By Rama Gaind
PROPERTY values in Kingston are expected to rise by a further 10 per cent following the purchase of Fraser Court by Macquarie Bank and partner Lynsolo Pty Ltd for $25.15 million.
The 1.3ha site, opposite the Kingston shops, will be converted into apartments named Stirato. It is zoned for medium-to-high density housing of between 260-280 units.
ACT chief executive of Colliers International Paul Powderly said there was sales evidence to show apartments in Kingston were selling for up to $6000sqm. Some of the more modern ones are even going for up to $6500sqm.
“One development is achieving $7000sqm,” Mr Powderly said. “The price increase is due to a number of reasons. There has been a flight to quality and better inclusions, but also construction costs have gone up and there’s less availability of this infill land that has driven prices up. There is also GST and extra taxes now.  For well-located, infill sites we expect them to follow increasing costs because of a shortage of land.”
Fraser Court was considered an eyesore and it “was a deterrent for some projects in and around that Kingston area to go to that next level. Now that it’s being redeveloped it will certainly improve the status of Kingston”, he said. 

DEFYING economic gloom, Canberrans are shelling out $2.68 million for penthouses in the Realm Quarters development in Barton.
On the southern shores of Lake Burley Griffin, Realm Quarters features two storeys of commercial office space and six storeys of 63 apartments that will be completed in September. It is part of the Doma Group’s $300 million Realm precinct.

FORDE’S project director Gavin Kemp is thrilled with the recognition given to the new community’s marketing strategy after it won the Urban Development Institute of Australia’s 2008 NSW Award for Excellence in Marketing.
As one of the “first master-planned communities” in Canberra, Forde features a high standard of design, infrastructure, innovative housing options and an environmentally sensitive approach to urban design with more than 29 per cent of the community being dedicated to open space.

OVER-the-counter land sales for more than 100 blocks in Franklin, Bonner and Dunlop have begun in Canberra, removing the need for people to register for a ballot or auction to own their own block.