ΓΡΑΦΕΙΟ ΟΕΥ ΣΥΔΝΕΫLevel 2 / 219-223 Castlereagh Street, SYDNEY, NSW 2000

Tel: +61 2 9264 9130 - Fax: +61 2 9264 6135Email: ecocom-sydney@mfa.gr

Βαϊανός ΩΡΑΙΟΠΟΥΛΟΣ-ΚΕΛΕΝΗΣ, Προϊστάμενος Γρφ. ΟΕΥ Σύδνεϋ

ΜΑΪΟΣ 2016

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ

ΚΑΤΑΣΚΕΥΩΝ

ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ

O κλάδος των κατασκευών στην Αυστραλιανή αγορά καλύπτει τρεις τομείς οικονομικής δραστηριότητας: κατοικιών/residential, εμπορικών κτιρίων/commercial, υποδομών/infrastructures.

Στη μετά την ανάπτυξη των ορυχείων εποχή (post-mining era) κατά την τελευταία πενταετία, όπου η Αυστραλιανή οικονομία βίωσε ασσύμετρη ανάπτυξη (σημαντική μείωση της δραστηριότητας στους τομείς που σχετίζονταν με την ανάπτυξη των πεπερασμένων φυσικών πόρων) ο γενικός κατασκευαστικός κλάδος έδωσε την πολυπόθητη ώθηση στην οικονομία, ικανή να αντισταθμίσει τη μείωση της απασχόλησης και του ΑΕΠ που προήλθαν από τη συναφή μείωση των κεφαλαιουχικών δαπανών στην αξιοποίηση των ορυκτών πόρων.

Οι ανωτέρω εξελίξεις σε συνάφεια με τις προγραμματισμένες επενδύσεις παγίου κεφαλαίου που είχαν σταδιακά δρομολογηθεί από την παρότρυνση τόσο των ομοσπονδιακών όσο και των Πολιτειακών κυβερνήσεων για ανάπτυξη επενδύσεων αυτοχρηματοδοτούμενων ή μη, δημιούργησαν τις προϋποθέσεις για την είσοδο της Αυστραλιανής οικονομίας σε εποχή υψηλής εισοδηματικής ελαστικότητας ως προς την τιμή των ακινήτων (ιδιαίτερα των κατοικιών). Αποτέλεσμα, ο γενικός δείκτης τιμών κατοικιών να ανέλθει σχεδόν κατά 50% μέσα στην τελευταία τριετία, δημιουργώντας συνθήκες ευρωστίας στα Αυστραλιανά νοικοκυριά (κατόχους κατοικιών) ενώ παράλληλα οι πολλαπλασιαστικές επιδράσεις από τις συχνότατες αγοραπωλησίες δημιούργησαν τις προϋποθέσεις για την ύπαρξη ενός οικοδομικού οργασμού (με το συντονισμό της Τοπικής Αυτοδιοίκησης) που τα κύρια αστικά κέντρα δεν είχαν γνωρίσει από δεκατίες. Τοιουτοτρόπως δημιουργήθηκαν CBDs (Central Business Districts) όχι μόνον στο κλασικό οικοδομικό και επιχειρηματικό κέντρο, για παράδειγμα του Σύδνεϋ, αλλά και στα προάστια αυτού, όπως στις περιοχές Crows Nest, Chatwood και Kirribilli στη βόρεια πλευρά της πόλης αλλά και στις συνοικίες Alexandria, Zetland, Wolli Creek, Kogarah, νοτίως της πόλης. Εντός της τελευταίας πενταετίας, άλλαξε ριζικά, κυρίως για τα δύο μεγάλα αστικά κέντρα των δύο πλέον προβεβλημένων Πολιτειών της Αυστραλίας (Βικτώριας με πρωτεύουσα τη Μελβούρνη και Νέας Νοτίου Ουαλίας με πρωτεύουσα το Σϋδνεϋ), ο αστικός χάρτης και συνεπακολούθως η οδική κίνηση.

Μεγάλο μερίδιο της αγοράς (κατοικιών και εμπορικών κτιρίων), ως αποτέλεσμα της προσέλκυσης επενδύσεων, έχει αποκτηθεί από πολίτες και εταιρείες της Λαϊκής Δημοκρατίας της Κίνας που είδαν στην Αυστραλία ένα μέλλον με υψηλούς δείκτες αποδοτικότητας σε συνδυασμό με εφαρμογή μακροχρόνιας στρατηγικής βιώσιμης ανάπτυξης.

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 1

Αναπόφευκτα η όλη συζήτηση επεκτάθηκε στην αναγκαιότητα επέκτασης των υπαρχουσών υποδομών (οδικών, σιδηροδρομικών, αεροπορικών) συνάμα με την αξιοποίηση χρηματοδοτικών εργαλείων ικανών να φέρουν σε πέρας πολυπόθητα για την αποτελεσματικότητα και αποδοτικότητα μέγαλα επενδυτικά έργα. Η ζεύξη κεφαλαίων εκπορευομένων τόσο από το δημόσιο τομέα όσο και τον ιδιωτικό ήταν αναπόφευκτη καθώς μόνη η κάθε πλευρά ήταν αδύνατον να ολοκληρώσει τις απαραίτητες μελέτες σκοπιμότητας. Τα επιχειρηματικά σχέδια ΣΔΙΤ/Σύζευξη Δημόσιου Ιδιωτικού Τομέα η έκαναν την εμφάνισή τους στην Αυστραλιανή αγορά τουλάχιστον τριάντα χρόνια πριν, αλλά τώρα έχει πλέον δημιουργηθεί το κατάλληλο κλίμα ώστε τα PPPs/Public Private Partnerships να έχουν πλαισιωθεί από την κατάλληλη τεχνογνωσία (μηχανολογική και νομική) που σε συνδυασμό με τα σύγχρονα πρότυπα ορθολογικής χρήσης, ποιότητας, και ασφάλειας να μπορούν οι Αντίποδες (”Down Under”), οπως αποκαλείται η ήπειρος των καγκουρώ να υιοθετούν μεθόδους εργασίας που έχουν υλοποιηθεί με επιτυχία στο διεθνές επιχειρηματικό στερέωμα (benchmarking).

Με περίπου $2,5 τρισ. συνταξιοδοτικά κεφάλαια στα χέρια επιδέξιων εταιρειών διαχείρισης κεφαλαιουχικών κινδύνων και επιχειρηματικών συμμετοχών (http://www.superannuation.asn.au), η Αυστραλία δύναται πλέον να ορίζει τις καλύτερες πρακτικές για τη διοχέτευση μέρους αυτών των κεφαλαίων σε αναπτυξιακά έργα. Στόχος η βελτίωση της παραγωγικότητας τόσο της εργασίας (υψηλά αμειβόμενου παραγωγικού συντελεστή της οικονομίας) όσο και των επενδεδυμένων κεφαλαίων. Τοιουτοτρόπως απέκτησε υπεραξία η χρήση αστικής γης που σε συδυασμό με τις μεθόδους «καλώς πράττειν» των πολεοδομικών Δ/νσεων των πολιτειακών κυβερνήσεων και των Φορέων που επιμελούνται τη σύμφωνα με το γράμμα του νόμου πιστή τήρηση των οδηγιών λειτουργίας και απαχόλησης τόσο του ανθρώπινου δυναμικού όσο και των σχεριζόμενων τεχνολογικών πόρων.

Τα μεγάλα έργα υποδομών (Assets Recycling through Sale/Lease of Government Equity Investment) (https://www.austrade.gov.au/digital-benchmark/images/charts/growth_14.pdf) έχουν αποτελέσει καυτό θέμα συζήτησης μεταξύ της ομοσπονδιακής κυβέρνησης και των κυβερνήσεων των πέντε Πολιτειών/States και των δύο Περιοχών/Territories της Αυστραλιανής επικράτειας, λόγω της σύστασης περί ανάθεσης της διαχείρισης από τον ιδιωτικό τομέα σημαντικού μεριδίου αυτών, εξασφαλίζοντας σημαντικούς πόρους για τα δημόσια οικονομικά της ευρύτερης περιφέρειας.

