Month: September 2020

  • Europa teams up with Ilex for Chinese push into European real estate

    first_imgChinese insurance companies in particular are expected to become active in global real estate markets after regulators in China permitted them to invest in overseas property.Ping An Insurance’s acquisition of the Lloyd’s Building in London has been interpreted as setting the precedent.A delegation of Chinese insurers recently visited Australia on an “investment mission”, according to the Asian property association APREA, including Taikang Asset Management, Sunshine Insurance Group, Ping An Asset Management, New China Asset Management and China Pacific Insurance Company.A number of APREA members gave presentations on the Australian economy, capital markets and real estate investment trusts (REITs).Charles Graham, a founding partner at Europa Capital, said: “Chinese capital will become an increasingly influential investor force in the European market in the years to come.“Although, much of the recent international real estate investment activity has been focused on the UK and, in particular, London, Europa Capital expects the investment focus will steadily broaden in search of return to encompass mainland Europe.”William Stonor, chief executive at Ilex Partners, said: “Chinese outbound investment has grown fivefold since 2005 to $77bn (€56.3bn) in 2012, and Europa Capital is an ideal partner for Chinese investors seeking to invest in the European real estate sector.”Ilex Partners was established in 2012 by Stonor, the son of British diplomat Lord Camoys. Europa Capital has teamed up with adviser Ilex Partners to take advantage of an anticipated influx of Chinese institutional capital into European real estate markets.The pan-European investment management has entered into a “strategic partnership” with Beijing-based Ilex Partners, which advises Chinese investors.Europa Capital said the move was “part of a long-term commitment to forge and maintain relationships with investors and property developers in China”.According to a statement, “Europa Capital and Ilex Partners and working closely together with China’s leading institutional investors, life insurers and property developers to satisfy their growing appetite for overseas real estate investment.”last_img read more

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  • IPE Views: The Brussels waffle

    first_imgForthright would-be leaders have expressed their noble intentions. And somehow got believed. And are now set up. The new Commission is elected. Phew!Then comes the next step … survival. That includes not making enemies. Above all, being politically correct. And, in turn, not doing anything, very much, at all. Because whatever you do do, you can be sure some interest somewhere in the far-flung European Union of 28 member states will find fault.Commissioners in their first year can get away with little more than familiarisation, assessing the facts, researching what needs to be done, and, of course, contemplation. The mid-years? Aah … discussion, with member state governments, which generally block most initiatives anyway. And the final two can be spent lining up the next job.Throughout, what matters is trying to continue being liked. Which, among other things, includes making speeches. Friendly and warm? With a sprinkling of sugar? How wise!But, can you take things too far? Too much of the honey-flavoured stuff? There is evidence that Lord Hill, Jonathan Hill, commissioner for financial services, might have thought he had.Some outsider, no doubt grubby, had put in a request to a conference organiser for a copy of his speech on the much vaunted Capital Markets Union. Oh dear!Final decision, the text of the address may be released. But only on strict condition that it may not be passed on to any journalist. That should save the day!So how did the (finally unearthed) 2,300-word script actually pan out? What’s wrong with opening with flattery? “… a sign of your influence that you have been able to attract such an impressive list of speakers and panellists today” should sweeten up the audience.And then, who’d object to being told what they surely must already know. I mean, a waffle is a waffle is a what? … a waffle?  So, for instance, we have  “… there is the importance of Europe’s local banking system in providing finance for small companies, and mortgages for people to buy their own homes  … .”Nice, of course! So, let’s continue with “… this will not change overnight and nor should it. We have strong local traditions … .”But gosh, shouldn’t I put in some facts, just a teensy bit of jam to flavour? Aah “… 94% of Europeans say they have never bought a financial product outside their own country …”Hill adds: “That is one of the reasons why I will publish a Green Paper on retail financial services later this year … I want to turn the telescope round and look at financial services from the point of view of the consumer”.Tough stuff, eh? A bit more? “And I am aware there is a problem that Solvency II rules discourage investments in some asset classes. So I have asked EIOPA [the EU authority advising rules on pensions and insurance] for advice by the end of June on the treatment of infrastructure investments”.Solid stuff, indeed! And I’ve only had less than a year since nomination for this job!But steady on, old chap! And never mind the talk of the town that the present management of the EU is being labelled (by the loathsome sceptics) as ‘No Vision, No Strategy’!  So, let’s wind up with a final spoonful of treacle: “If we ensure Europe’s markets are covered by transparency, choice and competition, I am confident they will serve all of us…”  This should help to keep the Commission party going. Until end of term. In 2019. Jeremy Woolfe laments the lack of substance in European discourseOne good reason for visiting Brussels is the waffle. Shops with counters opening on to the pavements will pour the egg and flour batter mix and quickly serve the lucky customer with the golden brown comestible. Crisp and delicious!Not hungry? Well, then, there’s always the political version, readily served in many locations! But this type is too often notable for being bland and anodyne. Sometimes even soggy.There has to be a reason for this championing of the insipid. Dig into EU history. Go back a couple of decades, even to the infamous Santer Commission, to Prodi, and to Barroso’s two terms. The five-year pattern follows a standard course.last_img read more

