42a06bb2-b933-4c4f-9971-2152dc861210

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Billionaire developer Harry Triguboff has forged ahead with his Eastgardens development plans and snapped up a 2.7-hectare site in Sydney’s north-west in a counter-cyclical play.  </p><p>Meriton has lodged a development application for the second stage of its sprawling $3 billion residential development in Eastgardens, approximately nine kilometres south of Sydney CBD, touted as Meriton&#x27;s largest project to date. </p><p>The plans form stage two of a huge masterplan, which Meriton calls Pagewood Green, on the large site bounded by Bunnerong Road, Heffron Road, and Banks Avenue.</p><p>The second stage will see the construction of a $115 million mixed-use project comprising two residential buildings of up to 16 and 17 storeys in height comprising 383 residential units. </p><p>The SJB-designed project, lodged with Bayside council last week, also include ground-floor residential, retail and the construction of two private roads.</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/50f65da1-263c-47eb-bc6f-9d65d994c5be.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Stage two of Meriton&#x27;s plans have been lodged for the former British American Tobacco site at 128 Bunnerong Road &amp; 120 Banks Avenue, Pagewood. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Making moves while others shy away from the market, Meriton was also revealed as the buyer of embattled developer Dyldam’s Pennant Hills site in Carlingford this week. </p><p>The 2.7-hectare site, at 263-273 and 277-281 Pennant Hills Road, roughly 18 kilometres to the north-west of Sydney’s CBD, was snapped up for $68.5 million, in a deal managed by Matthew Meynell and James Cowan of Colliers International. </p><p>Triguboff has recently said he was looking for sites in Sydney and Brisbane as a result of land prices dropping and developers relying on bank finance staying out of the market. </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/20b553f7-dd8b-443f-9d5e-977500fe22fd.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ 263-273 &amp; 277-281 Pennant Hills Road Carlingford. Image: Colliers International.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>As for his Eastgardens development, the 87-year-old Meriton founder, who is personally worth about $15.5 billion, has described the Pagewood Green precinct as his “most ambitious project in 50 years as a developer”.</p><p>Meriton purchased 10.5 hectares of the site for $140 million in 2013, and an additional six hectares for $90 million two years later. </p><p>Bayside council unanimously voted to support the rezoning of the blocks along 128 and 130-150 Bunnerong Road, to high-density residential use in mid-2019.</p><p>When complete the mammoth precinct, which sits eight kilometres from Sydney CBD, will comprise more than 4000 units, spanning a 16.5-hectare site. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div></div></div>

 Billionaire developer Harry Triguboff has forged ahead with his Eastgarden development plans, and snapped up a 2.8 hectare site in Carlingford...

