hotel occupancy rates with the Property Council of Australia reporting that Melbourne CBD office occupancy had doubled in the last quarter but tracked at 32 per cent, with Sydney at 41 per cent, Brisbane at 48 per cent and Adelaide at 61 per cent.&nbsp;</p><div id="2XBXlyTAU0A5YI3qbv16A0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/76PCKU7nfj4DQqLZnBZ432/b6acc1bb79dcd9713dc06b8122de69b8/SP_Setia_midarticle_image.jpg" alt="Malaysian owned SP Setia's twin tower project, Sapphire by the Gardens and Shangri-La, overlooking the Carlton Gardens at 308 Exhibition Street in Melbourne. Source: SP Setia" data-mce-src="//images.ctfassets.net/8pr762qjocl3/76PCKU7nfj4DQqLZnBZ432/b6acc1bb79dcd9713dc06b8122de69b8/SP_Setia_midarticle_image.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Malaysian-owned SP Setia's twin tower project, Sapphire by the Gardens and Shangri-La, overlooking the Carlton Gardens in Melbourne. Source: SP Setia<br><br></span></div></div><p>Accor’s Derry said it was key there be more investment in initiatives that supported the sector.&nbsp;</p><p>“It is critical that investment in sports, arts and cultural events continues, as it creates jobs and supports local businesses,” she said.</p><p>“When cities host major events such as F1 Grands Prix, we experience a significant surge in bookings.&nbsp;</p><p>“The return of full crowds at AFL has also been encouraging, and festivals and events are attracting leisure travellers to city hotels.”</p><p>Australia’s tourism industry’s domestic and international spend was $122 billion in the financial year prior to Covid with $60.8 billion generated in direct tourism GPD in the same year.</p>

Confidence in Australia’s hotel market is soaring with record-breaking hotel sale prices as Baring Private Equity Asia buys Bright Ruby’s Hilton Sydney for $530 million. 
Chinese-backed investment group Bright Ruby bought the Hilton Sydney on George Street for $442 million in 2015 giving it a $25-million upgrade. 