Παραδείγματα σημαντικών έργων υποδομών που έχουν αλλάξει άρδην το τοπίο του διαμετακομιστικού εμπορίου της Αυστραλίας και είτε έχουν ολοκληρωθεί είτε ευρίσκονται στο στάδιο εξαγγελίας είναι σύμφωνα με το Εθνικό Επιχειρηματικό Σχέδιο Ανάπτυξης Υποδομών, National infrastructure Investment Schedule, ανά Πολιτεία/Περιοχή:

-(https://www.austrade.gov.au/International/Invest/Opportunities/Major-infrastructure)

-(https://www.austrade.gov.au/International/Buy/Australian-industry-capabilities/Building-and-Construction)

NSW/Harbour Tunnel, NSW/Port of Botany, Port of Kembla transformation, NSW/Sydney Airport Rail Link, NSW/WestConnex, NorthConnex, NSW/M2 Motorway, NSW/New Schools 2, NSW/Long Bay Prison & Forensic hospital, Victoria/Melbourne Convention & Exhibition Centre, Victoria/Royal Children’s Hospital, Victoria/Barwon Water Biosolids Management,

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 2

Victoria/Peninsula Link, QLD/Gold Coast Rapid Transit, QLD/Toowoomba Second Range Crossing, WA/Perth Airport Redevelopment, WA/North Perth Stadium, WA/Dampier Marine Services Facility.

Booming apartment build lifts construction activity in Octoberhttp://www.afr.com/real-estate/booming-apartment-build-lifts-construction-activity-in-october-

20151105-gks74j?login_token=hBF2A62lPzqSiTjR6AKaBHBSs_FJMAAd0gQve3bvHQd2DR406LCol_EmXhAOu_BHZQWd4k

xfGzF1sd2gyG3XoQ&member_token=ozzCven3p6-CCjr5SgKgRZzWXlbSUzuvYs2Qd-5A9cy3wPzyNannPWIS_YfnFWmwLcw94mC2SHy2uHlUpVDb7w&expiry=1478952623#ixzz3rHMBHMe

sApartment building grew at its fastest pace in ten years in October, even as construction of standalone homes contracted for the first time in five months.The Housing Industry Association/Ai Group Performance of Construction Index showed apartment-building activity jumped 9.2 points to 72.4 last month, its highest reading in the ten-year history of the survey.A reading above 50 indicates expansion, while below 50 means contraction. The higher the figure above 50, the faster the pace of growth, and vice-versa.The separate sub-index for detached housing construction fell 9.8 points to 47.0. It was the softest activity reading for the sector since February this, and coincided with an equally sharp drop in new orders, the report said. "The strong findings for apartments are consistent with the considerable pipeline of activity, while the overall trajectory for detached houses signals healthy construction in 2015/16, albeit off the cyclical peak of last year," HIA Chief Economist, Harley Dale said. "That is, however, a sharp monthly decline in the house building sub-index and some reversal will hopefully come through in November."The headline index rose 0.2 points to 52.1, the third straight month above the crucial 50 mark. Commercial construction contracted for the eleventh time in the past 12 months, but at a slower rate as that sub-index rose by 0.9 points to 49.0. Respondent to the survey that informs the index cited improvements in the accommodation, education, sport and recreation building sectors. Engineering construction activity contracted for the 16th consecutive month in October, but also at a slower rate. The sub-index rose by 7.5 points to 44.1 points. Respondents mainly attributed this to an improvement in levels of infrastructure work on the east coast, the report said.

Australia's engineering shortage will get worse

http://www.smh.com.au/federal-politics/australias-engineering-shortage-will-get-worse-20120227-1tymj.html#ixzz3rHMk2wmH

Most engineers are too polite to tell you this but our country has a real problem on its hands. It affects you now but it is about to get a lot worse.Engineers tend to keep it secret because they make it their job to fix problems, to keep systems going. That's just part of being a professional engineer. But if you ask them about it directly they'll tell you that in recent times this problem has turned into an ever-increasing crisis.And the problem is this: we just don't have enough engineers to maintain our renowned high standard of living. And before you tune out just think about what you rely on engineers for every day.They get you to work on time. They make sure the building you work in stays up. They design the gadgets that make it easier to do your chores and keep you entertained. They make sure your house is supplied with electricity and fresh water every day. They quietly solve the impossibly hard problems

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 3

that the rest of us don't even know exist. They are also Australia's great innovators.So if we are going to have a smart high-end manufacturing sector like Germany we need lots of engineers. If we want to solve problems like tapping into geothermal energy we need engineers and if we want to solve the big problems of the future - including ones have not even come across yet - we need engineers.So when the federal government puts out a report saying that we have a record skills crisis in engineering because we have failed to produce enough engineers over the past 20 years they are saying that our economy and your future is going to be hurt by it.If you like traffic snarls and power blackouts, unemployment lines and water restrictions we'll you're going to love this crisis in Australian engineering. There are several reasons that this is happening and the frustrating thing is that governments, universities, companies and unions have been predicting it for decades.Australia's workforce is ageing and the development of technical skills is not keeping pace with the retirements. Many engineers also leave the profession altogether because they are recruited to more rewarding jobs. On top of this we have a static rate of graduates, high dropout rates and lower and lower numbers of secondary students interested in completing the required maths and science to enter engineering. And the proportion of women engineers is appallingly low at less than 10 per cent.When floods and other disasters occur these naturally have to take priority, but it means regular maintenance work and safety upgrades is postponed, usually by many years.The situation is critical. Demand from the resources sector is putting enormous pressures on the supply of suitably skilled engineers, while population growth means demand for basic infrastructure continues to rise.Globally, things don't look much brighter. More than 50 per cent of the world's engineering graduates come from Asia and while migration assists us in the short term, the massive population and domestic economic development in India and China means we'll find it harder to compete. Signs of the economic recovery in the US will just add to the pressure.The consequences of the problem are also stark, although perhaps not widely understood. It's estimated by major construction companies that up to 20 per cent of the costs of major construction projects is wasted due to the shortage of engineers.This happens because we don't have enough engineers in the public sector to cost major projects properly any more, so we end up spending more money on badly managed projects and therefore we end up building fewer roads, railway lines and bridges. This, in turn, ultimately undermines our competitiveness and causes lost productivity in our economy and a reduction of our standard of living.Thankfully, the Association of Professional Engineers, Scientists and Managers, Australia was able to help convince the Senate to have a good hard look into this quiet but serious problem. Along with its support for the Australian National Engineering Taskforce the federal government has begun to seriously tackle the problem of engineering skills shortages.The inquiry should shed more light on the risks we all face of not acting on this problem effectively and it should come up with long-term solutions. If we don't nip this problem in the bud now it will cost us much more in the future.One thing is clear, if we simply leave things up to the market or the initiative of individual players, nothing will change. We need all governments and political parties to provide leadership, in the community interest, and drive new and sustained investment in the engineering workforce.This should come through improvements to the education system, but it is also in the direct interest of government, as a purchaser of engineering services, to ensure it gets real value for money.Governments need to be smart and really exploit their own market power to drive reforms in both the public and private sector. Private sector companies do the vast bulk of publicly funded engineering work and it follows that governments cannot, and should not, regard private sector engineers as beyond their responsibility. We need a new foundation for our engineering services capacity and capability, and must lift the floor on investment in engineering workforce development. But we need to do more than that. We need to fight this problem on all fronts.And whether that's as simple as suggesting to bright young kids that they might want to become an engineer or as difficult as demanding more funding for our engineering schools from our politicians every Australian has a role to play in defending our future from a critical lack of engineers.Chris Walton is chief executive of the Association of Professional Engineers, Scientists and Managers, Australia.