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  • ECB decision clarifies Europe/US rate divergence, asset managers say

    first_imgThe European Central Bank’s (ECB) move yesterday to ease monetary policy further by trimming the already negative discount rate and expanding and extending its quantitative easing (QE) programme has firmed up the picture of just how different US and European interest rates are going to be, according to asset managers.Some questioned, however, whether the central bank was communicating effectively, given the sharp market reaction surrounding the actual announcement.Neil Williams, group chief economist at Hermes Investment Management, said: “The fact euro-zone and US monetary policy will be taking different routes – the ECB loosening, the Fed tightening – was always a given.”What markets had needed yesterday was guidance on how fast the ECB would be loosening and how far they would end up going, he said. “By extending [QE] six months to March 2017, and including regional and local debt, his sign of intent is he will do more,” Williams said. But by not upping the pace of the bond buying and excluding other assets such as more corporate bonds and mortgage debt, ECB president Mario Draghi is keeping some powder dry, he said.Williams said that while the ECB’s easing measures were helpful in addressing the symptom – deflation – Draghi could not be expected to solve the problem: a monetary union devoid of economic union. “This will take years,” he said.At AXA Investment Managers, fixed income CIO Chris Iggo, said that, for global investors, the central theme of a divergence in monetary policy remained intact, with the US Federal Reserve expected to raise rates on 16 December.“The differential between US and European bond yields will move higher,” he predicted.He said European bond yields were likely to be dragged lower by the reduction in the interest rate floor while US yields would move in the opposite direction. “At some point, this will mean investors prefer the US from a yield point of view,” he said, adding that, from an investment strategy point of view, US credit would become increasingly attractive relative to European bonds.But Iggo noted that QE had not produced inflation. “Maybe, on its own, it is not enough,” he said.Marilyn Watson, head of global unconstrained fixed income product strategy at BlackRock, remarked on the contrast between the market noise and actual changes in monetary policy.“As the year draws to a close, it is striking how little major central bank rates and government bond yields had moved comparing snapshots of 1 January to 1 December, given how much noise and volatility we witnessed in global fixed income markets during 2015,” she said.“Several crises have flared up, including but not exclusive to Greece, commodity prices and various idiosyncratic corporate events. But, at the end of the year, has the narrative really moved on?”She said, however, that yesterday’s easing had gone some way to changing this, and that it was now time to wait for the Fed’s decision in a fortnight.Schroders senior European economist Azad Zangana said investors who had expected a steeper easing should have paid more attention to the improving macro data.“After spending the last two months strongly suggesting a significant increase in monetary policy stimulus measures, the president has under-delivered,” he said.He said Draghi clearly needed to re-examine his communication strategy.“The difficulty for Draghi in his push for further stimulus is that the outlook for the euro-zone did not necessarily warrant additional stimulus,” he said.Indicators had recently continued to improve despite the weaker external environment and concerns about security, he said, with low inflation having boosted the disposable income of households in real terms and the resumption of credit flows having increased domestic demand. “Overall, the additional stimulus announced today may have a marginally positive impact on the outlook for the monetary union,” he said.last_img read more

