Poly Global to Scale Back Australian Operations

<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 developer Poly Global is reassessing its development footprint and operations in Australia with plans to furlough staff by the end of the year.</p><p>The Shanghai-listed developer’s Australian arm, Poly Australia, is now set to take a more passive approach to large-scale development. </p><p>“The economic challenges confronting both Australia and the world have forced all businesses to review their strategies and activities,” a Poly Australia spokesperson told <em>The Urban Developer</em>.</p><p>“These challenges place a responsibility on the management of companies such as Poly Global to ensure we survive the downturn and are well-positioned in future.</p><p>“This involves scrutinising all aspects of our business operations to ensure we retain our strong financial position locally.”</p><p>The company’s Australian arm is one of Poly Global’s largest international branches, and has grown to have projects in NSW, Victoria and Queensland.</p><p>Poly Australia currently has upwards of 20 <a href="https://theurbandeveloper.com/articles/poly-switches-richmond-project-from-residential-to-commercial">commercial and residential projects</a> on the go.</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/75ccb389-3cd3-427b-9b93-6a8d380f7a37.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ A model of Poly&#x27;s Spring Square in Bankstown being showcased at a 2019 launch.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>However, in a sign of difficult current market conditions, Poly walked away from a $300 deal with global developer Lendlease, to buy a 200-hectare residential development in Sydney’s south-west after lengthy and advanced negotiations.</p><p>Poly said it remained firmly committed to the Australian market after demonstrating its commitment to job-creation across a wide-range of markets in recent years.</p><p>“We believe in adding value to the assets we develop and own in Australia,” a Poly Australia spokesperson said.</p><p>“While some companies simply hold assets, we invest to improve the lives of our owners, employees and the broader community.”</p><p>During recent years, Poly has built a pipeline of residential and office projects across the east coast, partnering with local investors to create managed investment trusts, in order to navigate Foreign Investment Review Board approvals.</p><p>Poly’s larger residential projects include a $344 million mixed-use development in Epping with 500 apartments and a 500-apartment development of the Wentworthville mall site in Sydney’s west.</p><p>In April, Poly <a href="https://theurbandeveloper.com/articles/poly-global-holds-on-to-circular-quay-as-market-turns">commenced construction</a> on its flagship commercial development, the $500 million Poly Centre, a 107-metre tall Grimshaw-designed tower at Circular Quay in Sydney.</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/e5e10b69-71b2-4733-a0d2-47932126b901.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Poly, which launched in Australia in 2014, has built up a pipeline of more than $2 billion under the guidance of managing director Arthur Wang.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The developer has since put <a href="https://theurbandeveloper.com/articles/poly-makes-asset-management-move-sells-circular-quay-tower-stake">feelers</a> out for investors to help carry the project, <a href="https://theurbandeveloper.com/articles/poly-global-seeks-investors-210-george-street-1000-la-trobe">offering a half-stake</a> in the the A-grade 27-storey commercial tower at 210 George Street and at 1000 La Trobe Street in Melbourne, where it is building a 23-storey commercial tower which will span about 31,500 square metres.</p><p>It pitched bringing in partners as part of a strategic play to help expand its global asset management ­business, which has a focus on value-add opportunities and ­developments.</p><p>The developer has also recently purchased a 26-storey office tower at <a href="https://theurbandeveloper.com/articles/poly-pads-out-portfolio-with-golden-270m-sydney-buy--">59 Goulburn Street</a> for $270 million, as well as making its foray into Queensland, buying a 6.2-hectare site in Ascot for $35.25 million, before rolling out <a href="https://theurbandeveloper.com/articles/poly-gets-green-light-for-234-lot-ascot-project">plans</a> for a 234-dwelling development.</p><p>Poly had previously said it was in the market for more Queensland projects and development opportunities as well as targeting a development pipeline of up to 3,000 apartments in NSW, as well as commercial buildings and retirement villages.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Meanwhile, Poly has moved ahead on its <a href="https://theurbandeveloper.com/articles/poly-wins-approval-for-620-apartments-in-sydney-">masterplanned development</a>, known as Spring Square, in Bankstown, with Westbourne Constructions appointed and set to commence construction next month.</p><p>Located on the site of the old Bankstown RSL at the north western core of Bankstown’s CBD, the residential project will feature 516  apartments across five towers, with significant retail and a commercial components also proposed.</p><p>Poly picked up the 46,400sq m site at 32 Kitchener Parade site in 2017 for $53.6 million and quickly set about plans to deliver a residential scheme.</p><p>The developer secured approval from the Sydney South Planning Panel in April 2019, completion is billed for late 2022.</p></div></div></div></div></div>

Developer and investor Poly Global is reassessing its development footprint and operations in Australia with plans to furlong up to 100 staff...

