Resilient demand for inner city development sites, with the added advantage of being cashed up for what could be a bumpy 2009, has driven developer R.Corporation to put a small slice of its $140 million Clara project on the market.

Stockland today announced the sale of a 108 hectare parcel of land adjoining its Highlands residential community in Melbourne to VicUrban, the Victorian Government’s urban development agency, for $34.6 million.

One of Macquarie DDR Trust’s (ASX:MDT) tenants, Circuit City Stores, Inc has announced it has filed a voluntary petition for reorganisation relief under Chapter 11 of the United States Bankruptcy Code.

Lend Lease Corporation Limited (“Lend Lease”) confirmed today that its Net Operating Profit after tax expectation for FY09 is broadly in line with guidance the Company provided in August 2008. The Company also flagged that it is implementing a number of non-operating and primarily non-cash charges reflecting the impact the financial markets are having on property balance sheet carrying values.

Paynesville developer Riviera Properties is to develop a major marina in Metung, about 300 kilometres east of Melbourne, near Lakes Entrance. The project will include a major wet berth marina and resort day spa, and take advantage of views of Gippsland Lakes. A golf course, restaurant and bar is already part of the development.

A farm abutting the Avalon Airport near Geelong is expected to reap its owner about $5 million, despite not being rezoned for immediate redevelopment.