Chinese investors are pushing into Melbourne and Sydney

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 4

http://www.smh.com.au/business/chinese-investors-are-pushing-into-melbourne-and-sydney-20141010-113q7x.html#ixzz3rHRRf1gv

In a sleek black display room in downtown Melbourne, Adrian Sum is getting ready to launch construction of his first joint venture Australian apartment project.Mr Sum controls the purse strings of one of China's largest property developers, and the striking 63-level, 633 unit high-rise Eq Tower is state-owned Sino Ocean Land's first development foray outside the People's Republic. It's a "defining moment for Melbourne", the tower's website states, That may be truer than the marketeers realise. By Mr Sum's standards, Eq is small. His Beijing-based company's average property project is 10 times Eq's size, with the largest reaching 1 million square metres, roughly the size of eight full city office blocks.Happy but not satisfied with his initial investment, Mr Sum is already on the lookout for more Australian assets. He also has a $200 million mandate to seed an office fund over the next year and, with joint venture partner ICD Property, is eyeing other opportunities in Sydney."Because the Chinese capital is huge and the direction to go overseas is quite clear, that means that this will accumulate," Mr Sum says. He's not the only one. A new Chinese entrant, Sichuan-based Xiang Xing Group, this week spent $35 million buying a development-ready site in Melbourne's Southbank. Another huge state-owned enterprise, Shanghai-based Greenland Holding Group, already has four projects on its books worth $1.4 billion.

Developer: Greenland Holding Group; Development: Sydney Water Board; Site: Sydney; Cost: $600 million. Its signature $600 million tower on the former Sydney Water Board site will become the city's tallest residential building. In North Ryde, China's richest woman, 33-year-old heiress Yang Huiyan, is heading up Country Gardens' $500 million project, and Fuxing Huiyu Real Estate has launched apartments worth $550 million in Parramatta. Chinese investors are aggressively lifting their Australian residential and commercial real estate investment at a time when the Reserve Bank is warning bubbly property markets could be hit with a price correction.

Developer: Sino Ocean Land; Development: Eq Tower, Melbourne; 63 levels, 633 units.Alarmed by the property frenzy in Sydney, Melbourne and parts of Brisbane, the Reserve hit the headlines two weeks ago, putting banks on notice they were being monitored and potentially facing tougher controls, so-called macro-prudential tools or constraints on lending. It was reacting to momentum that has been building since this time last year, when it issued another warning about the explosive growth of self-managed superannuation funds' property debts and the risk they posed to the country's financial system. That in turn kicked off a familiar bubble debate which has played out

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 5

over the intervening 12 months. "No housing bubble here, says Hockey" a 2013 headline read.

Developer: S P Setia Berha; Development: Parque, Melbourne; 19 storeys, 332 apartments.Foreign investment has become an even greater force in driving up prices over the past six months, the property industry believes. The October Australian Property Institute Property Directions survey found 96 per cent of Sydney respondents felt foreign investment was a significant driver, more than the 88 per cent it registered in May. Australia's exuberant property market shows no sign of abating, pushed by fierce competition and local and international investor's enthusiasm.

Rod Fehring, Australand.Spurred by a record 15-month run of historically low interest rates, Australian dwelling values rose 9.3 per cent over the 12 months to September. Sydney's homes rose 14.3 per cent and Melbourne's 8.1

per cent over the same period, RP Data figures show.Investors paused for breath in August, housing finance data shows, with loans falling slightly by 0.9 per cent. But debt for new dwellings continued its upward trajectory, rising a healthy 2.5 per cent.Adding to the Reserve's headache will be the latest housing debt data. It shows the average Australian household's ratio of debt to disposable income, or the proportion of wages spent servicing mortgages, has hit a record high.

Mark Wizel, CBRE.Some property observers maintain the current frothy market is not an evolution but a revolution that is here to stay. With the world's wealth funnelling in, it is not difficult to see why.Australia's property market is operating in an international context now, says Sam Nathan, a former analyst at Charter Keck Cramer.Sydney and Melbourne are on a par with other global cities where apartment markets, particularly in city centres, are "now driven by geopolitical influences as international developers diversify from their country and market of origin," he says.

London's huge £8 billion ($14.7 billion) redevelopment of the Battersea Power Station is being led by Malaysian firm S P Setia Berhad, which is also building the upmarket Parque apartments at 555 St Kilda Road in Melbourne. When Australia emerged from the 2008 global financial crisis with a stable economy and one of the strongest property markets in the world, it became a tempting foreign investment target.The investment trickle became a flood as prices racheted up in London, and Singapore, amid fears of the island city's housing overheating, introduced restrictions on local and foreign ownership. They were soon followed by Hong Kong adding an extra 15 per cent stamp duty on overseas buyers and Canada cutting its millionaire visa program.Aided by Australia's liberal foreign investment rules which allow unlimited sales of new homes, Chinese investors and newly arrived immigrants spent $24 billion on Australian residential real estate over the past seven years, a well-publicised Credit Suisse bank

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 6

report estimates.And they will spend nearly double that, another $44 billion, over the next seven, starting with about $5 billion this year, it says.The home buying spree does not include other transactions. Across all other sectors, excluding residential real estate, China last year spent $11.1 billion, second only to its direct investment in America, KPMG and the University of Sydney's Demystifying Chinese Investment in Australia index shows.Most went to buying Victorian electricity assets, gas or mining deals around the country, with commercial real estate taking a relatively small 14 per cent share.The rise of Asian property investment over the past five years is different to the wave of Japanese capital that washed through the Gold Coast and other Australian regions in the late 1980s, investment bankers CLSA say.That boom-to-bust cycle saw investment by highly-leveraged, yield-chasing Japanese corporations rise from zero to $65 billion in the space of a few years, only to collapse again by 70 per cent in 1992, with billions eventually wiped off their balance sheets.In Queensland, particularly, the pain was felt for years.International agency CBRE says the source of global investment flows into Australia has inverted over the past two years, with Asian capital now taking two-thirds of total property investment and other countries one-third."The mix in the source of capital to Asia is likely to continue, with more capital emerging from Asian markets and Australia attracting an above-weight share of these flows," its most recent Capital Attraction report says. It is an investment thesis that Mr Sum supports. For the past two years China's central government has been relaxing requirements for outbound investments that require its approval."They know that to invest overseas can sometimes serve as risk management to balance their portfolio. This is not just happening to individuals, the whole country shares in this kind of mentality," Mr Sum says. "It is just the beginning of a long-term vision, this goal to go overseas. "Even the corporates, like insurance companies, are starting to allocate a certain percentage of their investment portfolio into different overseas markets." A new raft of easing policies will come in October this year, Savills' Hong Kong-based research director Simon Smith said this week. They are likely to further spur the flow of money heading overseas looking for better returns.China has been booming for a decade but is now showing signs of slowing. "Now in our own market, more or less, we have reached certain capacity," Mr Sum says. Its housing is in oversupply. The number of apartments in Shanghai is expected to double next year to total 1.1 million square metres. One new project in Shanghai's redevelopment precinct is the size of both Melbourne and Sydney's CBDs put together, Mr Smith says. As a result, house prices, which rose to record highs for five consecutive years, are now experiencing a sharp deceleration.China's developers are being encouraged to go overseas and get experience with other countries' rules, regulations and cultures, either on their own or in joint ventures. "Their main hurdles are lack of expertise and capability, so they are just dipping a toe in the market. They want to get practice," Mr Smith says, and they can "afford to fail". The capacity of large Asian firms to self-finance, build and sell Sydney and Melbourne apartments to overseas buyers has radically changed the dynamics of the property market, CBRE's Mark Wizel says."The motivation of the developer and apartment buyer are aligned." Mr Wizel says. "The part that nobody really saw was the explosion of interest from mum and dad Chinese investors, who are buying apartments off-the-plan with the same level of aggression and vigour as the developers are buying land."Overseas property is a prized asset for wealthy Chinese keen to park their money and mitigate the economic and political risk of having it tied up in the People's Republic. Vancouver, London, Sydney and now Melbourne are the cities of choice. Feeding their desire is a passion for property that even surpasses Australia's love of realty. An astonishing 10 million of China's newly-minted top-income families aspire to emigrate here, CLSA estimates in an August report, Chinese Investment and Oz Housing.Chinese nationals were the second-largest group of permanent migrants behind British citizens last year, and made up the largest share of international students, according to Australian government figures.Servicing just half of that desire would fill Australia's current annual net overseas migration quota for the next 61 years. "Their motivations aren't always about saving. A lot of Chinese have an end goal to

