Coronavirus: cautious Brisbane developers forge ahead to meet demand from overseas buyers

first_imgBruce Goddard, the director of Place Projects, said that although developers remained reasonably positive there would no doubt be a drop in inquiries. However, those they did receive were solid leads.“Any inquiries we are getting in these conditions is a quality inquiry, there’s no flippant buyers,” Mr Goddard said.“It’s an opportune time to come in, with fewer buyers in the market, low interest rates and stock market issues,” Mr Goddard said.He said Australian property was appealing to the offshore market, especially among expatriates, who consider home soil as a good place to come back to. Developers will carry on with projects under construction such as Queens Wharf where a multimillion dollar penthouse sold this week. Photo: AAP/David Clark“We are affordable for the offshore market and developers are taking advantage of that,” Mr Goddard said.Peter Chittenden, managing director of residential at Colliers International, said that on a national level the company has had a sharp increase in online inquiries, but foot traffic had dropped.He said that the appetite for investment in residential apartments remained, and people were still selling, but the employment issue was a concern for many. “The reality is that anyone who bought during the GFC and 9/11 events saw that after three years the market lifted and they were rewarded. It didn’t happen immediately.”He agreed there was renewed interest from the offshore marrket, an increase of up to 15 per cent, from buyers wanting to take advantage of the exchange rate.NGU Corp property developer Emil Juresic said he still had properties under construction.His latest development, a five-bedroom, six-bathroom home in Ascot will be launched to the market in April, priced at more than $3.5 million.Mr Juresic said: “A lot of developers are full-steam ahead with projects, but they see a three to five-month hurdle in front of them. We hope by that time coronavirus will be gone.“You don’t build in one month, it takes time,” he said. “I don’t think (COVID-19) will have a massive impact on development at this stage. “But yes, developers will be more cautious because we don’t know how long these times of uncertainty will last. We don’t know what we are dealing with.”Despite this, Mr Juresic said he was about to kick off two new development schemes.More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago“We will keep building and selling, but how much we expose ourselves in borrowing and the risks we take is still unfolding.”Tony Pennisi, the owner of Hub Projects Beenleigh, said he has received a growing number of inquiries for acreage blocks over the past couple of weeks. There has been a spike is in interest in acreages such as those at Evergreen Ridge in Jimboomba by the developer Terry McKinnon.Mr Pennisi, who is marketing lots at Evergreen Ridge in Jimboomba, attributed the spike of inquiries to COVID-19, saying people were keen to find either vacant land or a house on a large block of land. “People are definitely keen to put space between themselves and their neighbours. Self-isolation makes people think about the important things in life and being confined in suburbia is not their focus now,” Mr Pennisi said.“Acreage gives people more options for a self-sufficient lifestyle, where families can live in larger homes. They can grow food and have space to park their boat or caravans on the block or build a bigger shed.”He said a lot of the inquiries were from the greater Brisbane area and mostly via Facebook and their website. Destination Brisbane Consortium project director Simon Crooks said their contractors were onsite and working safely and tirelessly to progress the construction of Queen’s Wharf Brisbane. “Our workforce is strictly following government guidelines, but otherwise its business as usual as concrete continues to be poured onsite to build the basements of the integrated resort,” Mr Crooks said.“Interest in the residences remains strong and following government guidelines we have introduced additional measures such as adopting a one appointment only at a time at our display suite.” QLD property industry adapts to new ways of buying and selling amid COVID-19 crisis NGU Corp’s new-build project, a five-bedroom, six-bathroom home in Ascot, will launch to the market in April, priced at more than $3.5 million.Brisbane developers are lapping up opportunities to sell new homes and off-the-plan apartments, particularly to offshore buyers, before the COVID-19 crisis takes full effect.A multimillion-dollar penthouse was sold last week at Queens Wharf Residences and inquiries have been strong from multi-generational families looking to build a “family compound”. MORE CORONAVIRUS NEWS: Millions in home sales as virtual reality auctions kick offcenter_img What next for our housing market?last_img read more