Meriton Surfers Paradise development application

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Apartment developer Meriton has lodged plans for a dual tower development at Surfers Paradise on the Gold Coast just as it puts the finishing touches on its neighbouring skyscraper, Ocean.</p><p>The 637-apartment development is planned for a 4400sq m site at 152 The Esplanade. </p><p>Surfers Paradise beachfront is at the eastern side of the site and Main Beach Parade to the west.</p><p>Harry Triguboff’s Meriton has filed plans with the Gold Coast City Council to build a 70-storey tower comprising 382 apartments and a 50-storey tower with 255 apartments above a low-level podium.</p><p>Tower one will offer 45 one-bedroom, 218 two-bedroom, 93 three-bedroom and 26 four-bedroom apartments.</p><p>Tower two will offer 45 one-bedroom, 99 two-bedroom, 88 three-bedroom and 23 four-bedroom apartments.</p><p>The DBI Architecture-designed development will replace four existing freehold allotments recently occupied by two mid-rise towers, Beach Lodge and Bahia Beachfront Apartments, as well as a vacant block and two-storey detached dwelling.</p><p>Meriton plans to provide “extensive communal recreation and lifestyle facilities” on the third level of the building’s podium, offering resort pools, spa, lounge decks, yoga lawns, barbecues and common lounge terraces.</p><p>Tower one, at the northern end of the site, will feature a 20m lap pool, residents’ gym with panoramic views on level 42 as well as a steam room, games room and terrace in the north-eastern corner.</p><p>Level 70 will accommodate three penthouse apartments, comprising two four-bedroom apartments and one three-bedroom apartment. Each penthouse will have two private balconies.</p><p>The tower will be topped with a “floating roof cap” offering residents an outdoor dining terrace and open pergola.</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/7a4b081b-7c5e-4777-8534-65461bebe989.jpg" width="960"/></picture><div><span style="align-content:center;opacity:0.8">▲ Tower one will reach 246.8 metres in height while tower two will each 177.8 metres. Image: DBI Architecture</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Tower two, at the north-western corner of the site, will also have two four-bedroom penthouses, with internal stairs within the apartments leading to private roof terraces.</p><p>Both towers will be built above nine basement levels, providing 926 car parking spaces, while the ground floor level will feature 2000sq m of retail space for food and drink outlets, which will open on to landscaped outdoor dining terraces and an open landscaped pedestrian plaza.</p><p>Pending approvals, Meriton plans to build the project in two phases with the basement levels and smaller tower to be constructed as part of the first stage.</p><p>Forced to shut down multiple construction sites across Sydney during the pandemic, Triguboff has made no secret of his desire to focus much more of Meriton’s attention on the sunshine state.</p><p>Triguboff, worth an estimated $16 billion, has plans to purchase more land on the Gold Coast and to a lesser extent in Brisbane to build between 2000 and 3000 more apartments.</p><p>Meriton is now finishing the 711-apartment Ocean skyscraper at <a href="https://www.theurbandeveloper.com/articles/major-development-projects-gold-coast">84 The Esplanade</a>.</p><p>The 76-storey development, spanning a 3800sq m site, has taken more than three years to build and is on track to open in February. </p><p>Construction of the lower and middle floors were completed in September.</p><p>The development includes 319 units operating as serviced apartments under Triguboff’s Meriton Suites brand and five penthouses.</p><p>The development will have three levels of basement and the tower will sit on a five-level podium, with the top level housing a recreation area that will include a pool, spa, fitness courtyard, and barbecue area. There will also be a seperate residents’ indoor pool on level 32.</p><p>It will also include a five-star hotel, beach club within its podium, retail precinct and childcare centre.</p></div></div></div></div></div>

    Apartment developer Meriton has lodged plans for a dual tower skyscraper at Surfers Paradise on the Gold Coast...

Meriton Unveils 30-Storey Tower for Sydney’s West