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 7

emigrate here," says Joseph Zaja, whose Ausin Group is on target to sell 2000 Australian apartments and new homes to Chinese buyers this year. "The majority are very conservative. They're buying to diversify their wealth into an established property market and economy such as Australia." They want clean air, a good education and a solid legal system."Chinese residents want to emigrate to English-speaking countries, where there is a strong common law process. A good education system is essential and, as China's pollution problems escalate, a clean environment is becoming more important," CLSA's report says. "I don't think there's any chance of it ending any time soon," Mr Wizel says. Forty per cent of Eq Tower was sold to offshore investors, a not uncommon occurrence in today's international market. They are a big factor even for local developers. Offshore buyers take between 13 and 20 per cent of Meriton's apartments without any direct marketing, Sydney billionaire Harry Triguboff says. Within two years the proportion of overseas buyers in Australand's developments has risen from 5 to 18 per cent, executive general manager of residential Rod Fehring says. "It's quite a substantial change because Sydney has come alight. It's always been an attractive location for investment and, surprise surprise, the projects that we're producing are attracting offshore interest," he says.Melbourne's skyline will blossom with another 42 new skyscrapers to cater for demand if the state government approves all current proposals over 25,000 square metres on its books when there are already fears of a big oversupply. Amid the hum of activity, there are warning signs of overreach. In echoes of Queensland's previous Asian-led property boom, one of China's largest property developers Dalian Wanda – headed by the country's richest man, the flamboyant and acquisitive Wang Jianlin – will splash out $1.7 billion on local real estate, starting by developing the Gold Coast's Jewel high-rise and hotel complex.Mr Jianlin's ambitious international expansion has seen him purchase the US's largest movie chain, AMC Theatres, Sunseeker Yachts and two London high-rises. Aggressive buying, primarily by overseas developers, has seen Melbourne's CBD land prices triple over six years, Charter Keck Cramer figures show. But the construction multiplier effect is supporting jobs, building material businesses and white good manufacturers, a sizeable section of the economy. Some companies which have a strong pipeline of forward projects, such as Lend Lease, Fletcher Building, Mirvac and Goodman, stand to benefit most from the boom."Goodman may seem like an odd choice for a residential beneficiary, but it has identified that it can develop 35,000 apartments in Sydney and Melbourne, converting from its inner-ring industrial assets," CLSA says. For Mr Sum's company, Australia is the first stop in its global expansion. "We are not doing the investment decisions in a haphazard or subjective way," he says."China has reached another stage. They have got to consider overseas investments. It's a new beginning; $200 million is a humble figure but it is talking about our commitment."sjohanson@fairfaxmedia.com.au

CONSTRUCTION INDUSTRY FACT SHEEThttp://www.business.gov.au/business-topics/business-structures-and-types/industry-factsheets/

Pages/construction-industry-fact-sheet.aspx

This fact sheet provides an overview of the legal, operational and business issues relevant to the construction industry, which includes businesses in residential and non-residential construction. It includes services such as building structure, installation, heavy and civil engineering, land development and site preparation. You may also be interested in our Professional services industry fact sheet for information relevant to architects.As well as the information in this factsheet, you should see our Business topics for additional regulations and obligations relevant to your business, in particular our Independent contractors topic. For further advice and assistance, contact your accountant, solicitor or business advisor.See our topics on this page for detailed information on the construction industry:

1. Research2. Key legislation & initiatives

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 8

3. Licences & permits4. Employment5. Finance & tax6. Levies & charges7. Grants8. Workplace Health & Safety (WHS)9. Insurance10. Intellectual Property (IP)11. Industry training12. Environment13. Key government organisations & websites14. Key advisors15. Industry groups16. Useful topics.

ResearchIndustry research is an important part of planning for your business. It may uncover economic and industry trends, establish or improve your business and help you keep pace with your industry.Key government sources for industry specific statistics on the construction industry include:

1. Australian Bureau of Statistics (ABS)2. The Construction section of the ABS website provides information such as the rate of building approvals, the amount of building work done and the type of work done. All these figures are available on of the topics at a glance.

Key legislation & initiativesLegislation often plays a large part in how you run your business, so it’s important to be aware of the laws that apply to your industry. Key legislation that may affect businesses in the construction industry includes:

• Competition and Consumer Act 2010 • Australian Consumer Law (ACL) • National Construction Code (includes Building and Plumbing codes)

• The National Construction Code Series for 2015 is now available as a free download.• Disability (Access to Premises-Buildings) Standards 2010 • National Prequalification System for Civil (Road and Bridge) Construction Contracts• Environment Protection and Biodiversity Conservation Act 1999

Heritage protection • Native title legislation

• State Building Acts. You can have your say on government policy and regulation affecting the future

of your industry by registering on the Business consultation website.Licences & permitsLicences and permits specific to the construction industry are often managed by state or territory governments and mainly relate to:

• building licences• plumbing licences• gas fitting licences• electrical licences

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 9

• development applications• zoning approvals• heavy vehicle licences• obtaining a white card• water usage or constructing a bore or well• connection or work on sewerage/drain• carrying out high risk work• protecting trees and wildlife• fire management and safety• use of blasting explosives• removal of asbestos• use of public land• work on heritage properties• building energy efficiency• disposal of waste

handling, storage and use of chemicals or dangerous substances.Search the Australian Business Licence and Information Service (ABLIS) website

to find out what licences and permits you need for your industry.EmploymentIf you employ staff, you need to comply with Australia’s national workplace laws and the specific requirements in your industry:

• Visit the Fair Work Ombudsman website for awards specific to your industry . • Find answers to your workplace enquiries or issues by contacting Fair Work Building and Construction .

• See our Employing people topic for further information on employment rights and obligations.

ContractorsThe building and construction industry often use contractors to perform specialist skills such as plasterers, concreters, draftspersons, bricklayers, electricians and plumbers. For tax, workers compensation and superannuation purposes it’s important to be clear about whether these specialists are hired as an employee or a contractor. Use our independent contractors decision tool to help you determine the employment status of your workers.Apprentices and trainees

With flexible hours and on the job training, the construction industry lends itself easily to taking on apprentices and trainees. If you take on an apprentice or trainee, you can access a range of government support and financial help. See the Australian Apprenticeships Centre website to find out more.Finance & taxThere are a number of finance and tax measures specific to construction businesses, including:

▪ Personal services income (PSI) ▪ If you’re a consultant or contractor, the income you receive for your skills,

knowledge, expertise or efforts may be classified as PSI. The PSI rules may affect what amounts you include in your assessable income, and what deductions you can claim.▪ Taxable payments reporting

▪ Businesses in the building and construction industry need to report to the

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 10

Australian Taxation Office (ATO) the total payments they make to each contractor for building and construction services each year.