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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><strong>Developer Poly Australia has won approval for more than $260 million of residential projects in one day, with its Bankstown RSL redevelopment and Stanley Street Kogarah project getting the green light from the Sydney South Planning Panel on Tuesday.  </strong></p><p>Undeterred by the slowing market, the Chinese-backed developer is pushing ahead with residential projects across the eastern seaboard — and has a current development pipeline of more than $2 billion. </p><p>Less than a week after <a href="https://theurbandeveloper.com/articles/poly-australia-buys-maiden-brisbane-site-for-365m">securing a 6.2-hectare site</a> for its northward expansion into Brisbane, the developer is celebrating the approvals, which will deliver more than 600 apartments into Sydney’s south and south-west. </p><p>Poly lodged the Bankstown RSL redevelopment for 520 apartments and retail across four mixed-use buildings after buying the site from the club in 2017. The four buildings fluctuate between 10-storeys and 14-storeys. </p><p>Related: <a href="https://theurbandeveloper.com/articles/poly-switches-richmond-project-from-residential-to-commercial">Poly Switches Richmond Project from Residential to Commercial</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/850ce673-e015-4ca0-b90b-edfcafbbb431.jpg" width="960"/></picture><div><span style="align-content:left;opacity:0.8">Poly is offering a 49 per cent stake in its Grimshaw-designed Circular Quay tower.</span><span style="float:right;opacity:0.8">Grimshaw. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Poly’s Kogarah site, which comprises six amalgamated blocks it acquired for $22.4 million in late 2017, will deliver more than 100 apartments in a 11-storey residential tower. </p><p>The developer is mulling the conversion of the 100-apartment Kogarah project into build-to-rent, with Poly’s sales director Jay Carter confirming a build-to-rent offering is “well under consideration”.</p><p>“Kogarah is a solid middle market where you have a major hospital close by, really solid infrastructure that anchors employment and activity, to handle rental apartments.”</p><p>The developer has also flagged plans to expand its asset management operations in Australia and <a href="https://theurbandeveloper.com/articles/poly-makes-asset-management-move-sells-circular-quay-tower-stake">listed a 49 per cent stake</a> in its $500 million Circular Quay office tower.  </p><p>Demolition works on both sites are under way, with expected completion by late-2021 to early-2020. </p></div></div></div></div></div>

Developer Poly Australia has won approval for more than $260 million of residential projects in one day.

Poly Hero

<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>Developer Poly Australia is joining the buzz of development activity in the Circular Quay Precinct, pushing ahead with plans for its first commercial development in Australia, the Poly Centre in the heart of Sydney’s CBD.</strong></p><p>The developer is taking a design-led approach to the project after announcing world-renowned architecture firm Grimshaw as the winner of its design excellence competition held last year. </p><p>The focus for the Poly Centre Sydney is to create an innovative workplace that fosters a healthy connection between work and life and is designed with employee wellbeing at its heart.</p><p>“Australia’s office-worker population is increasingly demanding flexibility, balance and wellbeing, so 210 George Street has been designed to support new ways of working in the 21st century,” Poly Australia asset manager Velimir Kanazir said.</p><p><strong>Related:</strong> <a href="https://theurbandeveloper.com/articles/poly-australia-george-street-grimshaw">International Architecture Firm Grimshaw Wins Design Competition for Sydney CBD Development</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/cf837aa5-f7f2-44e4-ae36-6b2011612965.jpg" width="588"/></picture><div><span style="align-content:center;opacity:0.8">The focus for the Poly Centre Sydney is to create an innovative workplace that fosters a healthy connection between work and life</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><br><strong>Flexibility</strong></h2><p>Flexibility is increasingly front of mind for employees and in today’s workplace it is not hard to see why – people’s lives are intrinsically connected through their mobile devices and it gets harder to disconnect.</p><p>Poly Centre has been designed with this in mind, offering work spaces that are diverse and dependent on need. Indoor and outdoor, active and quiet, spaces that are truly connected to the environment, allowing for collaboration, time out and social gatherings.</p><h2><strong>Balance</strong></h2><p>While we remain increasingly connected, balance has never been more important. </p><p>Balancing work and play at Poly Centre will see agile floor-plates maximise daylight for the perfect time out space. </p><p>Connected environments will encourage collaboration across each floor plate and will allow flexibility during fit out to design unique community and open spaces within the company’s own footprint. </p><p>Double height floor plates have been designed with indoor and outdoor zones to maximise light and space, allowing for community spaces where occupants can engage with their surroundings, foster teamwork and increase energy levels.</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/0e6e86c5-11ed-4435-be51-b60b0cd6f28e.jpg" width="1300"/></picture><div><span style="align-content:center;opacity:0.8">Balancing work and play at Poly Centre will see agile floor-plates maximise daylight for the perfect time out space. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><br><strong>Wellbeing</strong></h2><p>End-of-trip facilities in Sydney’s leading buildings have become truly state-of-the-art and are working hard to attract some of the best corporate tenants in town. </p><p>With a raft of facilities surrounding, including social gathering spots and plenty of dining options. </p><p>Balconies will see the outside meet the inside, where employees can escape for some natural air, or some time to disconnect. </p><p>The interactive floorplates will allow larger tenants to take multiple floors, where stairs encourage movement for a healthier workforce. </p><p>The environment within the building will take advantage of double height windows allowing more light, as well as indoor and outdoor spaces, giving workers a change of scenery and ambiance. </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/35e1054a-d850-4346-9144-bcf45df9df4e.jpg" width="771"/></picture><div><span style="align-content:center;opacity:0.8">The interactive floorplates will allow larger tenants to take multiple floors, where stairs encourage movement for a healthier workforce. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“Our aim is to appeal to anyone from a brand new start-up company to a global brand, we want to attract the type of business who put employee wellbeing at their core. Poly Centre’s unique location, innovative concept design and world-class amenities are well and truly focused on health and wellbeing, creating a happy and productive community within,” Kanazir said.</p><p>“We hope to see Poly Centre become a standout amongst its impressive surroundings, offering Sydneysiders the ultimate in location within the Circular Quay Precinct and connection to surrounding amenities.</p><p>“The tower will be one of a number of landmark buildings within the precinct, elevating the Sydney Harbour and northern CBD to live up to its status as a global city,” he said. </p><p>Construction of the tower is due to begin in early 2019, with completion expected in 2022.</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><strong><em>The Urban Developer</em></strong><strong> is proud to partner with </strong><a href="https://ad.doubleclick.net/ddm/trackclk/N34201.1922160THEURBANDEVELOPER/B21413230.225275145;dc_trk_aid=423142397;dc_trk_cid=103619569;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua="><strong>Poly Australia</strong></a><strong> to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.</strong></p></div></div></div></div></div>

