Besieged property developer Luke Saraceni has been ordered by the Supreme Court to place $1.3 million transferred out of Westgem Investment's accounts the day before receivers were appointed into a trust managed by his lawyers.
Aspen Group has finalised a deal to acquire a $183 million office development in Adelaide from one of its part-owned funds, which had previously been unable to secure a pre-sale of the building.
Westfield Group has reported a $1.1 billion profit for the year to December 2010, compared with a loss of $457.8 million in the prior corresponding period, the Sydney-based group said in a statement on Wednesday.
The state government has released detailed design plans for the Perth waterfront redevelopment, and has set aside $270 million in the 2011-12 state budget to kick off construction early next year.
Australand Property Group has forecast earnings to grow by at least five per cent in 2011 after returning to profitability in 2010 and says the outlook for residential, industrial and office sectors remains positive.
Embattled property developer Luke Saraceni has filed a writ in the Supreme Court to have KordaMentha removed as receivers for troubled $500 million office development Raine Square.
Receivers for embattled office development Raine Square have seized another Saracen Properties asset in Subiaco, after the sale of Saracen's neighbouring property was settled last Thursday in deal worth around $67 million.
The founder of failed property investment group Westpoint, Norm Carey, was today found guilty of five charges of making false or misleading representations regarding a residential property development in Rivervale.
Residential developer Aspen Group has backed off on its claim that its board of directors were unanimous that it was not in the company's best interests for dumped co-founder Angelo Del Borello to return.
Bunnings Warehouse Property Trust says it will target acquisitions for growth after it reported a $26.4 million interim profit, up 4.5 per cent on the previous corresponding period.
Residential rents have increased for the first time in a year, according to the latest market analysis by the Real Estate Institute of Western Australia.
COMPETITION between tenants is expected to place upwards pressure on rents, that could be the lone bright spot in a struggling residential property market, according to REIWA president Alan Bourke.
Western Australia’s housing construction market is seemingly emerging from its three-year trough, with industry figures showing new home sales increased for a third consecutive month in December.
PERTH’S office market is starting to tighten again for the first time since the middle of 2008 when the vacancy rates virtually hit zero at the height of the boom.
Developer Aspen Group says it is ready to commence development of its latest residential land syndicate, the Enclave at St Leonards, after it received bank approval for borrowing facilities.
Stockland has upgraded its full year earnings after doubling first half profit from the previous corresponding period because of a solid increase in commercial and residential property sales.
Nomad Building Solutions has been slapped with a $4.25 million claim for damages, over delays in designing and building central facilities for Chevron's Gorgon liquefied natural gas project.
Planning Minister John Day has put out the call for 45 town planning and building experts to make up 15 development assessment panels that will be established by July.
THE state government is moving to the next phase of its redevelopment of the Perth Cultural Centre, with six tenders currently being advertised from which a team of consultants will be selected to develop a master plan for the precinct.
THE receiver for the $500 million Raine Square office tower says its financiers were unable to accept any refinancing proposals put forward by the developer because the project was no longer profitable.
INVESTORS will recover an additional $67.5 million from Westpoint Group after the nation’s top corporate regulator agreed to settle litigation against Westpoint’s directors and accounting firm KPMG.
WHILE the only way is up for developments in Scarborough – with at least five buildings above eight stories approved late last year – the beachside precinct still has some way to go before its transformation as modern tourism district is complete.
Western Australia's new home market is seemingly emerging from its three-year trough, with sales increasing for a third consecutive month in December, industry figures show.
The state government has announced Alcock-Brown Neaves Group will build 80 new homes in the Karratha suburb of Tambrey, as part of its Pilbara Cities initiative.
Rents are set to rise in Perth as competition between tenants hots up, and the tightening could help trigger a recovery in the broader residential market, REIWA president Alan Bourke says.
Out-of-pocket investors will recover an additional $67.5 million from Westpoint Group, after the Australian Securities and Investments Commission agreed to settle litigation against Westpoint's directors and accounting firm KPMG.
Perth-based residential developer Cedar Woods has announced a profit guidance of $27 million for financial year 2011, an increase of 12.5 per cent on the previous year.
Aspen Group major shareholder Entrust Funds Management has confirmed it has requested a meeting of shareholders to discuss replacing most of the current board, including managing director Gavin Hawkins.
LONG-TIME Perth home builder Robert Shaw doesn’t want to see another crisis in home affordability as the state heads towards another widely tipped property upturn in the next few years.