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<p>“There is no future for gas in the built environment.”</p><p>That was the strong sentiment punctuating conversations about how Australia’s existing buildings will meet net zero emissions targets by 2050 at the Green Building Council of Australia’s recent Transform conference.</p><p>Building owners in New York City could be slugged up to $4 million as that city moves to cap carbon emissions and force building sustainability improvements ahead of 2050.&nbsp;</p><p>Countries with colder climates have traditionally relied on gas heating as a cheap way to climate control apartment buildings—but looming emissions targets are forcing a recalibration.</p><h2><strong>Australia ahead of the curve</strong></h2><p><br>In 2050 half of Australia’s built environment will have been built before 2019, and the focus must shift from developing sustainable buildings to upgrading existing buildings, according to property sustainability experts.&nbsp;</p><p>But the punitive approach is not one that is needed in Australia to get the property sector on board, according to Green Building Council of Australia chief executive Davina Rooney.</p><p>Rooney says the country has consistently topped the Global Real Estate Sustainability Benchmark (GRESB) scores since their inception 12 years ago.&nbsp;</p><div id="5WbKjBuV1volHZqiHzQHCA"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6Hcpk5ETzCTzsxAnLMy1yQ/eec70e5cecf75e6c070d5d8c771bc11a/Sydney_solar_MID.jpg" alt="Sydney PV panels MID" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6Hcpk5ETzCTzsxAnLMy1yQ/eec70e5cecf75e6c070d5d8c771bc11a/Sydney_solar_MID.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Australia's property sector has consistently topped the Global Real Estate Sustainability Benchmark scores for more than a decade.<br><br></span></div></div><p>Australia’s <a data-mce-href="https://www.theurbandeveloper.com/articles/built-environment-emissions-carbon-neutral-ipcc" href="https://www.theurbandeveloper.com/articles/built-environment-emissions-carbon-neutral-ipcc" target="_blank" rel="noopener">property sector is ahead of the curve globally</a> and leading the way in Australian reform despite the lack of political will to drive change, Rooney says.</p><p>“Australia is in a different position to New York, simply because we commenced the journey of decarbonising the built environment earlier,” she says.&nbsp;</p><p>“We find that here in Australia a combination of carrot, stick and tambourine works best for our industry.”</p><p>Rooney explains the carrot comes in the form of incentive programs such as NABERS and Green Star, which promote sustainable credentials and help meet community expectations and drive investment, while the tambourine celebrates the wins.&nbsp;</p><p>Australia’s “stick approach” is based in regulatory and planning framework and the National Construction Code to address stranded assets.&nbsp;</p><p>In New York the buy-in to update its building stock and make it more sustainable has not been strong, and in the race to zero a cloud is hanging over the city’s famous skyline.</p><h2><strong>NYC’s Local Law 97 to slug apartment tower owners</strong></h2><p><br>Under Local Law 97, which comes into effect in 2024, buildings greater than 2300sq m will need to meet carbon emissions caps, forcing landlords to introduce energy efficiency measures.&nbsp;</p><p>Speaking at the Green Building Council of Australia’s Transform conference last week, NYC Department of Buildings chief sustainability officer Gina Bocra said about 80 per cent of the city’s buildings would only have to make minor changes to comply with the 2024 caps.</p><p>She estimated about 3000 buildings would be affected, predominantly apartment towers, and particularly multi-family assets. But the stepped approach to carbon emissions caps would go up a notch in 2040, when three in four buildings would likely be impacted.&nbsp;</p><div id="7GIENlAyJ3ihlmnfn1XUOp"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5VOCIdevhkPXFopdt2dsWE/b95165c88d92541609ec2a093b11c89a/Gina_Bocra_MID.jpg" alt="Gina Bocra NYC Sustainability" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5VOCIdevhkPXFopdt2dsWE/b95165c88d92541609ec2a093b11c89a/Gina_Bocra_MID.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ New York City's Building Sustainability Advisor Gina Bocra says owners of multi-family assets would likely feel the pinch more than most. </span></div></div><p><br>Bocra said one of the major sticking points was the reliance on gas heating in towers, with laws now mandating fully electrified new buildings from 2024.</p><h2><strong>Focus to shift to existing buildings</strong></h2><p><br>Property Council Australia’s national policy manager for sustainabiliity and regulatory affairs Francesca Muskovic says about half Australia’s existing built environment will need strong governmental support to meet Net Zero 2050.</p><p>“There’s no future for gas in the built environment, we need to electrify existing buildings,” Muskovic says.</p><p>“Half the buildings would have been built after 2019 … but that still leaves the other half of the building stock that needs to be net zero by 2050.”</p><p>Muskovic says it is residential housing, small shops, industrial warehousing and small office blocks that will need heavy focus to shift their carbon footprints.&nbsp;</p><p>“We need rapid results for those areas. We need a renovate Australia program … the direction needs to be coming from the government, clear and simple,” Muskovic says.</p><p>“Unfortunately there is uncertainty in the offset market and the [integrity] of ACCUs (Australian carbon credit units), so we need to be less reliant on those sustainability offsets.”</p><p>And GBCA’s Davina Rooney agrees. Many of the Green Building Council of Australia’s member organisations regularly review offsets and some are aiming to phase out their use, such as Lendlease, which is targeting absolute zero by 2040—without the use of carbon offsets.&nbsp;</p><div id="6sMDFGzijD6aLAtoWuBf3"><picture><img src="//images.ctfassets.net/8pr762qjocl3/tBrMwSa2SasUOsa665O0O/42a656afb11efbd04d2244812d120ca1/Wind_farm_mid.jpg" alt="Wind farm - MID" data-mce-src="//images.ctfassets.net/8pr762qjocl3/tBrMwSa2SasUOsa665O0O/42a656afb11efbd04d2244812d120ca1/Wind_farm_mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Uncertainty has clouded the Australian Carbon Credit Unit scheme after a scandal over the integrity of some of the offset schemes in the market.&nbsp;<br><br></span></div></div><p>She acknowledges that existing buildings present a challenge in decarbonising the built environment.&nbsp;</p><p>“But the technology is there to help owners reduce their carbon footprint too and when they do, they can enjoy the incentives of lower operational costs, boosted efficiency, healthier environment for tenants and greater worker retention,” she says.</p><p>“Age is not a barrier when it comes to making buildings sustainable.</p><p>“We’ve [Green Star] certified everything from sandstone buildings in Sydney’s Macquarie Street, 30-plus-year-old government buildings in western NSW and then back again to the Sydney Opera House.</p><p>“In this portfolio example from Property NSW the average asset is 50 years.</p><p>“The building and construction industries contribute 37 per cent of global emissions so the decade of decarbonisation is now.”&nbsp;</p><p>By 2030 all new Green Star certified buildings must be net zero and existing Green Star performance-rated buildings will have embraced renewables and be “on their way to electrification”.</p><p>Rooney says with “radical collaboration” the property industry will continue its push in leading the decarbonisation of the built environment and a fossil fuel-free future.&nbsp;</p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals.</strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong> </strong><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