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Meriton has lodged plans for an apartment tower in Sydney’s western suburbs as the city’s apartment market continues to gather steam.</p><p>The developer has filed with the City of Parramatta plans for a 30-storey tower on a 4970sq m site at 37-41 Oxford Street in Epping, within walking distance of the suburb’s commercial district and newly-opened metro station.</p><p>Meriton tapped architecture firm Scott Carver for the 29,000sq m project, which will skirt the railway line and offer city views.</p><p>The developer’s latest apartment project will replace a vacant three-storey office building and car park. It will comprise 211 apartments above six levels of basement parking.</p><p>Meriton’s tower, which will be sandwiched between 22-storey  and 15-storey buildings, will include ​​a two-storey commercial podium with ground floor retail, a gym and a childcare centre as well as six office tenancies on level one. </p><p>Meriton managing director Harry Triguboff said while many active developers were focusing on smaller-scale, high-quality projects, the group would continue delivering high-rise apartment projects for a range of demographics.</p><p>At the turn of the year Meriton reported that exactly 50 per cent of its sales across recently launched projects had been made by returning investors and that the company had experienced an increase of 10 per cent in rental growth during the past 12 months. </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/bfa0f987-5fe4-414f-9f33-9ab27e27e3a7.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ An artist’s impression of Meriton’s proposed 30-storey Epping apartment project. Image: Scott Carver</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“There isn’t just a low supply of units, but a low supply of quality units that people actually want to invest in and live in,” Triguboff said. </p><p>“Meriton has been developing and building for 60 years, so we have always assessed and understood what people want accordingly, and what we build is exactly what they are looking for.</p><p>“Taking advantage of the record low interest, the investors are already returning and gearing up for the international border opening which will see students and migrants back.”</p><p>Triguboff said he expected unit prices to rise considerably in 2022 as construction costs continue to surge across the country and international borders reopen to migrants and students, placing pressure on the already low supply of apartments.</p><p>If approved, Meriton’s Epping project will take three years to complete with a slightly more delayed turnaround of 18 months anticipated for the building’s internal fit-out.</p><p>“Building costs have risen in excess of 25 per cent year-on-year, the biggest rise in Meriton’s 60-year history, and the uncertainty of world markets is likely to see this trend continue,” Triguboff said.  </p><p>“The landscape for developers and builders is very different compared to 30 years ago because our reliance on overseas materials is much higher today. Construction costs are up and builders are in shortage. </p><p>“At the same time the demand for units from owner occupiers and tenants, while already very strong, will be boosted by the return of international students and workers, so we can expect the prices to go up considerably.”</p><p>Further west, in Parramatta, Meriton is well advanced on a 66-storey residential tower at 180 George Street and has lodged plans in April for <a href="https://www.theurbandeveloper.com/articles/meriton-plots-600-apartments-in-parramatta">two towers of 46 and 42 storeys</a> in Sydney Olympic Park comprising 600 apartments.</p><p>Triguboff has continued to plan for the future with a strong focus on emerging development opportunities on the Gold Coast and in Brisbane—the only markets he has pursued outside Sydney.</p><p>Last month, Meriton lodged plans for a <a href="https://www.theurbandeveloper.com/articles/meriton-152-the-esplanade-surfers-paradise-development-application">dual tower development</a> at Surfers Paradise comprising a 70-storey tower with 382 apartments and a 50-storey tower with 255 apartments.</p><p>It is understood that Triguboff intends to retain one of the towers and rent it out.</p><p>Meriton is also closing in on completing construction on its 76-storey <a href="https://www.theurbandeveloper.com/articles/major-development-projects-gold-coast">Ocean</a> residential tower at 84 The Esplanade.</p><p>The developer is also preparing its <a href="https://www.theurbandeveloper.com/articles/tiguboff-makes-first-meriton-move-into-melbourne-market">first project in Melbourne</a>, a Meriton Suites apartment hotel, after picking up a small site at 140 King Street near Southern Cross Station for $29 million.</p></div></div></div></div></div>