To find more finance and tax guidance, take a look at:▪ Record keeping in the plastering industry , for advice from the ATO about what records primary producers need to keep▪ the Building and construction page on the ATO website for specific tax details for your industry

▪ our Taxation topic, for general taxation information▪ our Business finances topic, for more detailed information on how to manage

your finances.Levies & chargesLevies and charges are largely used to fund activities that benefit the construction industry and its workers, such as improved skills, increased safety and better leave entitlements. The main levies that apply to the building and construction industry are payable at the state or local government level and vary between states. Some examples of levies in Australia include long service leave levy, industry training levy and industry waste or landfill levies. Contact your state government department or local council for further information on levies applicable in your state. Search our Directory of government and business associations for council or state government contact details.GrantsThere are very few grants available for the construction industry, unless you are:

▪ employing and training an apprentice or trainee▪ building in a region encouraging growth▪ building structures to support a community activity or event.

Search our Grant finder to find more grants and assistance programs for the construction industry.Workplace Health & Safety (WHS)As well as the general occupational health and safety regulations, there are also some state-specific WHS requirements relevant to the construction industry, including:

▪ induction cards (white card) ▪ asbestos training (ACT) ▪ approved clothing▪ managing noise▪ preventing falls▪ electrical safety▪ excavation work▪ demolition work▪ high risk building work▪ sun safety and heat stress.

Builders that wish to enter into a contract with the Australian Government need to also be accredited under the Australian Government Building and Construction OHS Accreditation Scheme . Need help understanding your WHS obligations? Try these government resources:

▪ for information specific to the Construction industry as well as comprehensive information on WHS regulations, Visit the Safe Work Australia website.

▪ For details on your general health and safety obligations, visit our Workplace

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 11

Health and Safety topic.▪ For state specific occupational health and safety information, see your state

or territory workplace health and safety agency . InsuranceAs well as compulsory insurance such as workers compensation, there are also a number of specific insurance options required of businesses in the construction industry. In most states, builders must be licenced and must obtain specific insurance cover before they can obtain a licence. Insurance requirements often vary depending on your business type and state licensing requirements, but can include:

▪ domestic building insurance▪ professional indemnity insurance▪ public liability insurance▪ structural defects/builders indemnity insurance.

Additional insurance options available to businesses in the building and construction industry include:

▪ vehicle and heavy machinery insurance▪ tools, plant and equipment insurance for tradespeople▪ insurance for loss or damage to property in the course of construction.

Visit our Insurance topic for details on general insurance options for business.Intellectual Property (IP)As well as trade marks , there are other IP rights that may be relevant to construction businesses:

▪ Design protection ( e.g. for the design of machinery)IP Australia is the federal government agency responsible for granting rights in

patents, trade marks and designs. Visit the IP Australia website to find out more about your IP options.Industry trainingIndustry training can be an important part of your business survival. New construction methods or safety practices can often help improve your business and save lives. Need some help getting started?

▪ Obtain your Construction industry white card ▪ Complete asbestos awareness training if you work in the ACT. From the 1 July 2014, all building and construction workers who will be working with asbestos are required to complete asbestos awareness training. For a full list of occupations and your employer obligations, access Worksafe ACT’s Guidance Note on Asbestos Training . ▪ If you are a qualified tradesperson and you wish to move interstate, visit the LicenceRecognition website to learn how to transfer your qualifications.

▪ See our Skills & training topic for tips on training yourself and your staff.▪ Search our Event finder to find government events, seminars, training courses

and workshops.EnvironmentEnvironmental conditions can often dictate certain aspects of a construction project. Learning how to work within these conditions and also reduce your impacts on the environment can often greatly improve your success. Some of the main environmental concerns that businesses in the construction industry should be aware of include:

▪ House energy ratings

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 12

▪ soil contaminated locations▪ aeas infected by a species (animal, plant, insect, or disease)▪ flood prone areas▪ bushfire prone areas▪ tree management

▪ trade waste management and reduction.Visit our Environmental management topic for detailed information and advice.

Search the Australian Business Licence and Information Service (ABLIS) website to find specific licences and permits relevant to these environmental concerns.Key government organisations & websitesThe key federal government agencies and websites relevant to the construction industry include:

▪ Department of Industry, Innovation and Science ▪ Australian Building Codes Board ▪ Office of the Federal Safety Commissioner ▪ Fair Work Building and Construction ▪ Nationwide House Energy Rating Scheme (NatHERS) ▪ LicenceRecognition ▪ Austroads .

The key state government agencies relevant to the construction industry include:ACT

▪ ACT Environment and Sustainable Development ▪ Justice and Community Safety Directorate

NSW▪ NSW Office of Fair Trading ▪ NSW Building Professionals Board

NT▪ NT Department of Lands Planning and the Environment ▪ NT Building Practitioners Board ▪ NT Electrical Workers and Contractors Licensing Board ▪ NT Plumbers & Drainers Licensing Board

QLD▪ QLD Department of State Development, Infrastructure and Planning ▪ QLD Department of Housing and public works ▪ QLD Building and Construction Commission

SA▪ SA Consumer and Business Services (for licensing and of tradespersons)▪ SA Department of Planning, Transport and Infrastructure ▪ Safe Work South Australia

TAS▪ TAS Department of Justice (for licensing and accreditation of tradespersons)▪ WorkSafe Tasmania

VIC▪ VIC Department of Transport, Planning and Local Infrastructure (for planning applications and building policy)▪ Victorian Building Authority ▪ Energy Safe Victoria (electrical & gas professionals)

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 13

WA▪ WA Department of Planning ▪ WA Building Commission ▪ WA Plumbers Licensing Board ▪ WA Energy Safety (Includes electrical & gas fitters licensing).

Back to topKey advisorsBusiness advisors can be a valuable tool when establishing and developing your business in your industry. Search our Advisor finder tool to find one near you.Industry groupsYou may also wish to consult with an industry association or group for more information and advice on your industry. Search our Directory of government and business associations to find one relevant to your business.Useful topicsTopics that may be particularly relevant to the construction industry include:

▪ Independent contractors Employing people .

ΚΛΑΔΙΚΟΙ ΚΑΤΑΣΚΕΥΑΣΤΙΚΟΙ ΦΟΡΕΙΣ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑMaster Builders Australiawww.master builders .com.au/ Master Builders Australia ... Home · About Us · About Us · About our Directors · History · Master Builders Associations ... National Conference & Awards More ... Master Builders Calls For Building Friendly Policies From The Major Parties.

Master Builders Associationwww.mbav.com.au/Μaster builders association of Victoria. Below are our most popular links. ... Builders Association of Victoria 332 Albert Street, East Melbourne VIC Australia 3002

Builders Perth WA | Home Builders | Master Builders WAMaster ...www.mbawa.com/The Master Builders Association of Western Australia is a member-based association that services builders, subcontractors, suppliers and consultants across ...

HIA Home Pagehttps://hia.com.au/Association for all building professionals, training and courses with contact information.

Nash | | National Association of Steelframed Housing [NASH]www.nash.asn.au/The National Association of Steel-Framed Housing (NASH) ... Our members include specialist steel frame fabricators, builders as well as suppliers of products ...

Building Designers Australia - Building Design, Architecture, Drafting ...www.bdaa.com.au/Award winning Building Design, Architecture, Drafting, House Plans; Bring Ideas to reality. ... Entries Open - 2016 BDA National Design Awards and JVP Awards ... (BDA) is one of the leading Building Designer Associations in Australia.

NAWIC - The National Association of Women in Construction (Australia)https://www.nawic.com.au/

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 14

About NAWIC ... The OzHelp Foundation and the National Association of Women in ... NAWIC continues to strive to build a dynamic organisation which ...

BSCAA | Building Services Contrators Association of Australiahttp://bscaa.com/The BSCAA is Australia's peak industry representative body for the building services industry. Our Association members include contractors for cleaning, security, facilities management and grounds ... BSCAA National Platinum Suppliers: ... BSCAA | Website Design & Development: StormCloud Designs. National · Home.

