Paul Little confirms he's out of Melbourne apartment high rise construction

Paul Little confirms he's out of Melbourne apartment high rise construction
Paul Little confirms he's out of Melbourne apartment high rise construction

The Rich List property developer Paul Little has quit multi-unit Melbourne apartment construction.

He will instead start construction on hotel and student accommodation projects.  

Little was last year ranked 64th on the Financial Review Rich List with an estimated wealth of $927 million.

little projects will continue to develop smaller townhouse projects targeted at owner-occupiers.

But Little told the AFR he was being "very cautious" in the residential area and unlikely to start larger projects.  

"We've effectively removed ourselves from the high-rise market currently and focussed on areas such as a hotel in the city and student accommodation," Little said.  

Little noted investors were now "effectively walking away" and Asian buyers were looking to places other than Australia. 

"Our change in direction occurred probably 12 months ago," Mr Little said.

"It was pretty obvious the residential market was going to become more difficult and we changed our strategies around different products".

"Developers that haven't changed their 'sweet spot' are probably going to be doing very little or struggling."

Tags: 
Melbourne Apartment Construction

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