Thanks Sumer. just some information, maybe you already know.
The project in Carlton Brewery was bought from someone, which the project was halt for years. This project face the similar issue as the Tower Melbourne, where is waiting for the plan approval for the height issue.
The Perth project, is having the same issue as well. The height issue. Surronding houses is at most 3 storey. THere is one high rise i think half a KM in distance, where is around 8 floor by inspection. The Perth project, if i remember, CEL is planning on a 10 lvl building, which already complaint by the local that spoilt the view. Anyway, the cost of purchasing the land is not high. With current earning power, this issue can be ignore.
i should have come here earlier, you know this CEL very well. Thanks.
All project need to get approval. For the case of Tower Melbourne, when the project was getting approval, CEL had started to sell. Some authority people questioned why the TM project sold before the approval. At that time, people is worried about the height of TM, because it is too high, CEL might not get approval. But, after 3 months, surprise. CEL get the approval!
For the CB project, for a 1000 units tower, height is the problem as well. This is the focus now for the project. Wondering how high the project will be approve.
If approved, the selling is not a problem. The CB project is really a location, and expect the take up rate will be good.
Yes, I have Googled about the Perth site and know about the plot ratio/height issues involved. I suppose CEL Aust is still trying to achieve as much GFA as possible, and they are waiting for changes to policies, especially since they can afford to wait with a low land cost. But this is just my speculation.
For Cartlton Brewery (Vic Street), thanks for your link. First time I see it. I am sure CEL Aust can work something out. It's probably a matter of more or less GFA.
My figures for Carlton Brewery are very preliminary, and hence I did not include this (and even TM) under my 2014-16 profit projections.
Oh yes, fyi I do adjust my figures now and then, according to new info received, such as what you brought up. So, once again, thanks for the link.