I don't think that business model totally sucks. I live in Perth...

I don't think that business model totally sucks. I live in Perth where apparently house prices are a little soft and there are some excellent apartment developments springing up in and around the Western Suburbs of Perth. One was built virtually across the road from my house facing a big park land and I've looked at the apartments all centred around a very nice swimming pool, got all the latest eco stuff and communications plus some retail. Can't have enough coffee shops. From my perspective it seems like a business that can offer reasonable long term returns if the developers actually know their target market and can acquire good parcels of land for the right price.

As per previous posts I wonder how they are allowed to do this however without getting approval from shareholders to change the company's constitution. I doubt it currently mandates this form of investment. Also don't the ASX rules have something to say about this? Esh