EΤΑΙΡΕΙΕΣ ΚΑΤΑΣΚΕΥΩΝ

CONSTRUCTION DEVELOPMENT CONSULTANTS / SYDNEYhttps://www.yellowpages.com.au/search/listings?clue=Construction+development+consultants&locationClue=greater+sydney&lat=&lon=&selectedViewMode=list

CONSTRUCTION DEVELOPMENT CONSULTANTS / MELBOURNEhttps://www.yellowpages.com.au/search/listings?clue=construction+development+consultants&locationClue=Greater+Melbourne%2C+VIC&lat=&lon=&selectedViewMode=list

ΜΕΓΑΛΟΥ ΜΕΓΕΘΟΥΣ ΚΑΤΑΣΚΕΥΑΣΤΙΚΕΣ ΕΠΙΧΕΙΡΗΣΕΙΣ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑ

MIRVAC DEVELOPERShttp://www.mirvac.com/uploadedFiles/Main/Content/Contact_Us/Vendors/VendorCodeofConduct.pdf

VENDOR CODE OF CONDUCT (VCOC): Vendor refers to all suppliers and subcontractors (supply chain) engaged by Mirvac. Promotion of fair competition, Elimination of fraud and collusion, Responsible sourcing activities, Equitable treatment of vendors in accordance laws, regulations and standards empowered to regulate

the industries in which it operates, Consideration of sourcing solutions impacts on the environment, the community and its triple bottom

line responsibilities.

CORPORATE RESPONSIBILITY & GOVERNANCE PEOPLE HEALTH & SAFETY COMMUNITY SUPPLY CHAIN RISK ENVIRONMENT

LEND LEASE DEVELOPERS

http://www.lendlease.com/Australia/Home

A national delivery capability, combined with a sector-focussed approach, allows us to provide innovative and industry-leading project management, design and construction services driven by detailed sector knowledge and experience. Our in-house design teams combine traditional design skills with specialist technical capabilities in areas ranging from architectural to urban design and strategic procurement.

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 15

A company committed to forging lasting relationships, delivering to the highest standards in safety, quality and sustainability.

Our Sectors:We deliver for public and private clients across a wide range of sectors, including:o Healtho Entertainment and recreationo Educationo Commercial and industrialo Retailo Defenceo Correctionalo Hotelso Aviationo Workplace solutions

DESIGN / An integrated and multidisciplinary design team:Our in-house design teams have earned an international reputation – both independently and collaboratively in creating highly original, yet practical designs that embody design, sustainability and technical excellence. Our team works closely with our clients, project management and construction teams to ensure each project receives specialist design and

technical input from the earliest feasibility stage through to planning, construction and commissioning.

PROJECT MANAGEMENT / Creating the best places for our clients and their stakeholders:We go beyond conventional project management. We push boundaries to create iconic projects that are innovative, sustainable and commercially viable. Our specialist design and project management teams combine deep sector and product knowledge and strong client relationships to identify and optimise the ideal property solution for our clients, tailored to

their individual requirements.

CONSTRUCTION / Specialist skills, knowledge and resources from around the world:Regardless of the complexity, size, value or geographic locations of a project, the team at Lend Lease has the proven ability to meet the client’s brief – on time, every time. Economies of scale, supply chain relationships, and strategic procurement models also allow us to secure significant supply chain value for our clients. And most importantly, we are committed to operating

Incident & Injury Free wherever we have a presence.

DEXUS DEVELOPERShttp://www.dexus.com/about-us

DEXUS Property Group is one of Australia's leading real estate groups, investing directly in high quality Australian office and industrial properties. With $18.3 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.6 million square metres located predominantly across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia's largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (ASX) under the stock market trading code 'DXS' and is supported by more than 32,000 investors from 18 countries. With 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. The Group is committed to being a market leader in Corporate Responsibility & Sustainability (CR&S) and has a record of achievement in developing and implementing leading CR&S practices.

KKR DEVELOPERShttp://www.kkr.com/our-firm/locations

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, capital markets, credit strategies, and hedge funds. As investors with an industrialist vision, we aim to generate attractive investment returns by following a patient and disciplined approach, employing high-quality people, pursuing the highest standards of excellence, and aligning our interests with those of all our investment partners. In addition, KKR Capital Markets supports our firm, portfolio companies, and clients by providing tailored capital markets advice and developing and implementing both traditional and nontraditional capital markets solutions for investments and companies seeking financing. Our

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 16

balance sheet is an extraordinary asset and provides us with the ability to commit significant capital side by side with our fund investors, develop new investment strategies, underwrite investment opportunities and make investments on our own behalf. KKR’s founders established a culture based on their own partnership and lifelong friendship. We partner with whom we do business and maintain a shared sense of ownership across the firm. Today these core values remain ingrained in every aspect of our organization.They are also reflected by the values we live by:

TeamworkTeamwork is at the heart of how we operate. We take enormous pride in our one-firm approach, operating proactively and collaboratively across businesses and geographies to achieve the best possible results. We continually look to help one another and work together towards common goals. We know from experience that we can achieve much more collectively than any of us could individually. In keeping with this approach, every person at KKR owns equity and shares in our success.

IntegrityWe conduct ourselves with integrity in everything we do. Our reputation — as individuals and as a firm — is paramount to us. Our word is our bond and “we say what we mean and we do what we say.” As a learning organization, we are self-critical — acknowledging our mistakes and trying always to learn from them.

Relationship-DrivenPeople do business with people they like and trust. As a relationship-driven firm, we are deeply committed to building and sustaining long-term internal and external partnerships, grounded in trust and transparency. We know it takes years to build a strong partnership and reputation, while they can be ruined in just a few minutes. We seek continually to understand and align the interests of all stakeholders, and we treat everyone with fairness, compassion, and respect. We believe that “arrogance kills” and has no place at KKR.

AccountabilityWe readily accept accountability for our actions, inactions and decisions, both individually and as a firm. We also embrace the implied responsibilities of our one-firm approach: the obligation to speak up and say what we think and to respect and listen to our colleagues. We have the institutional and personal fortitude to say “no,” even at the eleventh hour. We deliver on our commitments — to our stakeholders, our partners, and one another.

InnovationWe feel an urgency to be innovative: questioning accepted wisdom, creating new ideas, offering new approaches, and never resting on our laurels. We are self-starters with a willingness to take risks and find creative solutions to our stakeholders’ needs. We work passionately to retain the entrepreneurial spirit that created our firm and to fight against organizational politics and bureaucracy.

ExcellenceWe aspire to be the best at what we do and to lead by example. We set high personal and company standards, and then consistently try to exceed them. We attract self-motivated, highly capable, results-oriented people and invest heavily in their development. Our focus on impact and results creates a vibrant and meritocratic environment, directly linking individual performance with the firm’s success.

DiversityKKR recognizes the benefits that come from an increasingly diverse workforce and strives to create an inclusive place to work. We are committed to:

• Identifying top talent and building development plans accordingly• Seeking a diverse slate of candidates for key job openings• Building a pipeline of diverse talent by working closely with search firms, universities, and key industry

and affinity groups• Providing opportunities for our employees to give feedback and voice concerns by way of networking

groups, discussions with senior leaders, community outreach events, and periodic employee surveys.

STOCKLAND PTY LTD.www.stockland.com.au

Commercial Property / RetailRetail FFO was up 9.9% and underlying profit up 7.5% on the prior year reflecting a strong contribution from recently redeveloped centres and the benefits of our active re-mixing of tenants within existing centres.

