Commercial Property Development News

The Star Entertainment Group and its partners have bounced back from the rejection of their planned luxury tower in Sydney, with the Queensland government announcing it will begin direct negotiations to fast-track a proposed $2 billion revamp of its Gold Coast casino holdings.

Singaporean-based funds manager ARA Asset Management is leading the pack to acquire the $350 million Victoria Place in East Melbourne office project planned in the tightly held precinct.

The Independent Planning Commission has rejected The Star Casino’s plans for a hotel tower in Pyrmont – a proposal which caused a storm in government after the planning department recommended rejection earlier this year.

Developer TOGA’s long-awaited redevelopment of Surry Hills Village — that some unkindly refer to as “Murder Mall’ — has been given the thumbs up by City of Sydney council.

The residential property market might be bouncing back strongly but office landlords are still buying up sites where luxury apartments had been planned, while the pre-sale market remains flat.

Chinese property developer Poly Global is circling a new site in the Sydney CBD with the company in pole position to buy a Goulburn Street office tower for about $260 million.

The assembly of a tower crane above the site of the former Ritz Flats marks a new milestone for Geelong’s latest apartment project.

Major developers are jostling to build a new office tower in North Sydney that could be worth about $330 million with the contest for the site drawing interst from heavyweights including US group Hines and local player Primewest.

After an absence of nearly two decades, venerable international hotel brand The Ritz-Carlton is poised to return to Australia with the opening of its 100th international hotel.