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Greystar boss hopeful for change in build-to-rent draft laws

Property Markets / Planning, Zoning, Infrastructure

Australia

Mar 12 2018

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US-based developer Greystar’s Australian head hopes the federal government will reconsider draft laws impacting the build-to-rent sector. 

Announced last year, the draft laws would block managed investment trusts from investing in residential property unless it was affordable housing managed by community housing providers.

Greystar Asia Pacific and Australia managing director Chris Key told The Australian he was hopeful the government would reconsider the issue, and was optimistic based on recent engagement levels. 

Mr Key said Greystar would consider developing build-to-rent apartment towers above shopping centres, following revelations that mall landlord Vicinity would add residential and commercial developments to its malls.

Since its US launch, Greystar has expanded to Mexico, Chile, Britain, Spain, The Netherlands, Germany, China and Australia, focusing on amenity and services to ensure long-term success, over short term profit. 
Mr Key said low rental vacancy levels indicated more Australians were opting for apartment living, particularly younger generations. 

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