Developer Meriton Group has lodged plans for a new apartment tower in Sydney’s western suburbs...

5fb2740e-7b65-475e-b8e9-7af9013a9330

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>When it comes to the Australia&#x27;s wealthiest, property is king.</strong></p><p>The List: Australia’s Richest 250, published by <em>The Weekend Australian, </em>has chronicled the nation&#x27;s wealthiest citizens, including 96 billionaires and 15 aged 40 and under with an average $1.27 billion fortune.</p><p>Topping this year&#x27;s list is Visy executive chairman and owner of Pratt Industries, Anthony Pratt, who boasts a fortune of $13.14 billion, made largely from producing boxes and packaging material.</p><p>The only woman to make the top 10, Gina Rinehart, took second position with a net worth of $13.12 billion, followed by Meriton&#x27;s 86-year-old owner and managing director Harry Triguboff, who has amassed a $12.31 billion property empire which now dots the Sydney, Brisbane and Gold Coast skylines.</p><p>Property dominates The List, with 68 rich-listers deriving their wealth from industries such as transport and mining before diversifying into residential and commercial property investments.</p><p>Take a look at the ten highest ranking property moguls from this year&#x27;s list.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Related: <a href="https://theurbandeveloper.com/articles/rich-list">2018 AFR Young Rich List: Top 5 Property Players</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>The List: Australia’s Richest 250 - Property Sector</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>3rd</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Harry Triguboff<br>Meriton<br>$12.31bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/1c668289-8885-496a-9794-d19c3ba440b9.gif" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Meriton chief Harry Triguboff has become known for his bullish approach towards Sydney and south-east Queensland, building over 75,000 residential townhouses and apartments since Meriton was formed in 1963. The company has gone on to become one of the biggest hotel and serviced apartment operators in the country. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>7th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Hui Wing Mau<br>Shimao Property Holdings<br>$8.63bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/21d1e191-ec18-4b60-8d48-0eb873ece485.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Chairman of Hong Kong Stock Exchange-listed Shimao Property Hui Wing Mau is known for residential, commercial and hotel projects throughout China. His Australian assets include office towers in Sydney’s CBD, a majority stake in the NSW meat processor Bindaree Beef Group, and 45,000 head of cattle bought from fellow rich-lister Harold Mitchell for $70 million in 2017.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>10th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>John Gandel<br>Gandel Group<br>$6.22bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/724fa74b-6ef6-4f77-9e02-cb09d8832b6f.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>John Gandel built his wealth through the sale of a share in clothing group Sussan in the 1980s. He joined his parents company as a teenager and bought Chadstone shopping centre from Myer Emporium in 1983. The centre&#x27;s valuation hit the $6 billion mark earlier this year.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>16th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Lang Walker<br>Walker Corporation<br>$3.58bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/537fe6b8-7562-43d6-874f-f28b14be4e25.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Lang Walker started his career with an earthmoving business. He now commands more than $2 billion worth of investment properties. Walker Corp is currently constructing residential and commercial projects in Sydney and Brisbane. Walk Corp currently has  $2.9 billion worth of investment property on its balance sheet, about $1.9 billion of which is completed projects as well as a pipeline of $25 billion worth of property projects expected over the next 15 years.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>24th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Maurice Alter<br>Pacific Group<br>$2.61bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/78ab7f8c-6757-47e3-990c-a79d356df1b4.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Maurice Alter&#x27;s business, Pacific Group, owns a large portion of malls mostly in Melbourne and Adelaide and co-owns the Coles Group headquarters in Melbourne. Alter’s wealth has been given a considerable boost in recent years with the sales of 50 per cent of the Werribee Plaza Shopping Centre in Melbourne for $651 million to QIC Global Real Estate in 2018 and 50 per cent of the Pacific Epping Shopping Centre for $373 million.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>27th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Marc Besen<br>TarraWarra<br>$2.51bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/74839ae7-7690-48cc-bdf4-515ebb5779d6.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Bensen and brother-in-law and fellow rich-lister John Gandel built women’s fashion empire Sussan. The Besen family fortune was boosted last in 2017 when they offloaded a quarter stake in one of Australia&#x27;s largest malls, the Highpoint Shopping Centre in Melbourne&#x27;s west, for $680 million.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>30th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Greg Goodman<br>Goodman Group<br>$2.29bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/1a8e0982-cadb-42d9-b8a5-62af89c2e89b.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Goodman Group, one of the biggest industrial property companies in the world, holds a strong portfolio of industrial and commercial assets. The Goodman family also has agriculture, residential property and technology investments.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>33rd</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Greg Farrell<br>Federal Group<br>$2.06bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/6fe5ab51-1da7-44eb-a88a-1d1adae71fc3.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Farrell is head of the family business Federal Group, which controls tourism, hospitality, retail and gambling assets in Tasmania. The group’s assets include Wrest Point Casino in Hobart, the luxury Saffire Freycinet and Henry Jones Art Hotel, and a monopoly over poker machines in the island state. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>36th</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Bob Ell<br>Leda Holdings<br>$1.86bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/fb99de9d-f76f-43ce-849c-bfa326e65eff.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Ell established his property development business Leda Holdings in 1976 and has gone on to oversee projects worth billions of dollars in Queensland and NSW. Leda owns commercial and industrial properties in Sydney, and shopping centres in Queensland and the ACT, and has big land holdings.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><h1><strong>42nd</strong></h1></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p><strong>Gordon Fu<br>YFG Shopping Centres<br>$1.7bn</strong></p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/370a8dd4-e1cd-4ccf-9e30-0452d04081c3.jpg" width="920"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><p>Fu still presides over one of the biggest privately held retail portfolios in the country. YFG’s assets include the $271 million Australia Fair on the Gold Coast and the $250 million Brookside Shopping Centre in Brisbane’s north.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Related: <a href="https://theurbandeveloper.com/articles/top-10-australian-property-players-2020">Top 10 Australian Property Players 2020</a></p></div></div></div></div></div>

When it comes to the Australia's wealthiest, property remains king.