Developer Poly Australia is joining the buzz of development activity in the Circular Quay Precinct

Poly Centre George Street

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Poly Australia has officially broken ground on its flagship commercial development, the Poly Centre at Circular Quay in Sydney.</p><p>The A-grade office tower, located at 210 George Street, was anticipated to commence construction in early 2019, but was delayed following an “intricate project journey” according to the developer.</p><p>Poly, backed by Chinese conglomerate China Poly Group, will use the 107-metre tall Grimshaw-designed tower, as its first international foray into the commercial development space.</p><p>Construction is now under way on the $500 million-plus office tower, which will consist of 19,700sq m of office space across 27-storeys and 1,000sq m of George Street-facing retail.</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/6fcd17e5-8fe2-478a-a65d-9512140effae.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Design of Poly Australia&#x27;s 27-storey commercial workplace tower at 210-220 George Street which is expected to complete in 2022. Image: Grimshaw Architects</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Poly offered up a <a href="https://theurbandeveloper.com/articles/poly-makes-asset-management-move-sells-circular-quay-tower-stake">half-stake</a> in the project last year for between $260 million and $270 million.</p><p>It is understood that Singaporean asset manager Keppel Capital remains in <a href="https://theurbandeveloper.com/articles/keppel-capital-eyes-500m-circular-quay-tower">pole position </a>to secure the stake and co-invest in the development after GPT&#x27;s unlisted office declined to proceed. </p><p>Poly, which launched in Australia in 2014, has built up a pipeline of more than $2 billion under the guidance of managing director Arthur Wang.</p><p>The developer has also recently purchased its second acquisition globally, a 26-storey office tower at<a href="https://theurbandeveloper.com/articles/poly-pads-out-portfolio-with-golden-270m-sydney-buy--"> 59 Goulburn Street </a>for $270 million and is working on a 24-storey commercial tower at 1000 La Trobe Street at Docklands in Melbourne.</p><p>The 23-level Woods Bagot-designed tower will feature 40,000sq m of lettable area.</p><p>Poly, along with construction group Watpac, recently completed demolition works on site, leaving a large hole in the centre of Sydney&#x27;s CBD for a number of weeks.</p><p>Watpac NSW state manager John Koerner said the project team was well-positioned to progress to the next stage of construction and despite the challenging economic environment onset by the coronavirus.</p><p>“As we complete all substructure works and prepare to come out of the ground we continue to implement Covid-19 safety measures, including, social distancing, hygiene and cleaning processes on site,” Koerner said.</p><p>“Our team must be commended for the diligent and collaborative approach in working with Transport for NSW and City of Sydney to enable approvals for construction works in and around the Sydney light rail.”</p></div></div></div></div></div>

Poly Australia has officially broken ground on its flagship commercial development, the Poly Centre at Circular Quay in Sydney.