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  • IPE Conference 2016: The changing shape of equity portfolios

    first_imgDutch pensions are showing a preference for concentrated active equity portfolios over traditional funds, according to fiduciary manager TKP Investments.A number of the firm’s clients have begun moving some allocations away from pure passive into active equities after a major switch following the financial crisis, chief executive Roelie van Wijk told the IPE Conference in Berlin yesterday.“We saw after the credit crisis that a lot of clients went to passive solutions,” she said. “What we see now is partly a switch back. They have said that if they are in equities they would rather have us take a long-term view, buy 30-40 equities and stick to that for a long period of time.”However, fellow panellist Stefan Dunatov, CIO at Coal Pension Trustees, argued that combining active and passive approaches could be “inconsistent” if benchmarked in the same way. “I think you have to go all or nothing,” Dunatov said. “We’re on a path to either 100% active or 100% passive, with nothing in between.”This path would lead to active management being “squeezed”, he added – particularly in the wake of the UK regulator’s damning verdict on asset management in a market review, published last month.“The active industry has too much money, there is far too much fat in this industry, it’s really not serving asset owners well, and fees need to come down,” Dunatov said. “We’re going down the route where equities will become much more passive.”Pascal Blanqué, global head of institutional business at Amundi, agreed that managers were coming under pressure.He predicted that, “in three years, we will be defining alpha as a return above a smart beta index” rather than a market-cap weighted benchmark, with alpha driven by “talent or information advantage”.Blanqué added that asset managers needed to establish partnerships with asset owners rather than rely on the sale of “cyclical investments”.On the subject of partnerships, Andreas Kretschmer – chief executive at Germany’s Ärzteversorgung Westfalen-Lippe – said his fund had been involved in partnerships with banks for 15 years, giving access to debt assets and securing “very long-term cash flows”.last_img read more

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  • ABN Amro scheme credits leverage for 12% return

    first_imgThe €26bn Dutch pension fund of ABN posted a 12.3% gain in 2016 due to its strategic use of leverage.The return exceeded the yield from its matching and its return portfolios, which returned 10.9%, according to the fund’s annual report.The scheme said it had leveraged 2.7% of its assets through derivatives at year-end, to cover a larger part of its interest risk and to reduce the volatility of the balance sheet, without limiting the potential for a surplus yield on its return portfolio.At the end of 2016, the pension fund had hedged 52% of its portfolio against the risk of interest rates rising. The ABN Amro Pensioenfonds said it would raise the hedge if funding – 125% at the end of last May – fell below 110% and interest rates rose. Its currency hedge covered 65% of its equity holdings and 100% of its fixed income investments in developed markets.The bank scheme applies a dynamic investment policy, increasing its liabilities portfolio if interest rates rise and reducing its return holdings if it has particularly a low or high funding level.Last year, the pension fund increased the strategic weighting of its return portfolio – meant for creating potential for indexation – from 43% to 50%.At year-end, the return portfolio had allocations to equity (38.1%), credit (5.9%), and emerging market debt (4.8%). It also had small holdings in catastrophe bonds and property.At the same time, the exposure of its matching portfolio of euro-denominated government bonds – predominantly Dutch and German government paper – was 52.2%.Currently, the pension fund implements a collective defined contribution (CDC) plan, but it said it was preparing for the possible introduction by the employer of individual defined contribution arrangements. The contract with the sponsor for the CDC plan is to expire in 2019.The pension fund reported combined asset management and transaction costs of 0.11%, citing its predominantly passive investment policy as keeping costs low.Administration costs per participant amounted to €161, a €7 drop relative to the previous year.The ABN Amro scheme has 98,500 participants in total, of whom 19,170 are employees and 26,055 are pensioners.last_img read more

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  • Alternatives standards body rebrands to capture industry, investor evolution