78569ad2-ccfc-4d9c-802c-2bbfa6bac04f

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Billionaire apartment developer Harry Triguboff is taking his Meriton Suites hotel brand to the national capital, acquiring a Canberra site for $23 million.</p><p>The move marks the company&#x27;s first foray into the Australian Capital Territory, acquiring a site to build a 17-level, five-star hotel in the city&#x27;s CBD.</p><p>The 1,734sq m corner site, a six-storey office building tenanted by the Australian government, was purchased off-market deal from the Australian Unity Property Income Fund.</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/41849e9d-7eea-4714-a42c-f7ad4ce89af8.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Meriton bought the site in Canberra&#x27;s Civic precinct located at 40 Allara Street in a deal handled by Andrew Stewart and Nick Purdue, of Savills. Image: Supplied</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Triguboff has developed an estimated 70,000 apartments in a construction career that started 57 years ago, building high-rise towers for affordable accommodation.</p><p>His 9,400-unit portfolio is made up of half serviced apartments and half leased units with the hotel arm of the business becoming more dominant in the slower market.</p><p>The company founded its serviced apartment business in 2003, which it later rebranded as Meriton Suites.</p><p>It currently comprises 19 hotels and 4,644 self-catering suites across Sydney, Brisbane and the Gold Coast, making it one of the country&#x27;s largest owner of hotel rooms.</p><p>Triguboff, 86, said the move into Canberra was a logical progression for Meriton Suites.</p><p>“Canberra long has been on our radar because it’s drawing nearly three million visitors a year.</p><p>“Many people going there are on business, often politics related, and visit for multiple nights.”</p><p>Canberra&#x27;s civic precinct is currently going through significant regeneration changing to a mixed-use area that is expected to see an uptick in ground-level and after-hours activity.</p><p>Meriton Suites general manager Matthew Thomas said Canberra&#x27;s status as the purpose-built national capital, was a drawcard for international visitors.</p><p>“It’s ranked third by Lonely Planet among its best cities in the world to visit and has international flights arriving daily.”</p><p>Thomas said the proposed Canberra casino redevelopment would also be a positive for the tourism and leisure markets.</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/23620bce-4555-40c6-86e5-ea7d4d50fd9c.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Tourism Research Australia found that the ACT had experienced a 9.4 per cent increase in international visitors and 3.1 per cent increase in Australians staying overnight.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Canberra&#x27;s accommodation market has strengthened over recent years with analysts reporting continued increases in occupancy rates, average daily rates and revenue per available room.</p><p>New offerings like the Little National Hotel and Hotel Hotel, which opened in 2013, are adding to the perception of Canberra as a <a href="https://theurbandeveloper.com/articles/-boutique-hotel-resurgence-with-20-of-upcoming-pipeline">boutique hotel</a> capital.</p><p>The 84-guest room Quest Hotel, developer by Sandran Property Group, opened late last year while Geocon opened its sixth hotel, in Kingston.</p><p>Geocon has also started construction on its $1 billion Republic project in Belconnen, the largest-ever development in Canberra, with 1,200 apartments as well as a hotel and retail component. </p><p>Meriton&#x27;s Canberra acquisition marks the group&#x27;s expansion into two new state or territories, beyond NSW and Queensland, in the past three months.</p><p>Meriton took a <a href="https://theurbandeveloper.com/articles/tiguboff-makes-first-meriton-move-into-melbourne-market">first step into the Melbourne</a> market by buying a $29 million King Street site near Southern Cross Station on which a 303-suite hotel is planned.</p><p>“Who knows, we might pop up in places like Adelaide and Perth one day soon,” Triguboff said.</p></div></div></div></div></div>

Billionaire apartment developer Harry Triguboff is taking his Meriton Suites hotel brand to the national capital, acquiring a Canberra site for $23m.

