Former expatriate Diana Edwards moved back to Brisbane with her husband and three sons. Photographer: Liam Kidston.BRISBANE has emerged from the shadows of its southern counterparts, with new figures revealing the tough times are over for the city’s property market as expats and bargain hunters drive a surge in demand.READ MORE: Extremes of Australia’s property market growth and decline revealedThe Queensland capital recorded the biggest increase in offshore property buyers over the past year — far higher than any other capital city — and many local agents say expats are behind the turnaround.Realestate.com.au’s Property Outlook report, released today, shows demand for houses in Brisbane rose 6.7 per cent in the past 12 months, while unit demand increased 4.5 per cent as buyers hunted for bargains despite oversupply concerns.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREAnglican Church Grammar School in East Brisbane. Photographer: Liam Kidston.The blue chip suburbs of East Brisbane, Indooroopilly and Paddington were most popular when it came to houses, while the Gold Coast was the most in demand among apartment buyers, with Tugun and Currumbin the highest demand suburbs in the state.RESIDENTIAL TOWER FIRST IN 30 YEARSDemand for houses in Paddington has increased. Photographer: Liam Kidston.“It looks like Brisbane’s really turning around,” REA Group chief economist Nerida Conisbee said.“If you have a look at the inner city and the east where demand is up more than 10 per cent, it shows there’s lots of people having a look, and when we see that, we generally start to see a pick-up in pricing.“All the talk has been about the housing boom being over, but if you look at Brisbane, it’s just warming up again.”GOLD MINE FOUND IN SUBURBAN BACKYARDREA Group chief economist Nerida Conisbee.Overall, home prices in Brisbane are up 1 per cent on year, with houses seeing a slight increase and apartments seeing a decline, according to the report.The city’s median house price increased 2.7 per cent to $525,000 in the past 12 months, while the median apartment price fell 4.1 per cent to $382,500.HOME FIT FOR HARRY AND MEGHANAerial images of suburban houses in Brisbane, where the median house price rose 2.7% in the past year.The report noted that Brisbane home prices never increased to the same levels as Sydney and Melbourne and it remained far more affordable.“With so much spending on infrastructure, the city is now well prepared for population growth which appears to be occurring as jobs growth continues to recover,” the report said.Offshore interest in Brisbane property has increased dramatically, according to the report.Demand from Chinese buyers for Brisbane property rose more than any other capital city in the year to May 2018. Source: realestate.com.au.Demand from property seekers from China for the Brisbane market jumped some 35 per cent in the 12 months to May 2018.Adcock Prestige principal Jason Adcock recently sold a prestige home to a Brisbane expat living in Hong Kong sight unseen.This home at 562 Fig Tree Pocket Rd, Fig Tree Pocket, recently sold to an expat for $1.928m sight unseen.Mr Adcock said the buyer wasn’t planning to come back to Brisbane for another 12 months, but did not want to miss out.“We’re starting to see a lot of that at the moment,” he said.Mr Adcock said high income earning expats from Hong Kong, the UK and the US were showing increasing interest in buying property in Brisbane and returning home.“They’re coming back to Brisbane and want to reward themselves with a trophy property,” he said.Property Pursuit director and buyer’s agent Meighan Hetherington said she had noticed a strong increase in inquiries from expats in the past 18 months.Ms Hetherington said her expat clients were either looking to create their future home base in Brisbane, or ready to repatriate.Buyers agent Meighan Hetherington of Property Pursuit bids on a property at auction in Paddington. Image: AAP/John Gass.She said changes in the lending landscape had put some pressure on expats to secure property in Brisbane in case standards tightened further.“Anyone earning a foreign income is pulled into the same lending criteria that is used for foreign buyers, which has meant a lot of pressure on the ability (for expats) to borrow to purchase,” Ms Hetherington said.“Some clients have taken six or seven months to get finance approval.”Ms Hetherington said the price differential between Brisbane and southern states was so great that Brisbane had become much more attractive from a value proposition.She said 80 per cent of her clients bought properties without seeing them in person, relying instead on research and detailed videos provided to them by buyers agents.Diana Edwards lived as an expat in Hong Kong with her husband and three sons for 17 years before deciding to return home to Brisbane.Ms Edwards said schooling and lifestyle lured her back to the Queensland capital.Former expatriate Diana Edwards moved back to Brisbane with her husband and three sons for the schools and lifestyle. Photographer: Liam Kidston.And she’s not alone. She now works with expats as a buyers agent and has a client who wants to move to Brisbane, even though he is originally from Sydney.“Generally the expat families who request our help to find a home in Brisbane are originally from here or have some connection to Brisbane, but we do receive requests from other clients who are originally from Sydney and Melbourne but are choosing to move to Brisbane due to affordability of property and lifestyle factors,” Ms Edwards said.