In the Australian Financial Review, Matthew Cranston reports that a long-stalled development site in Forster, on the mid-north coast of New South Wales, is being revived with a bold $400 million masterplan. Originally owned by Babcock & Brown, the 68-hectare parcel was purchased in 2010 for $5 million by commodity trader Michael Betar and associates. After years of inactivity, the project is set to proceed with approval for 330 homes across 38 hectares, many with coastal views over Seven Mile Beach and the nearby national park.

Betar says the design is inspired by Seaside, Florida — the idyllic, master-planned town famously used as the filming location for The Truman Show. His goal is to replicate that community-centred style with “affordable product but done really, really well.” The Forster housing market has already shown strength, with notable results like a $1.7 million beachside penthouse sale. Betar expects to release pricing before Christmas. With more than 50 percent of local residents aged over 50, the area is positioned well for retirement living, and Betar believes the project will meet the growing demand for lifestyle-focused, high-quality housing.