Commercial Property Development News

A Potts Point site that’s hit the market with a $100 million price guide is being billed as the decade’s most exciting development opportunity.

Shimao Group, controlled by Hui Wing Mao, has proposed an ultra-luxury tower overlooking Sydney’s Hyde Park that would be worth more than $1bn after the Chinese-Australian billionaire dumped plans to sell a half stake in the office block on the site last year.

Listed entertainment, hospitality and leisure operator Event Hospitality & Entertainment has told investors it will examine funding options for two major Sydney developments that could have an end value of about $1 billion.

Development heavyweight Lendlease is swinging back into action in the Victorian capital, winning approval for the $1 billion Melbourne Quarter Tower.

Construction giant Lendlease and joint-venture partner CPB Contractors have won a $644 million contract to undertake the major bulk earthworks at the new airport at Badgerys Creek in western Sydney.

The Hong Kong Monetary Authority, which manages the reserves of the Hong Kong government, is in talks to take a one quarter interest in the near $2 billion Wynyard Place development in the heart of Sydney.

The Victorian government’s development arm is quietly offering the under-construction Ballarat GovHub for sale in a process that could reap it and its partners about $115 million.

Work on Habitat Development Group’s $83 million office and residential project on the Sunshine Coast has been approved to start next year.

US hotel giant Hilton is negotiating with the ACT government to build a major, international $200 million-plus hotel and trade centre in the national capital.