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 17

Comparable FFO, which compares like-for-like centres, was up 3.9%. Retail sales have improved over the year. Despite some uncertainty around the Federal budget, and warmer winter weather, we have seen a steady improvement in sales results with the strongest specialty sales growth achieved in the June quarter. We continued to deliver solid results due to our development and leasing capability and our ability to meet changing market conditions. Occupancy remains very high at 99.6% and the business achieved 734 lease deals for the year, 6.7% more than the previous year. Our commitment to delivering excellent service and outcomes for tenants has underpinned our success.Logistics and Business ParksDuring FY14 we made significant progress establishing Logistics and Business Parks as a core business. We have been focused on optimising the performance of the existing portfolio through active leasing, while pursuing growth through acquisition and development. This resulted in a year on year improvement in FFO of 6.9% and Underlying Profit up 5.5%. Weighted average lease expiry increased significantly to 4.9 years (3.9 years in FY13) and occupancy lifted to 96.4%. We have made significant progress improving the performance of our existing assets and growing the portfolio with $274 million of new assets added over the last 12 months. The team has worked diligently to improve the performance of the portfolio, executing leases over 350,000 sqm of space and identifying opportunities to upgrade assets to meet tenant demand.OfficeOffice FFO was 16.5% lower and Underlying Profit 20.3% lower than the prior year reflecting the impact on earnings over $200 million in asset sales and soft market conditions. We have been selectively down-weighting in office and the portfolio now represents 8% of assets. Weighted average lease expiry improved marginally to 4.5 years and occupancy was 90.3%. Leases were executed for 40,000 sqm during the year.ResidentialOur Residential business is growing strongly with operating profit up 57.2% on the prior year. The team achieved 5,219 lot settlements for the year and started FY15 with a record 3,185 contracts on hand. Our core projects performed well, capitalising on strong market conditions. Our new residential projects are experiencing strong demand and contributing to substantial improvements in margins and volumes. In addition to Willowdale in Sydney and Calleya in Perth, Elara in Sydney’s north west, has now also launched and will contribute its first settlements in FY15.Retirement LivingRetirement Living achieved strong comparable operating profit growth of 13.8% on FY13 (excluding Aged Care). Established unit turnover increased 18.3% on the previous year to 647 units. We have consistently high resident satisfaction in our villages and a strong development pipeline for future growth (see table). This ensures that we are well placed to grow this business organically, particularly as the number of older Australians increases. During FY14 the new Retirement Living management team undertook a complete review of the business applying more conservative and asset-specific assumptions. This resulted in a $50 million reduction in the fair value of the Retirement Living investment properties and a $23 million impairment to the carrying value of Retirement Living goodwill.

TASMAN LIFESTYLE CONSTRUCTION GROUPhttp://tasmanlifestyle.com.au/?page_id=862

[backed by the INGHAMS POULTRY FAMILY & KAFATARIS BOOKMAKER FAMILY]

Tasman is one of the largest owners and operators of Manufactured Home Estates (MHEs) in Australia. It operates 11 estates, located across New South Wales and South East Queensland, with a total of 1,827 long term sites, of which 1,450 are currently tenanted and the balance under development with development approval (DA). Most of the estates come equipped with a range of community facilities which are made available to residents, including swimming pools, bowling greens, tennis courts, barbecues, and libraries, The retirement accommodation industry is a significant and growing Australian industry, which aims to provide an affordable, residential retirement living alternative for senior residents who no longer wish, or are otherwise unable, to live in their current residential family home. Tasman operates in the retirement estate living segment of the market, a sub-sector which is estimated to generate approximately $3.4 billion of revenue annually. Tasman, like most MHEs, operates under what is known as a “land lease” model, whereby residents in the estate own and maintain their own relocatable houses and are responsible for maintaining surrounding gardens. Periodic rental payments to the estate owner entitle residents to make use of the land and shared amenities and facilities within the estate, and are governed by a standard rental agreement. Tasman is responsible for the upkeep and maintenance of the community facilities and amenities.

AΡΘΡΟΓΡΑΦΙΑ ΠΕΡΙ ΤΗΣ ΟΙΚΟΔΟΜΗΣ και ΤΩΝ ΚΑΤΑΣΚΕΥΑΣΤΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑ

The best display homes in NSW: HIA Awards showcase innovative homes for every budget

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 18

http://www.dailytelegraph.com.au/lifestyle/home-mag/we-highlight-one-entrant-per-category-for-the-hotly-contested-hia-display-homes-awards/news-story/3dad1d1d032f0be538e72d34aa411322

DISPLAY home builders were striving for excellence when constructing the homes selected as HIA finalists in each category for 2015. Designed to showcase the best work of each builder, the entries include an impressive selection of homes suited to a variety of budgets. Sleek kitchens with island benches and walk-in pantries, attractive alfresco spaces with sought-after indoor-outdoor connections are just some of the stand-out features in these homes that caught the judges’ eyes. There were also examples of builders thinking outside the box, such as McDonald Jones and their Edenvale design, a two-storey house offering the same space as a one-storey floorplan. In another innovative approach, Fairmont Homes’ Carmel 27 was built with Hebel panelling and an acrylic render, rather than bricks, in response to a shortage of bricklayers in the market. Functional floorplans, attention to detail in finishes and open-plan entertaining areas all contribute to making these entries not only liveable but also well-suited to today’s lifestyle.DISPLAY HOMES UP TO $250,000Mojo Homes: Rumba 24 Brava (28 Halifax Way, Gledswood Hills, 1300 006 656)mojohomes.com.auThis four-bedroom house from Mojo Homes has been designed with both affordability and fun in mind.A bright, red front door makes a statement at the entry and the vibrant use of colour continues throughout, with dynamic use of paint and wallpaper. A master suite at the front of the house, theatre space and e-zone all feature, while the open plan kitchen, dining and living space flows to an outdoor living area, providing ample opportunities for entertaining.Other finalists: Livingstone 22, Eden Brae Homes: Hamilton Three, McDonald Jones Homes: Allegra 15, Wisdom HomesDISPLAY HOMES $250,001-$300,000Masterton Homes, Harmony Elite, Joey Crescent, Willowdale Estate, Leppington 1300 446 637, masterton.com.auClean, classic lines and a warm, home-like atmosphere characterise this four-bedroom house from Masterton Homes. Designed with the concept of harmony at the forefront, the house includes a sleek kitchen with island bench and an alfresco space accessed from the living space, facilitating a smooth indoor-outdoor connection. Boasting a versatile floorplan, the design includes a variety of living spaces, including a home theatre, breakout room and media space.Other finalists: Sheffield 25, Eden Brae Homes: Santorini Executive, McDonald Jones Homes: Tesla 24, Wisdom HomesDISPLAY HOMES $300,001-$350,000Fairmont Homes: Carmel 27 (24 Scout St, Denham Court (Willowdale Estate), 8729 6704) fairmonthomesnsw.com.auA shortage of bricklayers in the market prompted Fairmont Homes to build this house with Hebel panelling and an acrylic render, rather than bricks. Designed to suit families, the four-bedroom house has a free-flowing floorplan design with an open-plan kitchen and living space that opens out to an alfresco area. A large walk-in pantry and island bench feature in the kitchen while the main bedroom has a walk-through robe leading through to an ensuite.Other finalists: Lancaster 28, Eden Brae Homes: Stylista, Practical Building: Seaside Retreat 16, McDonald Jones HomesDISPLAY HOMES $350,001-$400,000McDonald Jones Homes, Edenvale 37, Lot 4109 Village Circuit, Gregory Hills, 1300 555 382, mcdonaldjoneshomes.com.auA two-storey design that fits on narrow blocks, the Edenvale was designed to offer the same space and flexibility as a one-storey floorplan. The home’s sleek modern kitchen has a generous island bench, butler’s pantry and hidden walk-in pantry and this area adjoins the family area and dining space, leading out to a spacious alfresco area. Family living is well catered for, with a home theatre downstairs and a children’s activity area and study nook upstairs.Other finalists: Nova 32, Mojo Homes; Catalina 32, Fairmont Homes; Casuarina Home, Sanctuary 28DISPLAY HOME $400,001-$500,000Eden Brae Homes, Lincoln 35 Mk2, Lot 1238 Tomah St, The Ponds, 9043 6497, edenbraehomes.com.auDesigned to be a premier two-storey offering from Eden Brae Homes, the four-bedroom Lincoln 35 Mk2 offers a selection of living spaces. A formal lounge space is positioned at the entry while a generous kitchen, living, rumpus and alfresco area are located to the rear of the home, offering an