“Once you compare property prices in these cities, Brisbane is absolutely the frontrunner in terms of the space it can afford for young families within proximity to the city.”Universal Buyers Agents director Darren Piper said he too had noticed an increase in overseas expats wanting to move back to Brisbane.“This is due to a number of reasons including schooling, interest rates and most importantly the Brisbane property market as they don’t want to “miss out”,” Mr Piper said.“Brisbane is set to soar in the coming years due to the large amount of infrastructure being built.“Expat buyers are savvy and know that now is the time to buy.”Mr Piper said expats in high income roles were earning an average annual wage of $175,000, which positioned them well to secure a “significant property” in Brisbane.He said it was also a matter of timing.“Certain expats have ‘done their time’ and are simply ready to have their feet back on home turf,” Mr Piper said.“This on top of the current market conditions is certainly influencing the decision to move back.”TOP SUBURBS FOR HOUSES IN BRISBANE1 East BrisbaneMore from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago2 Indooroopilly3 Paddington4 Holland Park5 Wilston6 Chandler7 Windsor8 Coorparoo9 Newmarket10 ToowongTOP SUBURBS FOR APARTMENTS IN BRISBANE1 Graceville2 Mansfield3 Tarragindi4 Camp Hill5 Red Hill6 Ashgrove7 Holland Park8 Tingalpa9 New Farm10 PaddingtonDEMAND FOR HOUSES AND UNITS NATIONALLYProperty views per listing (last 3 months) Year on year changeNational 1165 5.2%Canberra 766 16.2%Sydney 1631 -22.5%Darwin 491 4.7%Brisbane 1121 5.9%Adelaide 1723 2.7%Hobart 4399 38.6%Melbourne 2185 -6.1%Perth 678 6.4%DEMAND FOR HOUSES AND UNITS IN BRISBANEProperty views per listing (last 3 months) Year on year changeBrisbane – East 1127 16.7%Brisbane – North 1579 6%Brisbane – South 1637 -2.1%Brisbane – West 1912 0.1%Brisbane Inner City 1352 13.7%(Source: realestate.com.au)
The large main kitchen in the home with room enough for two families. The house itself was also significantly larger than most Brisbane homes, at just under 1,000 sqm, with two of its bedrooms in a self-contained guesthouse, Mr Bradley said.“So it suits people with extended families, dual living, or you could have your home office, or business.” Travel time to the city was about 45 minutes during peak hours and about half an hour off peak.“We’ve had a bit of everyone (interested), with enquiries from Sydney and Melbourne this week and quite a few locals who have been looking for the right type of acreage.” This Bridgeman Downs home topped list for the nation’s most viewed homes.A SPRAWLING Queensland home was the most viewed house in the country in the past week, latest industry data shows. The eight-bedroom, five-bathroom, 10-car space home has a secondary access to the site which opens up the possibility of future subdivision of the 1 hectare site. Agent John Bradley, who’s marketing the property with colleague Matt Briggs of Place Aspley, said it was a “fantastic home”.“The fact that it’s a level flat 2.5 acre block” made it very popular, he said. “Normally for 2.5 acres you’d get goat country (hilly), but this is flat.” The property has a large outdoor entertainment offering including a large salt water pool. The billiard room is off to one side, perfect for cordoning off as a wing for teenagers. Mixed bag of houses to go under the hammer One in five expect to rent for life QLD house market to lead: NAB Interestingly, the property already has a second driveway. “Pending council approval, you could split it and sell off a block immediately or could have a family member to build on it,” Mr Bradley said.Some buyers were also attracted to the fact that the house was ready to move into. More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“A lot of the acreage properties in Bridgeman Downs were built a while ago and the houses need work to update. You can spend up to half a million once you buy a property to upgrade it, but this house is pristine, you just walk in and enjoy it.” A private courtyard leads to the pool area. The house, in Bridgeman Downs in Brisbane’s north, was the most viewed residential listing on realestate.com.au in the past seven days, data released this morning found, followed by a property at Coopers Shoot in New South Wales, a home in Croydon Victoria and another in Stirling, South Australia. (See list below). The home sits on a flat 2.5 acre block. MOST VIEWED IN THE LAST 7 DAYS: 1. 334 Bridgeman Rd, Bridgeman Downs, QLD 2. COOPERS SHOOT HOME MOST VIEWED IN NSW 3. 20 Plymouth Rd, Croydon, VIC 4. 10 Melrose Ave, Stirling, SA 5. 7 Bessington St, South Arm, TAS 6. 60 Avanti St, Mermaid Waters, QLD 7. 42 Livingstone St, Glengowrie, SA (Source: Realestate.com.au) Lions guarding the main entrance to the sprawling home. The kitchen in the guesthouse is as big as many main kitchens. FOLLOW SOPHIE FOSTER ON FACEBOOK The property also has a salt water inground pool, a shed with work space, 5.64 kW solar power system, two solar hot water systems and water tanks with a capacity of 66,000 litres.Meanwhile, this most viewed property online in the Northern Territory had star appeal this week.The unique property in Humpty Doo got plenty of attention, but it is not the first time all eyes were on the Territory address.The home featured on television’s Instant Hotel, and while it didn’t win the show it has been an instant hit with buyers.