bce208dc-c59e-4e6e-be54-2606cc58fb9c

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Meriton has launched legal action and a concerted media campaign against NSW Premier Gladys Berejiklian in an effort to push through its controversial high-rise proposal in Macquarie Park.</strong></p><p>Meriton has issued a summons in the NSW Land and Environment Court seeking to compel the Department of Planning to increase the floor space ratio and height controls at 112 Talavera Road in Macquarie Park.</p><p>Meriton amended its original proposal of up to 63-storeys, reducing the height to 42-storeys after receiving 380 objections. </p><p>Harry Triguboff accused the government of “moving the goalposts” ahead of the upcoming election. </p><p>“Those policies should not suddenly change because the seat of Ryde is in contention at the upcoming election,” he said.</p><p>“The whole industry needs some certainty that the rules at the start of the process are going to be the same at the end.”</p><p>The state seat of Ryde is held by finance minister Victor Dominello by a comfortable 11.5 per cent margin.</p><p>Dominello’s challenger, Ryde’s current mayor Jerome Laxale, rejected the project in December. </p><p>Related: <a href="https://theurbandeveloper.com/articles/gurner-sues-victorian-planning-minister-over-halted-project">Gurner Sues Victorian Planning Minister</a></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/63c346da-5d49-4899-b50a-800710f4cb65.jpg" width="960"/></picture><div><span style="align-content:left;opacity:0.8">Meriton&#x27;s construction arm, Karimbla Constructions, is suing NSW Premier Berejiklian, Planning Minister Anthony Roberts, Department of Planning secretary Carolyn McNally and the Greater Sydney Commission over the stalled project.</span><span style="float:right;opacity:0.8">Meriton.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Meriton’s media release was accompanied by a UDIA release accusing the government of making “rash announcements” in the lead up to an election.</p><p>Both the premier and deputy Liberal leader Dominic Perrottet have said that they will “take the community’s side” on the issue, pointing to the Labor-led Ryde council for stoking over-development. </p><p>In an interim report released last week, the Greater Sydney Commission recommended a pause on new approvals in Ryde Council for 12 months to allow for more evidence-based inquiry into development in the area.</p><p>Meriton general counsel Joseph Callaghan pointed out that the proposal lodged in May 2017 by the developer had already been endorsed by the Department of Planning on behalf of the Greater Sydney Commission. </p><p>In response to community concern and the <a href="https://theurbandeveloper.com/articles/meriton-towers-development-proposal-rejected-by-ryde-council">recommendation of Ryde Council</a>, the premier ordered an “assurance report” in late 2018.</p><p>Callaghan said that an issue in the case will be whether the request of the assurance report can impact a planning proposal “as well-advanced as Meriton’s”.</p></div></div></div></div></div>

Meriton has launched legal action and a concerted media campaign against NSW Premier Gladys Berejiklian and a number of government agencies in an effo