    first_imgThe Hedge Fund Standards Board (HFSB) has taken on a new name to reflect the evolution of the alternative investment industry and changes in terminology and approaches applied by investors.The standards-setting body has changed its name to the Standards Board for Alternative Investments (SBAI).It said this reflected the fact that alternative investment managers increasingly offer their investment strategies through a variety of vehicles beyond “hedge funds”, including liquid alternatives, regulated funds, co-investment vehicles, drawdown funds and managed accounts.“At the same time,” it said, “investors have moved away from the ‘hedge fund’ term as they classify and integrate a diverse array of alternatives strategies by underlying asset class, return profile, market exposure or liquidity.” Many of the SBAI’s standards and guidelines were applicable to asset management beyond just alternatives managers, it added. Dale West, senior managing director at the Teacher Retirement System of Texas and trustee of the SBAI said: “From an investor perspective, the standards contain core principles that apply to all types of investment management activities, not just those organised as hedge funds. “The name change positions the SBAI to engage more broadly with investors, regulators and the industry to address emerging issues.”The HFSB was established in 2008 as the successor to a hedge fund working group set up by leading alternative investment managers to develop industry standards in areas such as disclosure, risk management, governance and shareholder conduct.It is supported by around 200 alternative investment managers and institutional investors with $3trn (€2.5trn) in aggregate capital. It is governed by a board of major investors and managers. Asset owner trustees include Bruce Cundick, CIO at Utah Retirement Systems, David George, head of debt and alternatives at Future Fund Australia, and Kathryn Graham, head of strategy and co-ordination at the UK’s Universities Superannuation Scheme. Investors joining the SBAI over the last 12 months included Air Canada Pension Investments, Alaska Permanent Fund Corporation, CB Permatrust Asset Management, Japan Post Bank, Morgan Stanley Investment Management, New Jersey Division of Investment and Pennsylvania Public School Employees’ Retirement System.last_img read more

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  • Joseph Mariathasan: The importance of Africa’s demographic dividend

    first_imgWhether sub-Saharan Africa is able to extract a demographic dividend will be a key challenge both economically and politically for Europe, as well as Africa, over the coming decades. What are the key factors that create economic growth? It has become popular now to talk about the world now entering a fourth industrial revolution in the form of artificial intelligence and scientific advances such a genome editing and robotics.But there is another factor that is often overlooked when it comes to economic growth: demographics. Ageing populations with reducing workforces will eventually experience the impact in terms of reduced GDP growth – Japan is the poster child of this phenomenon.The world is ageing everywhere, with the notable exception of sub-Saharan Africa. According to World Bank statistics , the total births per woman in Japan is 1.43, while Italy and Spain have an even lower figure of 1.34, far lower than the UN Population Division report ’s required replacement rate of 2.1. Even India has a figure of 2.3, barely above replacement level, and it has been declining for decades as its population gets richer and more educated.Sub-Saharan Africa, though, is the exception. Niger has a figure of 7.2, Somalia 6.2, and the Congo and Mali both recorded 6 births per woman, according to the World Bank. The average is 4.68 for the region as a whole. Cape Town, South AfricaThe banks, the brewers and the telecoms companies that have shown tremendous growth over the past 10-15 years, and now dominate their local economies, are only accessible through public equities. They also give a route to gaining exposure to the consumer environment in less developed markets: Shoprite and Nampak, South African listed stocks, are the only way of playing the consumer environment in Angola, while Kenya’s Equity Bank is expanding operations in neighbouring markets.The reality, however, is that liquidity is not always there in Africa’s local listed markets. In addition, while public markets are interesting, they typically represent the “older economy” with banks, telecoms and consumer staples dominating.Private companies can focus on the theme of Africa’s young and growing population. It is underbanked and underresourced in key areas including healthcare and education, with a fragmented retail distribution. Yet consumers are also sophisticated in terms of the internet accessed via smartphones, which enables certain businesses to be disrupted. These key themes are long-term sources of investment opportunities for any investor.The importance to EuropeGerman chancellor Angela Merkel attracted both praise and opprobrium when she allowed a million Syrian refugees into Germany a few years ago. It is unlikely that Europe will continue to allow significant numbers of refugees, whether economic or humanitarian, to cross the Mediterranean if African countries are unable to create and sustain hospitable environments for their own populations. That is both a threat and an opportunity for Europe.In an age in which ESG issues are increasingly seen as fundamental to institutional investment strategies, creating environments that can sustain and enrich populations in a region that has seen more than its share of troubles represents not only an investment opportunity but also a moral requirement. It is also very much in Europe’s own interest.As Smith concludes his book: “The massive migration of Africans to Europe is in the interest of neither Young Africa nor the Old Continent.” He adds that Africa has far more to lose than to gain from the large-scale “exportation” of its youth through immigration.For European investment institutions, it makes sense politically as well as economically to set aside prejudices over emerging market risks and invest more in identifying investments that can help create stable, prosperous societies in sub-Saharan Africa. The failure to do so is the greatest risk Europe may face. Cairo, EgyptWhile generalisations of Africa are not appropriate, there are clear geographic regions within it with common cultural and economic links. Analysis firm RisCura has identified nine distinct areas :The Maghreb region in north Africa, including Tunisia and Morocco.Egypt and Sudan have a significant commonality of trade facilitation through transport on the Nile River.French-speaking West African nations have a common history as French colonies. As well as language they also share similar legal and socio-political systems.“Other” West African countries outside of the former French colonies, including Ghana.Nigeria is on its own given its size – comparable to the entire Maghreb region on an aggregated-GDP basis.East Africa, with Kenya as a hub together with Uganda and Tanzania. Ethiopia, with a population of over 100m, could become more interesting as it becomes more investor friendly.Central Africa, centred around the Congo region.Southern Africa excluding South Africa.South Africa, which has the largest GDP per capita of all the regions identified by RisCura, and represents the most advanced investment destination on the continent.For investors, a key issue is the choice between public and private markets. Egypt, South Africa, Nigeria and Kenya have the largest stock exchanges. Uganda has a number of companies cross-listed in holdings with Kenya, and there is a West African Exchange. Ghana also has a reasonable stock exchange, while Botswana and Namibia are very closely correlated to South Africa.Public versus private A market in Lagos, NigeriaStephen Smith, in a recent book entitled The Scramble for Europe , points out that Europe had a population of 275m (excluding Russia) in 1885, at the conclusion of the Conference of Berlin at which the European powers carved up Africa. Africa’s population at the time was 100m.Yet, Smith says, current demographic trends imply that, in 35 years’ time, there will be an estimated 450m people in Europe and 2.5bn in Africa. The UN’s latest data forecasts Africa’s population will hit the 2.5bn mark in 2050, and 3.5bn by 2075.Understanding AfricaThe biggest challenge for most African countries is to increase their standards of living and social stability in the face of rapid population growth. For Europe, facing the dilemma of refugees dying in their thousands trying to gain entry, it is a moral, social and economic imperative to help create sustainable societies. As experience has shown in Asia, and China in particular, it is the private sector that holds the key to a transformational growth in living standards.  last_img read more