AFTER: The transformation of 2 Frying Pan Track, Noosa North Shore, is amazing. BEFORE: The concrete shell that was the house at 2 Frying Pan Track, Noosa North Shore, before it was transformed. Photo: Lachie Millard. BEFORE: Chris Holand and Jenny Van Maanberg take a tour through 2 Frying Pan Track on Noosa North Shore when it was just a concrete shell. Photo: Lachie Millard. AFTER: The master bedroom and ensuite in the home at 2 Frying Pan Track after the renovation. BEFORE: The exterior of the property at 2 Frying Pan Track before it was renovated. Photo: Lachie Millard. AFTER: Inside the house at 2 Frying Pan Track, Noosa North Shore, after it was renovated. AFTER: The exterior of the property at 2 Frying Pan Track after the renovation. AFTER: The finished product after a major renovation.With that in place they engaged professionals including Vati Projects for construction and Grow Collective for landscaping to complete the dream project, spending “multiple millions” in the process.“It was built extremely well originally so then it was a reasonably simple exercise with a few design tweaks here and there.”The scale of the house meant they wanted to break the home up into sections and because it was built of concrete, they added elements to tie it into nature.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“We wanted to use organic and natural materials, so we brought in a lot of natural stone, imported a lot of marble and timbers sympathetic to the landscape here.”“Landscaping is really important because it’s all about letting the house breathe.“We laid a lot of lawn to give it a big tropical feel, big palm trees, it feels like a big tropical resort in Hawaii.“We wanted to build something that would last forever.” AFTER: Inside the house at 2 Frying Pan Track, Noosa North Shore, after the renovation.They named it Eden — almost 17,000 sqm of waterfront land, with a sprawling five bedroom luxury home and packed with everything a modern family could possibly wish for.Just across the river from some of Noosa’s most popular spots including the highly popular Hastings Street, it has five metre high ceilings with electronic louvred windows, ducted airconditioning that runs off a 7kw solar system, enough space to comfortably accommodate 14 people, a kids retreat, separate media room, internal courtyard, fully tiled pool, outdoor gazebo and an external shed that can accommodate two boats. They’ve spent weeks with family and friends in the completed home “and had a really amazing time”. “It’s so close to into Noosa and its amenities. We duck across on the boat. It’s eight minutes to dive from the ferry.”“When you wake up here sometimes you have to pinch yourself because it’s paradise.” AFTER: The outdoor entertaining and pool area at the property after the renovation.Mr Hay believes a very astute buyer would snap it up “because in the long run, they are going to be served very well by the property”.Their real estate agent Adrian Reed was astounded at the end result: “You can’t actually find a home of this scale in a normal residential position. You’d generally have to push beyond residential.”He has the property up for sale by tender, applications for which close 5pm on Friday October 19. “This never to be repeated opportunity is arguably one of Noosa’s most iconic properties.”For the Hays it’s going to be satisfying seeing a family enjoy their hard work.“What would make us most happy is to see this go to a buyer that will really enjoy it for years. We’ve been able to stay here and really enjoy it ourselves. We’ve had friends and family up through the school holidays. We love the Noosa lifestyle up here and one day we’d love to make this area a permanent home.”RENO FACT CHECK:Time taken: About 12 monthsTotal spend: $2m plusEnd valuation: Not disclosed Andrew and Kate Hay at the Noosa North Shore resort-style home they rescued from ruin and turned into a resort-style property. Photo: AAP/Megan Slade.ON the banks of the Noosa River, looking out over a fortune in prime real estate, a dilapidated concrete shell sat for years awaiting its owner’s return.Once upon a time, construction had begun in earnest on the multimillion-dollar property, but a family tragedy for the Singapore-based owner put everything else on the backburner. Eventually the “shell” at 2 Frying Pan Track on Noosa’s tightly-held North Shore was put to market and, after a few hiccups, eventually sold for a “bargain” — if you dare call $2 million a bargain. BEFORE: The outside of 2 Frying Pan Track when it was a dilapidated concrete shell. Photo: Lachie Millard. AFTER: The finished 2 Frying Pan Track, Noosa North Shore Qld 4565Enter Andrew and Kate Hay, an enthusiastic Brisbane couple, with a nous for luxury real estate and the courage to take on an abandoned project.