Inside the Gold Coast mansion where sports are king

first_img The modern kitchen is ideal for entertaining. Multiple living areas make the home feel spacious. The home theatre at 1029 Edgecliff Dr, Sanctuary Cove.The Ferrari bar, games room and home theatre keep guests amused on ground level, but after-hours action happens down in the basement Man Cave.There’s a race car simulator, television and steam room, while a line from the central cool room supplies the bar with beer on tap.“We’ve had it set up as more of a nightclub down there,” said Mr Hookey, “but we’re getting a bit old for that now.” More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Every day is a holiday here Former cricketer and race driver Scott Hookey with his wife Lisa Hookey. Picture: Jerad WilliamsThe home has played host to sporting identities including New Zealand supercar driver Fabian Coulthard and, more recently, Australian motor racing legend Dicky Johnson.“Bernard Tomic came here to look at one of my cars and I gave him a thrashing at table tennis one time,” recalls Mr Hookey, adding that you “wouldn’t find a better house for entertaining”. Scott and Lisa Hookey have enjoyed entertaining in the Ferrari bar. Picture: Jerad WilliamsA Ferrari bar with beer on tap, 10-car basement, race car simulator, Formula One memorabilia galore … welcome to the Gold Coast home of ex-race car driver Scott Hookey.Perhaps better known for his cricketing prowess – the left-handed batsman played professionally for NSW until 1995 – a passion for sport dominates Mr Hookey’s Sanctuary Cove mansion. The Italian stilletto bath with water view.More than $300,000 of original paintings by Formula 1 artists adorn the house, including an aerial pit stop painting which covers an entire wall in the boardroom. The “Bradman Room” showcases a $100,000 collection of cricketing keepsakes, while the clubs Adam Scott used to win a Masters title in 2013 are also on display. Former cricketer and race driver Scott Hookey and wife Lisa are selling their Sanctuary Cove mansion to downsize by the sea. Picture: Jerad WilliamsMORE NEWS: Why this Gold Coast mansion has the wow factorcenter_img Cold beer on tap? Welcome to the Ferrari bar. Picture: Jerad WilliamsA Ferrari-red bar pays homage to those racing roots and features a series of limited-edition prints from Maranello, Italy, home of the iconic sports car.Also out of Italy is the bathtub — handmade in the shape of a giant stiletto and imported at a cost of $130,000. 1029 Edgecliff Dr, Sanctuary Cove. Former cricketer and race driver Scott Hooke with his wife Lisa Hookey. Picture: Jerad Williams All offers are being considered for the four-level, six-bedroom house at 1029 Edgecliff Place which has been home to Mr Hookey, wife Lisa and their family for almost five years. Designed by Stuart Osman Building Designs, Alex Phillis and Kevin Fan, of Alex Phillis Real Estate, are marketing the private, north-facing residence which occupies a 1031sq m block on wide water.The basement – flood proof with space for a car collection – is what first captured the attention of Mr Hookey, whose green Mercedes-AMG GT R takes pride of place.“I’ve been a Mercedes man all my life, despite the fact that I support Ferrari,” he said.“The Mercedes GTR is very close to one of the race cars that I drive.” After 15 years in Sanctuary Cove, the Hookeys are looking to downsize closer to the beach.“I love Sanctuary Cove, I love the fact that you can get to the golf course so easily and I love the privacy.“We like the heat and one thing we haven’t done is live near or on the beach. We’re looking at heading to Broadbeach.” A race car simulator is a fun feature in the Man Cave.last_img read more

Plexus Non-Exec Director to Step Down

first_imgPlexus has informed that Geoffrey Thompson will retire from his role of non-executive director and from the board of the company with effect from May 4, 2018.This Board change follows the recent completion of the sale of Plexus’ wellhead exploration equipment and services business for jack-up applications and the licensing of certain intellectual property to TechnipFMC.Following the transaction, Plexus retains its jack-up exploration license agreement with Gusar and Konar, two independent Russian oil and gas equipment manufacturers, covering Russia and the other CIS states, an area which the directors are confident will grow to be an important part of the business going forward.The Transaction provides industry recognition for Plexus’ proprietary POS-GRIP friction-based method of engineering and will enable Plexus to pursue an IP-led application and R&D approach in order to develop and supply, both organically and via licensing, a range of POS-GRIP-enabled applications for the energy sector, such as production, subsea, decommissioning and renewables. Accordingly, the Board of Plexus is now focused on achieving its long-term objective to establish POS-GRIP as a superior and safer enabling technology for the wider energy sector.According to Plexus, the company and Thompson recognise the need for the board of directors to have the relevant skillset and experience required to take Plexus forward and it has therefore been agreed that it is the appropriate time for Thompson to step down as non-executive director of the company.Plexus’ CEO, Ben Van Bilderbeek, said: “We are extremely grateful for Geoff’s valuable contribution to the development of Plexus and I would like to thank him personally for his considerable support over the years. The board would like to wish him well for the future. When Geoff joined the company in 2010, we were focused on establishing POS-GRIP as the enabling technology behind best in class wellhead equipment in terms of performance, reliability and safety for the niche jack-up exploration market. Following the sale of the jack-up business to FMCT, Plexus is entering a new and exciting stage in its development, one in which we have the resources and industry recognition we need to establish POS-GRIP as the enabling technology behind best in class equipment for the wider energy sector.”last_img read more