ca322113-93e0-42fb-a9f8-5b063e341cdb

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Property continues to be the main driver for wealth in this year&#x27;s record-breaking <em>Financial Review </em><a href="https://www.afr.com/rich-list/australia-s-10-wealthiest-people-revealed-20190529-p51sj0">Rich List</a> featuring 200 of Australia&#x27;s wealthiest people, 91 of whom are in the billionaires club.</p><p>Property dominated <a href="https://www.afr.com/rich-list/australia-s-10-wealthiest-people-revealed-20190529-p51sj0">this year&#x27;s list</a> contributing 63 members responsible for the biggest development projects around the country.</p><p>Manufacturing and recycling magnate Anthony Pratt continues to hold on to the top spot, with an estimated wealth of $15.57 billion, an increase of 20.7 per cent on <a href="https://theurbandeveloper.com/articles/2018-rich-list-top-10-property-players-">last year&#x27;s</a> earnings. </p><p>Iron ore miner Gina Rinehart is second, with wealth of $13.81 billion, followed by Meriton chief Harry Triguboff who has defied the property slowdown to bolster his wealth by six per cent to $13.54 billion. </p><p>Hong Kong-based property developer Hui Wing Mau is in fourth spot, joining the elite &quot;ten-digit club&quot;, those with wealth exceeding $10 billion.</p><p>Take a look at the ten highest ranking property moguls from this year&#x27;s list.</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/a6fc710b-4550-4f96-8e5c-a0903781714a.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Harry Triguboff<br>$13.54bn <br>YoY wealth change +6.0%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><a href="https://theurbandeveloper.com/tags/Meriton%20Group">Meriton</a> chief Harry Triguboff increased his wealth by $770 million in the <a href="https://theurbandeveloper.com/articles/2018-rich-list-top-10-property-players-">past year</a>, but still slipped down a spot to be named Australia’s third richest person in 2019. </p><p>&quot;High rise Harry&quot; has become known for his bullish approach towards Sydney and south-east Queensland, building over 75,000 residential townhouses and apartments since Meriton was formed in 1963. </p><p>The company has gone on to become one of the biggest hotel and serviced apartment operators in the country. He sees the current market as an opportunity to grow his net asset base by acquiring development sites on the cheap, and renting out more of his units instead of on-selling them as he waits patiently for recovery. </p><p>Last month, Meriton purchased a <a href="https://theurbandeveloper.com/articles/tiguboff-makes-first-meriton-move-into-melbourne-market">792sq m development site</a> in Melbourne’s CBD, marking its first venture into the Melbourne market.</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/ace865bf-f05b-4e21-b20b-d39ab0368a86.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Hui Wing Mau<br>$10.39bn <br>YoY wealth change +14.2%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Chairman of Hong Kong Stock Exchange-listed Shimao Property Hui Wing Mau is known for residential, commercial and hotel projects throughout China. </p><p>His Australian assets include office towers in Sydney’s CBD, a majority stake in the NSW meat processor Bindaree Beef Group, and 45,000 head of cattle bought from fellow rich-lister Harold Mitchell last year for between $100 million and $150 million. </p><p>Australian citizen Mau joins the elite double-digit billionaire club after a higher share price for his Hong Kong-listed Shimao Property Holdings and slightly stronger Hong Kong dollar increased his valuation over last year&#x27;s. </p><p>Late last year, Shimao moved to <a href="https://theurbandeveloper.com/articles/shimao-to-sell-half-stake-in-landmark-sydney-tower">sell its half-share</a> in Sydney’s landmark 175 Liverpool Street office tower.</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/20c5bdbd-22f0-4bcf-8bc2-14fd1479e76a.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Frank Lowy<br>$8.56bn <br>YoY wealth change +1.7%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Frank Lowy last year finalised a deal for the $33 billion <a href="https://theurbandeveloper.com/articles/westfield-board-urges-shareholders-to-approve-30bn-takeover-and-demerge-onemarket">takeover</a> of Westfield by French giant Unibail-Rodamco. </p><p>Now <a href="https://theurbandeveloper.com/articles/frank-lowys-emotional-farewell-after-33bn-merger-deal">retired</a>, the former Westfield chairman has pocketed an estimated $1.3 billion in cash and shares from the deal after 60 years of operating Westfield. Lowy founded the company in 1958 alongside the late John Saunders in Sydney&#x27;s Blacktown. </p><p>Shares in Westfield plummeted last year hitting Lowy&#x27;s stock stake by $250 million. Nevertheless, Lowy&#x27;s private investment vehicle, LFG Holdings continues to strengthen with a wide range of investments includes shareholdings in Australian and New Zealand shopping group <a href="https://theurbandeveloper.com/tags/Scentre%20Group">Scentre</a>, as well as the US-based home relocation service Updater.</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/47c6b11e-9a05-42fe-a724-571dadea6638.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>John Gandel<br>$6.6bn <br>YoY wealth change +2.3%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>John Gandel built his wealth through the sale of a share in clothing group Sussan in the 1980s. He joined his parents company as a teenager and bought Melbourne&#x27;s Chadstone Shopping Centre from Myer Emporium in 1983. </p><p>To this day Gandel retains a 50 per cent stake in the largest mall in the southern which last year reported a record <a href="https://theurbandeveloper.com/articles/melbournes-chadstone-the-most-profitable-shopping-centre-in-the-country">$2 billion in sales</a> from its 23 million visitors. Gandel is also a major shareholder in the ASX-listed <a href="https://theurbandeveloper.com/tags/Vicinity%20Centres">Vicinity Centres</a>, his co-partner in Chadstone. </p><p>Vicinity owns and operates 67 shopping centres across Australia, which generates approximately $18 billion in sales. </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/25cd6777-049b-4267-a5be-db04b86e4527.