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  • PLSA warns of trust hit from RPI-to-CPIH switch, ‘hopeful’ about decision

    first_imgIt also cited analysis by Insight Investment, which has been working to drive awareness of the reform proposal and encouraging pension schemes to respond to the consultation.The asset manager’s calculations initially showed that the impact of the RPI reform would be a £90bn-£120bn transfer of wealth from UK pensions to the government, but it has since said that the effects of the COVID-19 crisis would take the net present value impact to £100bn-£130bn.This is as a result of the recent fall in interest rates and continued new issuance of index-linked Gilts, in which pension schemes are the predominant investors.Solution suggestionsIn its response, the PLSA said it supported plans to develop a more robust measure of inflation, but cautioned that if the government went ahead with aligning RPI with CPIH as planned it would need to mitigate the impact it would have on pension schemes and pension scheme members affected as a result.Like many others in or close to the pension industry, the lobby group recommended defining RPI as CPIH plus a spread, where the spread is “an agreed and transparently calculated adjustment reflecting the long-term average future income of RPI over the new inflation measures”. RPI typically runs at about one percentage point higher than CPI.“Alternatively,” added the PLSA, “the government may also to consider paying any future lost income to index-linked Gilt holders upfront.”It recommended creating a working group with various stakeholders to determine the most equitable way to transition away from RPI, similar to the approach taken to the reform of LIBOR.“Whatever approach the government decides, on top of mitigation, the changes should be made as close to 2030 as possible to allow a working group for the transition to be established and to give investors in index-linked Gilts enough time to prepare for the change,” the PLSA said.One of the issues covered by the consultation is timing, asking whether the proposal might be implemented at a date other than 2030, and if so, when between 2025 and 2030. Until 2030, the change to RPI under discussion can only be made with the Chancellor’s consent.According to Insight, this is because of differing prospectus language for index linked gilts maturing beyond this date. Aligning the retail prices index (RPI) with CPIH will potentially damage trust in pension schemes and the government, the Pensions and Lifetime Savings Association (PLSA) has said in its response to the consultation on the Treasury’s and UK statistics authority’s proposed reform of the RPI methodology.Going ahead with the alignment as planned would effectively cut benefits for many pension scheme members, which could “reflect poorly on both pension savings and the government”, despite schemes following a prudent investment strategy on the basis of assurances that RPI would not undergo any substantive changes in the near future, the PLSA said.Citing analysis by the Pensions Policy Institute, the PLSA said a simple switch to CPIH – the consumer price index plus housing costs – was expected to reduce the value of pension scheme investments in index-linked bonds by £80bn (€87bn) if the change were implemented in 2025, and £60bn if in 2030.“This could lead to some DB pension schemes closing to new entrants or future accrual to help address this loss, meaning that, ultimately, scheme members are worse off,” it said. “With this particular topic there’s been a lot of strong engagement across our membership with the same points echoed”Tiffany Tsang, senior policy lead: LGPS and DB, PLSATiffany Tsang, senior policy lead on LGPS and DB, at the PLSA, said: “The decision to develop a more robust measure for inflation is the right one but the proposed methodology risks billions of pounds in pension assets.”Earlier this month she told IPE she was “hopeful the right outcome will come for our members”.“Stakeholders in government have been very open and engaged with us,” she said.Tsang also said the PLSA’s pension fund members had engaged with it on the topic of the RPI reform consultation in a way they hadn’t on other issues.“With other issues they rely more on us to lead the charge but with this particular topic there’s been a lot of strong engagement across our membership with the same points echoed,” she said. “The figures differ depending on the scheme but it’s been a huge collaborative effort with a very uniform stance.”The deadline for responses to the consultation is midnight tomorrow, 21 August – postponed from 22 April because of the coronavirus crisis.To read the digital edition of IPE’s latest magazine click here.last_img read more