Gallery: 20,000 TEU COSCO Shipping Virgo Delivered

first_imgChinese container shipping major COSCO Shipping Corporation has taken delivery of its fifth 20,000 TEU containership, COSCO Shipping Virgo.Built by Shanghai Waigaoqiao Shipbuilding, the ship is 399.8 meters long and 58.6 meters wide. It boasts a deck area equivalent to almost four standard football fields and can achieve a speed of 22.5 nautical miles per hour.COSCO Shipping Virgo has a maximum carrying capacity of 20,119 TEU, and it is equipped with 1,000 reefer sockets.The giant boxship was classed by both DNV GL and China Classification Society.According to COSCO, the ship’s fuel consumption and energy-efficiency have been optimized through latest energy-saving rudder and propulsion systems.  In addition, the ship is equipped with intelligent ship management systems and allows for one-man bridge operation.It is worth USD 122.95 million, based on the valuation from VesselsValue.The delivery of COSCO Shipping Virgo comes on the back of four 20,000 TEU boxships delivered since the beginning of this year.COSCO Shipping Taurus, also built by SWS, and COSCO Shipping Aries, built by Nantong COSCO KHI Ship Engineering (NACKS) were delivered in January this year.COSCO Shipping Leo and COSCO Shipping Gemini followed suit in March and April respectively.World Maritime News Staff; Image Courtesy: Cosco Shippinglast_img read more

Golar LNG closes FLNG Hilli Episeyo post acceptance financing

first_imgImage courtesy of Golar LNGGolar LNG said it has closed the FLNG Hilli Episeyo post acceptance debt financing, after repaying a $640 million construction financing and drawing down $960 million lease financing by CDDC Leasing.The company noted in its statement that after the closing, the company received an additional $320 million of liquidity.The net increase in liquidity to Golar after settling remaining Hilli Episeyo capital commitments as well as amounts due to minority (10.89 percent) shareholders Keppel and Black and Veatch as a result of the drawdown down, is expected to be approximately $200 million.The drop down of 50 percent of the base tolling income to Golar LNG Partners is expected to be concluded shortly, Golar LNG said.Following the financing close, Golar’s CEO Iain Ross said that, in addition to the closing of the Sergipe financing in April, the company’s “major capital commitments are fully funded.”The only exception is the FSRU Nanook which has a 25-year charter and on which financing discussions are well advanced.last_img read more

Video: Wavepiston v4 installation offshore Denmark

first_imgDanish company Wavepiston has released a video showing the recently completed installation of the upgraded energy collectors on its prototype wave energy device deployed in the North Sea.The device, comprised of a steel wire stretched between two anchored buoy, is undergoing long-term trials at the DanWEC test site, at Hanstholm.The prototype has been improved with the larger plates on the device’s energy collectors, installed earlier in December, to continue trials over the first half of 2019, according to Wavepiston.The Wavepiston system is made up of a simple string consisting of a steel wire rope and a flexible pipe.On the string, energy collectors are mounted, each consisting of two pumps and a plate. The purpose of the energy collectors is to convert the surge motion of the waves to pressurized water.The device itself works when waves roll along the wire moving the plates back and forth. The moving plates pump seawater into pipe which leads it to onshore turbine station which converts pressurized water to electricity.last_img read more

Cheniere, EIG sanction Midship gas pipeline construction

first_imgMidship pipeline/Image courtesy of CheniereHouston-based LNG player Cheniere has awarded the final notice to proceed with the construction of a natural gas pipeline and related compression and interconnect facilities on the Midship Project.The notice was issued by Cheniere’s unit Midship Pipeline Company to Strike, M.G. Dyess, TRC Pipeline Services, and Cenergy.The Midship project received the Federal Energy Regulatory Commission clearance last month and is expected to be placed in service by the end of 2019, Cheniere noted in its statement.Cheniere previously entered into arrangements with investment funds managed by EIG Global Energy Partners for an investment of up to $500 million in the Midship project.Cheniere added that, in order to complete financing of the Midship project, Midship Pipeline entered into senior secured credit facilities with total commitments of up to approximately $680 million.The credit facilities consist of an approximate $615 million construction loan facility and a $65 million revolving credit facility.Proceeds from these credit facilities will be used to fund a portion of the costs of developing, constructing, and placing into service the Midship project, to fund working capital requirements, and for related general corporate purposes.The project entails the development of a natural gas pipeline with a firm transportation capacity of up to 1,440,000 Dth/d connecting new gas production from the Anadarko Basin in Oklahoma to Gulf Coast and Southeast markets via deliveries to existing pipelines.last_img read more