“The first thing that struck me was it was two hectares of land wrapped in national park with the Noosa River right on the doorstep, amazing flora and fauna and kangaroos jumping in the yard,” Mr Hay told The Sunday-Mail. “When I saw the building in its original state, it was really about realising the original vision which was an unparalleled piece of paradise never to be repeated.”The couple undertook due diligence to assess what risks there were, especially around the structure and town planning laws.“Under new town planning now you can’t build houses of this scale, 1,000 sqm is a large home in itself. So we had to go back through the town planning process and get some comfort around that and the structure.” AFTER: The impressive kitchen at 2 Frying Pan Track, Noosa North Shore, post renovation.
This property at 77 North St, Brighton is for sale now for $1.029 million.A FORMER church and Sunday school has become the chief cornerstone in a renovation project to create a two home residence.Jade Bianconi was living in the inner city with her daughter when her mum drove passed 77 North Rd at Brighton on her way to visit friends.“She called me, I drove out that afternoon and put a contract in,” Ms Bianconi said.“At the time I was a young designer and I loved the idea that it was a blank canvas, be it a warehouse, be it a church, and I loved that churches often come with that second hall and that would give scope for another residence.” Brisbane’s auction market fires up FOLLOW US ON FACEBOOK MORE REAL ESTATE STORIES This one also came with a steeple and commemorative plaque which dedicated the church to God and both have been retained in the two-and-a-half year renovation.“It’s been a labour of love,” she said. THEN: The church as it looked in the 1950s.The Brighton Baptist Church was built in 1958 and had been used as a home for a year before Ms Bianconi bought the property in 2006. THEN: Outside the Sunday school. The Sunday school at the rear of the 1370sq m block was believed to be an army barracks that was relocated to the site in the 1950s.“I’ve been sent pictures of it as a church in the 1950s and people in their Sunday best and I’ve been told about people who met there and got married there.”With the previous owners maintaining the property in original condition, except for the addition of a small bathroom, a new layout was the top priority and the carpenter on the build gave Ms Bianconi one day to come up with plans to transform her church into a family home.“It was my dad actually, who is now a retired carpenter,” Ms Bianconi said.“He said: ‘I’m busy, what is it that you want to do?’”The final four-bedroom layout centres around a curved wall which separates the church stage area from the rest of the house with a light running along the top of the curve to give it a shadow line. NOW: The new living area.“He brought that wall to life,” she said.Within the wall are two Gothic archways which have been built over the original stage steps and lead to a bedroom with an adjoining dressing room. THEN: The church as it was set up for a service.“The raised (stage) floor was chipboard so we covered that floor with epoxy resin that I had used from my background as a shopfitter and it looks like clouds in the floor.”Windows and doors have been replaced and original timber floors polished, and the church foyer is now a sun room with diamond windows which have given the home its new Italian name, Villa Diamante. NOW: The diamond windows in the foyer.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoThe office or front bedroom used to be the church crying room, with a window overlooking the hall so mothers with crying babies could view the service from a distance.This window has now been enclosed and turned into a chalkboard. NOW: The ‘crying room’ is now a bedroom and study.The ‘church yellow’ colour scheme has been replaced with bluestone and Turkish silver travertine stone which is a colour palette that has set off a trend in the street.By the time Ms Bianconi started converting the Sunday school into a two-bedroom, two-storey house for her parents to live in, she had a husband, a second baby on the way, and was a registered owner builder.“It was a huge learning curve,” she said. NOW: How it looks today with the renovated Sunday school in the background.The school was moved across on the block which was subsequently subdivided with the vacant 460sq m portion of land being sold off.“I worked with Brisbane City Council and town planners and surveyors myself and dad helped with the tradies.”The houses are separated by 12 metres for extra privacy but share a garage and driveway.“I can go a whole week without seeing my parents.”The renovated church and Sunday school, now on 905sq m is on the market for sale through Andrew Botwright of @Realty Brisbane North with an asking price of $1.049 million.