The carrot and stick approach failed in New York, and now building owners will be slugged up to $4 million in 2024 if they do not meet carbon emissions caps. But the same approach will not work in Australia. Here's why... 

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>A Queensland-based investment manager behind one of the biggest new plays in Australia’s burgeoning build-to-rent sector is counting on some home-ground advantage to kickstart its platform. </p><p>In a powerhouse joint venture, GreenFort Capital has teamed with Canadian property management giant BentallGreenOak and Swiss-based private equity firm Partners Group.  </p><p>With the backing of the two global heavy-hitters, GreenFort—headquartered in the Brisbane CBD’s Golden Triangle financial district—will develop the new build-to-rent platform targeting the Sydney, Melbourne and Brisbane markets. </p><p>The portfolio is to be seeded by a 30-level, 364 apartment development on a site at 2 Cordelia Street, South Brisbane, which was secured by the venture earlier this month. </p><p>The acquisition represents BentallGreenOak’s first investment in Australia. </p><p>The co-investment coup adds to the deepening pool of build-to-rent platforms looking to capitalise on Australia’s evolution in tenant demand driven by an increasing lack of housing affordability. </p><p>Last month, Alt Living—a platform backed by Melbourne-based developer Landream—was launched with<a href="https://www.theurbandeveloper.com/articles/alt-living-build-to-rent-melbourne-development"> a target to raise $200 million</a> in capital to break ground on two build-to-rent projects in the Victorian capital. </p><p>Another <a href="https://www.theurbandeveloper.com/articles/macquarie-funds-local-btr-platform-launch">newly-established build-to-rent platform</a>, Local, funded by Macquarie Asset Management, has a $500-million war chest for future projects.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/1091abf8-728a-4fdf-80de-fb4577b1ad94.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ GreenFort Capital is seeding the new build-to-rent platform with a 30-level, 364 apartment development on a site at 2 Cordelia Street, South Brisbane.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>GreenFort’s strategy is to acquire and develop a pipeline of build-to-rent residential projects—initially scaling up to between 1200 and 1500 apartments along the east coast. </p><p>The assets will be managed by specialist operating business Canvas, established by GreenFort partners Adam Vaggelas and Nick Singleton. </p><p>Vaggelas said Australia’s low housing vacancy rates, limited new apartment supply and lack of institutional-grade residential stock presented a significant opportunity. </p><p>“Australia has one of the highest rates of urbanisation and population growth, and one of the lowest residential vacancy rates in the developed world,” he said. </p><p>“These trends, together with increasing housing affordability constraints, present a compelling opportunity to deliver quality and professionally managed apartment stock to urban locations.” </p><p>Combined, BentallGreenOak and Partners Group have almost $280 billion in assets under management globally.</p></div></div></div></div></div>

A Queensland-based investment manager backed by global heavy-hitters is behind a powerhouse new play in Australia’s burgeoning build-to-rent sector...

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