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  • Apartment buyers want amenities like those in a five-star resort

    first_imgThe Oxlade in New Farm.Developer Kokoda Property has included a cigar room on level six at the soon-to-be completed Chester & Ella at Newstead. More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoA fire pit can be found on level four, as well as a private dining area with room to seat 20 people, and the option for a private chef and event planner. Underwater speakers at Lucent’s luxry pool cost $22,000. Mahala at Mermaid Beach’s pool and recreation area.A rooftop solar-farm system will be incorporated to reduce energy costs as well as an electric car charging station on site.According to new research from property analyst Michael Matusik, the Gold Coast will welcome about 146,000 new residents by 2030, with around 40 per cent of these newcomers expected to be aged 55-plus.Mr Matusik said it was up to developers to be more discerning when bringing new projectsto market, to ensure the Gold Coast had the opportunity to capitalise on population growthover the coming years.He said the Gold Coast had the chance to grow its share of the luxury downsizer market,attracting buyers willing to spend between $1 million to $2 million on a beachside residence.“The Gold Coast apartment market has the chance to really shine by delivering the righttype of housing to cater to the market,” Mr Matusik said.Mahala’s two-bedroom, two-bathroom, one-car bay apartments start from $595,000, with three bedroom, two-bathroom, two-car bay apartments available from $1,385,000.The remaining four-bedroom, 3.5 bathroom penthouse is priced at $2.7 million. The football posts at Preston Point, Albany Creek. Tim and Sandra Roux are among the first buyers at Mahala Mermaid Beach. Photo: SuppliedOn the Gold Coast, Tim and Sandra Roux are among the first buyers at Mahala Mermaid Beach and said one of the biggest drawcards for them was the resident-only development, unlike many coastal apartment buildings that include an element of short stay accommodation or commercial tenancies.“The inclusion of a dog wash area, surfboard storage, two parking bays and a secure delivery room for online orders makes us feel like we won’t be missing out on anything when we downsize,” Mr Roux said.center_img Complete with built-in underwater speakers worth $22,000, the infinity edge pool and heated jacuzzi have views of Brisbane’s skyline.An exclusive private dining suite, Table 55, offers Lucent residents a custom-made 15-seat dining table crafted in concrete and brass detailing.Cavcorp’s Damien Cavallucci said the private dining area was a massive drawcard for residents.“It’s booked out for private functions, baby showers, engagement parties and birthdays,” Mr Cavallucci said.“Residents can hire a chef and have the event catered for.”Every month a private wine tasting night is held at Table 55 and residents can engage with boutique wineries.Isaac Thompson, 37, and wife Lindsay-Anne, 29, have lived at Lucent for more than a year and said the amenities were a drawcard for them.“The pool and gym were the biggest things for us. We liked the barbecue area and the proximity to Gasworks was good to,” Mrs Thompson said.“I hosted my best friend’s hen’s party in the private dining room earlier this year and it was brilliant.”Seymour Group developer Ben Seymour said their $100 million six-storey luxury project – The Oxlade at New Farm, which includes two $7 million penthouses, has a concierge desk with services such as storing grocery deliveries, arranging vehicles for errands and appointments, or even finding someone to walk residents’ dogs. Isaac Thompson and Lindsay-Anne Thompson at Lucent’s rooftop dining area. Pic Mark Cranitch.Stylish cigar rooms, private rooftop dining areas with river views and the convenience of pet wash bays are attracting buyers to southeast Queensland’s luxury apartment market.Cashed up buyers want apartment amenities similar to those found in a five-star resort.In Newstead, Cavcorp’s Lucent apartments feature a sky retreat exclusive to residents. It has a 55m infinity pool, poolside sauna, 44 Gandia Blasco sun lounges from Spain, a yoga lawn, and golf simulator with 170 virtual golf courses. Meanwhile a townhouse development at Albany Creek, by Unison Projects, focuses on creating an extension of the traditional ‘backyard’ into a communal space, to encourage people out of their new homes and into the natural environment on their doorstep.Unison’s Shannon Down said the company wanted to provide residents with a setting for people to physically connect and socialise in an ever increasing digital world dominated by social media interaction.The resident recreation facilities include a 16m resort-style pool with wrap around deck, barbecue area and pizza oven, fire pit, bocce court, communal vegetable garden and large lawn area with football posts.last_img read more