MORE: Fashion family lists $20m Byron icon More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 62 Park Road, Wooloowin, is on the market priced at offers over $699,000.The existence of the ‘goat’s cheese curtain’ – the cultural divide that separates inner-city hipster suburbs from suburbia – may come down to money, but research shows it is possible for buyers to live in Brisbane’s sweet spot without breaking the bank. 4/31 Hamley Street, Wooloowin, is on the market priced at offers over $645,000.Ms Browne said that with house prices of more than $1 million and Queensland’s median annual income at $82,264 a year, the goat’s cheese circle was tough to break into, but there were still opportunities for people to live within the 6km radius.REA Group statistics show more than 50 Brisbane suburbs are situated within the curtain, yet only about 13 of them have a median house price of more than $1 million.The median sales price in the inner city at $691,236 is only $120,639 more than outside the curtain ($570,597), although this figure includes apartments, which are relatively cheaper than houses and generally more prolific in the inner suburbs. When it comes to renting, the median rent within the curtain is $487, according to Finder, compared with $449 outside. “Wooloowin and Gordon Park are two of the more affordable suburbs in Brisbane to rent in. Check out these areas if you’re on a budget but like the idea of being within the realm of the goat’s cheese curtain,” Ms Browne said.“Choosing a not so popular suburb a few over from a popular one is a good strategy as often those areas are the ones most likely to become more desirable over the years, but are more affordable at the moment.” Suburbs within the goat’s cheese curtain 62 Park Road, Wooloowin, is a three bed, one bathroom, one car park property within the goat’s cheese curtain.The term goat’s cheese curtain was coined by demographer Bernard Salt to describe the expensive suburbs that lie within a 6km radius of a city’s CBD. Among those in Brisbane are Kangaroo Point, New Farm, Newstead, Paddington, Dutton Park, Hamilton, Ascot, Clayfield and Teneriffe, Queensland’s most expensive suburb.Kate Browne, a spokeswoman for Finder, a comparison website, said stereotypes by suburb would always exist. “What type of restaurants, range of food stocked at your local supermarket and the average residents’ age can influence one’s perception of a suburb,” she said. “This divide might also be a flow on from the typical rivalries that form between schools in different areas. Nothing like a little bit of harmless sporting competition to build walls between suburbs.” Bargain suburbs where homes sell under $500k Within 1km of the GPO Brisbane City, Spring Hill, Kangaroo Point, Fortitude Valley 2km South Brisbane, New Farm, Bowen Hills, East Brisbane, Milton, Teneriffe, Kelvin Grove 3km Herston, Newstead, Highgate Hill, Woolloongabba, Red Hill, West End, Paddington, Auchenflower, Dutton Park, Norman Park, Hawthorne, Bulimba4km Balmoral, Windsor, Wilston, Stones Corner, Newmarket, St Lucia, Toowong, Albion, Coorparoo, Morningside5km Ashgrove, Greenslopes, Annerley, Grange, Bardon, Hamilton, Taringa, Lutwyche, Camp Hill, Alderley6km Ascot, Wooloowin, Yeronga, Gordon Park, Clayfield, Enoggera, Cannon Hill, Indooroopilly, Stafford, Holland Park West. FOLLOW SOPHIE FOSTER ON TWITTER Brisbane home prices climb to record high
A New South Wales Coroner has released findings into the Sage Sagittarius case, proving two seafarers were murdered on board the Panama-registered ship off the Australian coast.After a two-year investigation, the NSW Coroner found the ship’s chief cook Cesar Llanto and chief engineer Hector Collado met with foul play at the hands of other unidentified persons on board the Flag of Convenience (FOC) ship, the Maritime Union of Australia (MUA) cited the International Transport Workers’ Federation.The Coroner recommended the findings be sent to Japanese authorities to investigate a third suspicious death on board. A company official, sent by the owners to Australia to investigate, was found dead on the ship once it docked back in Japan.The vessel, referred to as the “death ship”, has been involved in three incidents in only 6 months.“This inquest has highlighted the fact there are very significant practical impediments created by a disappearance or death on board a foreign flagged vessel,” the Coroner said.The triple unexplained deaths in 2012 on board the ship, trading between Newcastle and Japan, sparked a federal police investigation and subsequent Senate Inquiry.