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 19

ideal spot for entertaining. A study that can alternate as a guest room is also included downstairs, while a games area is positioned at the top of the stairs.Other finalists: Tempus Elite, Masterton Homes: Daintree Cove, Marksman Homes: Grantham, Fairstyle Homes.DISPLAY HOMES OVER $500,001Wisdom Homes, Monte Carlo, Lot 9006 Windjammer Crescent, Shell Cove, 4647 1200,wisdomhomes.com.auOffering an abundance of accommodation, the Monte Carlo on display at Shell Cove includes five bedrooms and each has its own bathroom, including the guest accommodation on the ground floor. The master suite comes with a generous walk-in robe and a luxurious ensuite. Special attention has been paid to the floorplan, with light-filled living areas one of the attractive features. Designed as a grand and majestic home, it also includes an open-plan kitchen with a large butler’s pantry, as well as a home theatre and an office.Other finalists: The Waterfront, GN Williams Builders; Monterey, Raymond Vincent Homes; Rhapsody, Kaplan Homes

High-rise apartment dwellers will be protected from shonky builders, under new lawshttp://www.dailytelegraph.com.au/news/nsw/highrise-apartment-dwellers-will-be-protected-from-shonky-

builders-under-new-laws/news-story/72576aa7bd6ca40f7475b1c777d1b82dSHONKY builders and developers will be forced to pay for at least some of the problems they cause under new NSW laws designed to protect high-rise apartment dwellers being unfairly saddled with million-dollar repair jobs.Developers will be required to lodge “defect bonds” of 2 per cent of the contracted price of strata buildings greater than three storeys high. The bonds will act as a form of security to fix any defective work. Developers will also be required to pay for independent inspection reports 12 to 18 months after their buildings are completed, and their bonds will be used to fix any sloppy work they fail to rectify themselves.The ballooning problem for the state’s two million unit dwellers, half of them in Sydney, was highlighted in a University of NSW report that found seven out of 10 owners surveyed reported building defects in their properties. In newer apartments built since 2000, a whopping 85 per cent of owners reported defects, and in three out of four cases they were yet to be fixed, according to the report.Common defects include water leaks, waterproofing problems, cracks in walls, poor tiling and faults in roofing and guttering. A typical case is a five-storey, 137-unit complex at Powell St, Waterloo, which was built in 2003 and is now undergoing two major repair jobs — $1 million to fix faulty waterproofing and another $1 million to fix the fire safety system that controls alarms, hydrants and ventilation ducts.

How to find the best builder for your home

You hear less about DIY these days, with good reason - building work is essential, has safety and legal aspects, and is time-consuming and costly if amateurs make mistakes. So it is vital to find a good builder, experienced in the work you require and offering clear competitive rates so you can select the best. But where do you start? Follow our tips and then select from our 20 builders, each a winner of the building industry’s most prestigious award schemes.

10 tops tip for finding a builder Check a builder is in a trade body - the Federation of Master Builders, the Guild of Builders

and Contractors, or the National Federation of Builders; Ask for references and check them out; Ask about a builder’s experience and qualifications; Check whether the builder uses sub-contractors; Does the builder have insurance if something goes badly wrong? Always ask for a detailed quote, checking how long the price is guaranteed for; Draw up a contract if the work you require is substantial; Agree phases of work and stage-payments;

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 20

Ask a council inspector to check the work meets building regulations; Keep a final payment until the work is complete and snags rectified.

ΕΝΔΕΙΚΤΙΚΟΣ ΚΑΤΑΛΟΓΟΣ ΥΠΟ ΑΝΕΓΕΡΣΗ PROJECTSΣυγκροτημάτων ΚΑΤΟΙΚΙΩΝ

PROJECTS ΠΟΛΗ/ΠΡΟΑΣΤΙΟ ΙΣΤΟΤΟΠΟΣ

DARLING SQ. SYDNEY CBD http://www.darlingsq.com

POLY HORIZON SYDNEY/EPPING http://www.polyhorizon.com.au

DULWICH GREEN(designed by Candalepas

Associates)SYDNEY/DULWICH HILL http://www.greencliff.com.au

CPM REALTY SYDNEY/LIVERPOOL http://www.cpmrealty.com.au

CPM REALTY SYDNEY/BANKSTOWN http://www.cpmrealty.com.au

ASHFIELD CENTRAL(ABACUS PROPERTY GROUP) SYDNEY/ASHFIELD http://www.ashfieldcentral.com.au

BILLYARD SYDNEY/GLADESVILLE http://www.billyardgladesville.com.au

ALUMA SYDNEY/BURWOOD http://www.alumaburwood.com.au

AMARI(PIPER PROPERTY GROUP) SYDNEY/BONDI http://www.amaribondi.com.au

PROVIDENCE(ROSE PROPERTY GROUP) SYDNEY/BREAKFAST POINT http://www.providencebyrose.com.au

PALISADE SYDNEY/MIRANDA http://www.palisademiranda.com.au

SHEPHERD SBAY SYDNEY/MEADOWBANK http://www.shepherdsbay.com.au

DUO SYDNEY SYDNEY/CBD http://www.duosydney.com.au

ONE 30 SYDNEY/CBD http://www.one30hydepark.com.au

NEW LIFE(TWT DEVELOPER) SYDNEY/ULTIMO http://www.newlifeultimo.com.au

PEREGRINE SYDNEY/CRONULLA http://www.shearwaterlanding.com.au

PARK LAND SYDNEY/BURWOOD http://www.parkland.com.au

HARBOUR FRONT(FAR EAST ORCHARD LTD) SYDNEY/BALMAIN http://

www.harbourfrontbalmain.com.au

CHATSWOOD PLACE(PLATINO PROPERTIES -

CBRE)SYDNEY/CHATSWOOD http://www.chatswoodplace.com.au

ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 21

CAPITOL GRAND MELBOURNE/SOUTH YARRA http://www.capitolgrand.com.au

RESIDENTIAL PROJECTS’ MARKETING TECHNIQUES

AMBIENCE FACTORS

Elegant North facing apartments.

Spectacular views of the Sydney harbour, city skyline or Blue Mountains.

Only 450m from train station.

Walk to restaurants and Westfield shopping centre.

Adjacent to public schools and neighbourhood library.

A perfect balance between city convenience and peaceful life.

Secure basement parking and extra basement storage cages.

Exclusive members’-only Country Club, pools, tennis courts and gym.

Seamless indoor-outdoor luxury living centred around breathtaking resort style amenities.

Beatifully crafted kitchens with marble-inspired Ceasarstone benchtops.

European appliances (Miele, SMEG, Siemens, Gaggenau, NEFF) and video intercom.

Make your home in a place where everything you nedd is literally at your doorstep –from vibrant bars and restaurants set on a beutiful public square to Sydney’s theatres/museums only a short stroll away.

INVESTMENT FACTORS

Perfect for a Superfund.

High yielding investment.

Maximize generous depreciation allowances.

High quality inclusions with luxury interiors.

Rare and secure.

Annual rent increases.

Zero vacancy rates.

Low cost effective strata fees.

Constructed by the Galileo Group, a leading Australian funds management and developemnt company with a strong track record in successful luxury developments.

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ΚΛΑΔΙΚΗ ΜΕΛΕΤΗ ΚΑΤΑΣΚΕΥΩΝ ΣΤΗΝ ΑΥΣΤΡΑΛΙΑΝΗ ΑΓΟΡΑ 22