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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>Chinese-backed developer Poly has secured approval for its first Queensland residential development in the Brisbane suburb of Ascot.</p><p>Preliminary Brisbane City Council approval for the 234-dwelling development at 104 Lamington Avenue, Ascot has now taken effect following the completion of the associated appeal periods.</p><p>The Aurora Ascot project comprises 209 townhouses, 10 free-standing homes and 15 apartments on a <a href="https://theurbandeveloper.com/articles/poly-australia-buys-maiden-brisbane-site-for-365m">62,090sq m site</a>, acquired by Poly for $36.5 million in 2019.</p><p>The project marks the developer’s first foray into the Queensland market since arriving in Australia in 2014.</p><p>Under managing director Arthur Wang, Poly has built up a pipeline of more than $2 billion tin Australia, with key current commercial projects in <a href="https://theurbandeveloper.com/articles/poly-global-holds-on-to-circular-quay-as-market-turns">Sydney</a> and <a href="https://theurbandeveloper.com/articles/permit-approved-la-trobe-street-site-hits-the-block">Melbourne</a>.</p><p>Poly Australia, the Shanghai-listed subsidiary of Poly Developments and Holdings, recently invited interest for a <a href="https://theurbandeveloper.com/articles/keppel-capital-eyes-500m-circular-quay-tower">stake</a> in its $500 million office development at Sydney&#x27;s Circular Quay.</p><p>Poly senior analyst Ashwin Arumugam has previously said the company is looking to expand its Australian footprint.</p><p>“We are proactively looking for the next opportunity as part of our accelerated growth plans across Australia.”</p><p>The global development giant is in the market for more Queensland projects and is scoping out development opportunities. </p><p>Poly Queensland executive director Xiaowei Xue said the Ascot Aurora development reflected the needs of the community.</p><p>“[With] a number of public parks, a community garden, an outdoor swimming pool, BBQ, entertainment facilities and mindful pedestrian networks, it provides an open and socially connected environment.” 						</p><p>Construction work on Aurora Ascot is set to commence in mid-2020 with the project slated for a 2022 completion date.</p></div></div></div></div></div>

Brisbane council grants approval for Poly's first Queensland residential development ...

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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>The space reduction strategy that will see troubled department store <a href="https://theurbandeveloper.com/articles/myers-shrinking-footprint-hits-landlords-bottom-line-">Myer</a>’s retail footprint shrink by up to 90,000sq m has hit its head office, with plans to walk away from its Collins Street corporate headquarters and cut its floor space by almost half.</p><p>The retailer has signed up as an anchor tenant in <a href="https://theurbandeveloper.com/articles/poly-global-holds-on-to-circular-quay-as-market-turns">Poly</a>’s new 25-storey, $500 million office tower at <a href="https://theurbandeveloper.com/articles/permit-approved-la-trobe-street-site-hits-the-block">1000 La Trobe Street</a> in Docklands’ Digital Harbour precinct, entering into an agreement to lease 11,000sq m across five levels.</p><p>Myer will continue to occupy its current 10-level Docklands headquarters at <a href="https://theurbandeveloper.com/articles/grade-trophy-asset-collins-street-hits-market">800 Collins Street</a> until the completion of the 23-level Woods Bagot-designed tower in 2021. </p><p>Myer chief executive John King said the move to a more “appropriately sized” head office was in line with its “customer first” plan, which includes a number of space-reduction and cost-saving strategies.</p><p>“[The move will] ensure we are operating in the most efficient and productive way, and that we have an office environment that allows us to support our store team members in the best possible way,” King said.</p><p>The 10-year agreement for lease, negotiated by Poly Australia’s Ronnie Moe and Shane Burns from Colliers International, comes amid <a href="https://theurbandeveloper.com/articles/office-market-super-tight-in-melbourne-sydney">record-low</a> office vacancy rates in Melbourne’s CBD.</p><p>Poly Victoria’s executive director Steve Wang said Myer’s “people-centric” floor plan design across levels six to 10, with its emphasis on open plan working, break-out areas, support spaces and vertical floor integrations, was a tribute to the flexibility of the 1000 La Trobe development.</p><p>“With the constantly evolving workspace trends and differentiating tenant needs we understand the importance of shaping these spaces in a way that will ensure our tenants experience continued satisfaction throughout their leasing term,” Wang said.</p><p>Probuild recently completed construction on the core of the A-grade office tower, which is set to become the first major tower in the Digital Harbour Precinct, and is targeting 5 Star Green Star and Nabers Energy ratings.</p></div></div></div></div></div>

Poly’s $500m Docklands office tower will house Myer corporate HQ ...

POLY AUSTRALIA