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  • Cairns family home in Redlynch for less than $1million

    first_imgThe backyard.There is an abundance of storage including a study nook, dimmable LED lighting, discreet cabinetry under an island bench and pullout drawers, plus the addition of the built-in dining area to the island bench.The main bedroom, with a walk-through robe with pull down clothes rail and dresser, ensuite with spa bath, double shower, vanity and toilet plus access to the deck, is also on this level.“There are also three additional bedrooms with built-in robes and a fifth bedroom or media room with a built-in cupboard and access to the deck,” Ms Krause said. More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoLiving room.“The lower level can be used as a self-contained granny flat with its separate entrance and a generous bedroom and open living area, which can be separated by the Shoji sliding doors.“A bathroom with a shower, vanity and toilet, a laundry with auto taps for the washing machine, a man cave or workshop area and a covered expansive tiled entertainment area accessible by the full custom-made Rosewood bi-fold doors are also a feature of the bottom floor.”An in-ground heated pool with a cover can also be accessed from the bottom tier of the home.The middle section is where the action happens – there is a tiled entrance leading to the expansive open plan living and dining area with exceptional light fittings, and executive central kitchen with Corian stone benchtops, double NEFF ovens, a 900m induction cooktop, a ducted rangehood, a built-in convection microwave, double inset sink with insinkerator, dual drawer dishwasher, plumbing for fridge and a butler’s pantry. 6 Riverview Cl, Freshwater.WITH views of the leafy rainforest over three levels, and situated in a quiet and neighbourly cul-de-sac, you won’t believe the price tag on this luxurious and well-appointed home.Although much loved by the current owners, circumstances have intervened and the family is selling 6 Riverview Cl in Freshwater. The bathroom“An exclusive family bathroom comes with an in-built sauna with seating and a shower including a rainfall shower head. The room also has Corian stone benchtops with a dual vanity, freestanding large bath, toilet and floor to ceiling tiles plus a separate storage room.”Tucked away on the top floor, this is the place everyone will enjoy escaping to, even if it is to do work. A carpeted office with double built-in desks and cabinetry and views across the tree tops also displays the exceptional fixtures and fittings evident throughout the home.Positioned in the Freshwater State School Primary and Redlynch State High School catchments, this home is close to parkland and amenities and a 15 minute-drive to Cairns CBD. The deckFor less than $1 million, the new owner will get a “multitude of living options perfect for those with teenagers or a home business”, according to selling agent Tiffany Krause from RE/MAX Australia. She said an inspection was “a must to truly appreciate all that this home has to offer”.“With the size of the residence being over 500 sqm under roof and positioned on a usable and well-designed 1541 sqm allotment, there will be plenty for you to see,” Ms Krause said.last_img read more

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