The Commonwealth Minister for Environment and Energy, Josh Frydenberg, has today given the green light to progress the environment referral application for the Toondah Harbor project in Cleveland.Walker Group will now be able to take the application to the next stage of the process, which is to have the science tested.Redland City Mayor, Karen Williams, said: “We have always supported such scrutiny, and believe Walker Group should have the opportunity to demonstrate the acceptability of the proposal through an environmental impact assessment.“This is a sensible approach and proves commitment to both the Redlands and our environment.“I would also like to highlight that the Redlands community will have the opportunity to have their say during the environmental impact assessment phase.”The project’s proponents plan to add 3600 units and a marina development to Toondah Harbor, which is a gateway to North Stradbroke Island.The $1.3 billion scheme has been delayed six times before reaching this stage because of the potential impact of dredging the Toondah Harbor on the feeding grounds of a number of world-recognized wading birds.[mappress mapid=”24179″]
Merkur Offshore, the developer of German Merkur offshore wind farm, has signed a long-term contract with the Dutch subsidiary of EMS Maritime Offshore (EMO) for the construction of a service base in Eemshaven, the Netherlands.EMO will build a 600 m² warehouse, affiliated offices covering 500 m² spread across two floors, as well as the terminal logistics.Merkur Offshore will be carrying out part of its maintenance and service works for the 396MW offshore wind farm from Eemshaven as of spring 2018.GE Renewable Energy, who will supply the wind turbines for Merkur, will use the entire infrastructure for the upcoming years.EMO’s terminal covers an area of 33,000 m² and is directly connected to the waterfront.The offshore installation is already well underway at the offshore construction site, with the first monopiles installed in April of this year, and the first transition pieces arriving to Eemshaven on 20 October.Merkur will consist of 66 GE Haliade 150-6MW wind turbines and is scheduled to be fully operational in 2019.
Rhode Island Department of Environmental Management (DEM) has just shared this amazing Reel Big Media’s video about the recently completed repair project at the Camp Cronin Fishing Area and overlook at Point Judith in Narragansett. Hurricane Sandy caused extensive damage to the area surrounding Camp Cronin and washed out a portion of the access road that runs from Ocean Road to the jetty.DEM and the U.S. Army Corps of Engineers, New England, worked together to reestablish public access to the entire shoreline area of Camp Cronin and to the jetty, which is a widely-used throughout the year by recreational fishermen, visitors to the Point Judith Fishermen’s Memorial monument, and individuals enjoying the beautiful, panoramic views of Point Judith, the seawall, Block Island, the entrance to Narragansett Bay, and the North Atlantic.[mappress mapid=”24591″]
Philippine terminal operator International Container Terminal Services (ICTSI) saw a 5 percent rise in net income reported for the first nine months of the year.Net income attributable to equity holders stood at USD 149.3 million, against USD 141.9 million earned in the same period last year.The increase was ascribed to the continuing ramp-up at the new terminal in Matadi, Democratic Republic of Congo (DRC), along with strong operating income contribution from the terminals in Iraq, Mexico, Honduras, Brazil and Madagascar, and the one-time gain on the termination of the sub-concession agreement in Lagos, Nigeria.Excluding the one-time gain, consolidated net income attributable to equity holders would have been flat in the first nine months of 2017.The increase in net income was tapered by higher interest and financing charges, higher depreciation and amortization, start-up costs at the company’s terminal in Melbourne Australia and increase in the company’s share in the net loss at Sociedad Puerto Industrial Aguadulce S.A.Start-up costs of the company’s joint venture container terminal project with PSA International Pte in Buenaventura, Colombia, which increased from USD 4.7 million in the first three quarters of 2016 to USD 25.6 million for the same period in 2017 as the company started full commercial operations at the beginning of the year hampered further net income growth as well.Revenue from port operations came at USD 918.3 million, an increase of 10 percent over the USD 835 million reported for the first nine months of 2016.ICTSI handled a consolidated volume of 6,836,611 TEU in the first nine months of 2017, six percent more than in the same period in 2016. The increase in volume was primarily due to continuing improvement in global trade activities, particularly in the emerging markets.