PSA Probes Snorre Expansion Christmas Tree Fabrication

first_imgNorway’s Petroleum Safety Authority (PSA) has carried out an audit of Equinor and the fabrication of the subsea Christmas tree for the Snorre expansion project.The objective of the audit was to ensure that fabrication of the subsea Christmas tree for the Snorre expansion project complied with the company’s own requirements and requirements in the regulations. A sub-goal was to follow up how the project is undertaking its supervisory duty in respect of its supplier – TechnipFMC.The audit, conducted in February this year did not identify any non-conformities, however, the PSA observed two areas with potential for improvement related to follow-up of suppliers and qualification of materials.Snorre Expansion ProjectIn July, the Ministry of Petroleum and Energy approved the revised plan for development and operation (PDO) for further development of the Snorre field, called the Snorre Expansion Project (SEP).The SEP is a major subsea development, and the largest improved recovery project on the Norwegian Shelf today. The project represents an investment that will contribute to 25 more years of production on Snorre.The project comprises installation of six well templates with 24 wells that will be tied back to the Snorre A platform. The plan includes an option for further expansion with additional well templates. When production started on Snorre, the expected field life was up to 2011-2014. With the contribution from SEP, calculations show that the field can have profitable production all the way through 2040.last_img read more

Siemens wins Iraqi gas-fired power plant gig

first_imgImage courtesy of SiemensGerman engineering giant Siemens has received an order to supply the key components and long-term power generation services for the 840-megawatt (MW) Maisan combined cycle power plant in Iraq. CITIC Construction, the Chinese engineering procurement and construction firm building the plant, and Iraqi developer MPC, part of Raban Al-Safina for Energy Projects (RASEP) awarded the contract valued at more than €280 million ($314.8 million) to Siemens.The independent power project is expected to deliver first power by March 2021 and enter full combined cycle mode by early 2022. The plant will supply sufficient electricity to meet the needs of more than three million Iraqis, while also supporting the industrial sector.Siemens said in its statement its scope of supply includes two SGT5-4000F gas turbines, oneSST5-4000 steam turbine, and three SGen5-2000H generators, along with the SPPA-T3000 control systems, transformers and related electrical equipment, and the fuel gas system.“Iraq is undergoing an economic transformation, and as the country embarks on a series of ambitious infrastructure projects, efficient and reliable electricity will be essential to powering this development,” said Dietmar Siersdorfer, CEO of Siemens Middle East and UAE.Siemens and the Ministry of Electricity of the Republic of Iraq recently signed an implementation agreement to kick off the actual execution of the roadmap for rebuilding Iraq’s power sector. As part of the implementation agreement, the two agreed on the awarding of contracts valued at approximately €700 million for phase 1 of the roadmap. This includes the EPC construction of a 500 MW gas-fired power plant in Zubaidiya, the upgrade of 40 gas turbines with upstream cooling systems, and the installation of thirteen 132 kV substations as well as 34 transformers across Iraq.last_img read more

JFD Adds Ansti Test Systems

first_imgJFD has acquired Ansti Test Systems – designer and manufacturer of test facilities for performance measurement of underwater breathing apparatus.Ansti Test Systems provides turnkey packages which utilise computerised data acquisition techniques to display the performance of breathing apparatus under test, in real time. The systems can be configured to meet requirements for any diving equipment and life support systems.Giovanni Corbetta, managing director, JFD, said:“Ansti Test Systems comes with a strong track record in underwater diving testing including a global client base spanning over 60 organisations, more than 5,000 regulator tests for SCUBA manufacturers worldwide, and technical consultancy for various diving related projects. “This extensive experience complements JFD’s existing subsea support operations and will provide a significant contribution to our long-term ambition of protecting and preserving lives in the commercial and defence industries.”As part of the acquisition both Ian Himmens and Stan Ellis will work with JFD on a consultancy basis to assist during the transition period and beyond.last_img read more