THE PROPERTY DEVELOPMENT REVIEW
business relationships to succeed in the current development climate. How have your marketing strategies changed, if at all, over the past 12 months? Increased reliance on digital marketing: With social distancing measures and lockdowns going into effect across the world, businesses have had to pivot toward digital marketing channels to reach their customers. From social media to email marketing, businesses have shifted more of their marketing efforts online to connect with their audiences. More focus on content marketing: Content marketing (such as blog posts, videos, and other educational materials) has been a critical component of many marketing strategies for some time. But over the past year, businesses have increased their focus on content marketing to build customer engagement, generate leads, and drive sales. Pivoting messaging and tone: With so much uncertainty and upheaval in the past year, many businesses have had to pivot their marketing messaging and tone. Companies have focused on reassuring customers of their safety measures, empathizing with their concerns, and adapting their messaging to evoke a sense of optimism and hopefulness. Leveraging new technologies: Finally, businesses have sought to leverage new technologies and platforms to engage with customers. From chatbots and virtual events to augmented reality and other emerging technologies, many companies are exploring new ways to connect with audiences amid the ongoing challenges of the pandemic. Overall, businesses over the past year have been increasingly innovative in their marketing strategies, with a focus on digital channels, content marketing, messaging, and new technology-enabled experiences.
their behalf. Our most recent in Glenmore Park 10,000sqm Place of Worship facility sold for circa $7,000,000. What advice do you have for any prospective developers in the current climate? 1. Understand the market: Before embarking on any development project, it’s important to analyse the market demand and supply trends in the area and identify opportunities and challenges. This includes researching the local housing market, economic conditions, demographics, and local government policies. 2. Minimize risk: Development is an inherently risky business, so it’s essential to minimize risk wherever possible. This includes conducting thorough due diligence on any potential sites, securing adequate financing, negotiating favorable contracts, and managing costs tightly. 3. Be adaptable: The current climate is uncertain, and things can change quickly. Therefore, it’s crucial to remain flexible and adaptable. Developers should be willing to adjust their projects and strategies as the market evolves. 4. Focus on quality: With competition for buyers and renters growing, it’s important to stand out from the crowd. Focusing on quality, including sustainable design, smart-home technology, and amenities that cater to modern living expectations, can help attract and retain buyers and renters. 5. Build relationships: Strong and positive relationships with developers, contractors, real estate agents, and other industry professionals can be an invaluable asset. By building a reliable and trustworthy reputation, developers can establish long-term relationships and secure repeat business over time. In summary, prospective developers must conduct research, minimize risk, remain adaptable, focus on quality, and build strong
costs. These factors have contributed to higher building costs. However, some experts believe that the current challenges could ease in the next 6-12 months as supply chains normalize, the labor market improves, and the global economy stabilises. Moreover, recent data and reports suggest that the growth of construction material costs is starting to taper off. As for market sentiment, it can be influenced by various factors such as economic growth, interest rates, and government policies. If economic growth continues to recover, interest rates remain low, and the government supports pro-growth policies, market sentiment may improve over the next 6-12 months. This could create more favorable conditions for developers. Certainly, it is important for developers to keep a close eye on changes in the market and adapt to shifting conditions. While challenges may persist, there may still be opportunities to succeed and adapt to changing consumer needs and preferences. What are some of the most significant or rewarding projects that the team have been involved in and why? We have number of significant deals in due diligence and on market for the second half of 2023. Just launched a significant Land Subdivision for 126 Torrens title lots at 1395 Camden Valley Way, Horningsea Park DA approved closing Tuesday 18 July 2023 at 2pm
(AEST). SOLD:
1. South Quarter Parramatta $110,000,000 significant development site in Parramatta CBD with over 90,000sqm of GFA. This was one of the largest DA approved projects in Parramatta CBD and certainly an achievement to have sold this in today’s market conditions. 2. One of the most rewarding would be the work we have been doing on behalf of the Salvation Army, we have transacted several properties on
June / July 2023 – 27
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