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Lang Walker<br>$4.67bn <br>YoY wealth change +34.6%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Lang Walker started his career with an earthmoving business. He now commands more than $2 billion worth of investment properties. </p><p>Walker, who stepped away from residential apartment development in 2016, has turned his attention to commercial property with close to 10 office buildings currently under construction or in development phases. </p><p><a href="https://theurbandeveloper.com/tags/Walker%20Corporation">Walker Corporation</a> has close to 10 office buildings at some stage of construction or development, including approval for two towers in the $1.7bn <a href="https://theurbandeveloper.com/tags/Parramatta%20Square">Parramatta Square</a> project in Sydney&#x27;s west. </p><p>The two new office buildings, 6 and 8 Parramatta, will comprise 125,000sq m of space over 50-storeys. Property NSW last month <a href="https://theurbandeveloper.com/articles/walker-corporation-secures-anchor-tenancy-at-34bn-parramatta-square">agreed to lease</a> 43,800sq m of office space. He&#x27;s also developing 30,000 house-and-land blocks around Australia. </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/08c3dd76-1bfa-4141-bd76-4011902b5410.png" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Betty Klimenko &amp; Monica Weinberg-Saunders<br>$2.37bn <br>YoY wealth change -0%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Daughters of Westfield co-founder John Saunders, Betty Klimenko and Monica Saunders Weinberg, today manage Terrace Tower Group. </p><p>The group is heavily weighted toward the ownership of real estate assets in Australia and the US, including Sydney&#x27;s Eastgardens shopping centre, <a href="https://theurbandeveloper.com/articles/scentre-picks-up-720m-slice-of-westfield-eastgardens-">half of which</a> the group sold last year to ASX-listed retail giant Scentre Group for $720 million on a 4.25 per cent yield – representing one of the country’s largest ever single-asset retail deals.</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/a3533560-e9d3-4679-8772-2c10e95145e2.png" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Michael Hodgson<br>$2.34bn <br>YoY wealth change -0%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Michael Hodgson, not strictly a debutant to the <em>Rich List,</em> marks his return after a 30-year absence. </p><p>Hodgson made his initial fortune in 1989 having sold the family farm, including a 100,000-head livestock empire, for $100 million, as well as a listed wool-buying business. </p><p>Hodgson quietly shifted focus to Western Australian industrial property and is now one of the biggest landholders in <a href="https://theurbandeveloper.com/category/Perth">Perth</a>, with industrial tenants from Bunnings to Visy, and a 650-block residential subdivision at Midland among his assets.</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/ee3d657b-d9d7-4c3d-bdf7-b0348e3afc41.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Marc Besen<br>$2.34bn <br>YoY wealth change -2.5%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Marc Besen, husband of Eva Gandel, are considered Australian retail royalty. Along with Eva&#x27;s brother John Gandel, the couple bought out her parents’ two lingerie shops and built the Sussan Group fashion chain, now owned by Besen&#x27;s daughter Naomi Milgrom. </p><p>The Besen family fortune was boosted when they offloaded a <a href="https://theurbandeveloper.com/articles/billion-dollar-shopping-centre-fund-purchases-25-slice-highpoint-shopping-centre">quarter stake</a> in one of Australia&#x27;s largest malls, the Highpoint Shopping Centre in Melbourne&#x27;s west, for $680 million. </p><p>Property development and shopping centre ownership also contributed to their wealth. </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/b0e29d6b-ae08-4467-896c-c49d94c6524d.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Maurice Alter<br>$2.33bn <br>YoY wealth change +3.1%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Maurice Alter&#x27;s business, Pacific Group, owns a large portion of malls mostly in Melbourne and Adelaide and co-owns the Coles Group headquarters in Melbourne. Alter immigrated to Australia from Poland in the 1950s, and spent 20 years establishing his Pacific Shopping Centres. </p><p>The reclusive billionaire turned over control of Pacific Group operations over to his son Sam some years ago. </p><p>Pacific Group completed the sale of a 50 per cent stake in its flagship <a href="https://theurbandeveloper.com/articles/these-were-the-major-retail-transactions-last-year">Werribee and Epping malls</a> in Victoria to QIC Global Real Estate last June, netting $1 billion. </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/2e299557-2456-4db3-b98d-68f8b332f87e.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Ye Lipei<br>$2.05bn <br>YoY wealth change -3.3%</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Shanghai-born Ye Lipei amassed most of his wealth through his 25 percent stake in Shanghai-listed property company Shanghai Tianchen. </p><p>Lipei migrated to Australia in 1979, working in the textiles sector before receiving Australian citizenship and returning to China. </p><p>Lipei turned his attention to property development and built the Zhongsheng Commercial Centre in 2003 which would go onto become one of Shanghai&#x27;s largest shopping malls. </p><p>Part of his wealth is derived from his 25 per cent stake in Shanghai-listed property development company Shanghai Tianchen, run by his son Ye Mao Jing.</p></div></div></div></div></div>

Property continues to be the main driver for wealth in this year's Financial Review Rich List featuring 200 of Australia's wealthiest. 

HARRY TRIGUBOFF