Finance and real estate are some of the most productive industries in the world, yielding billions of dollars in profit each year. Whilst some entrepreneurs tend to excel in one sector over the other, there are those who seem to be proficient at both.
One intriguing success story in the world of finance and real estate is that of Australia’s sixth richest man– Harry Triguboff. Triguboff ingeniously used his business sense to make $200 million from land banking.
Back in the 1960s, Triguboff was a UK educated, Chinese born, Australian citizen who had handled a series of odd jobs. Some of his occupations consisted of being an assistant lecturer, a taxi fleet owner and a real estate agent.
After failing consecutively at each occupation, Triguboff purchased some land and contracted a builder to build his home. When misunderstandings ensued between the two, Triguboff took it upon himself to complete the job, an initiative that would ultimately turn him into one of Australia’s biggest property developers.
Thanks to the experience he gained, Triguboff continued to buy blocks of land and build houses. He soon started generating a profit, which led him to extend his venture even further.
Back in 1963 he bought a block of units on Meriton Street in Gladesville, and set the foundation for the business that would carry the name – Meriton Apartments Pty Ltd.
In the five decades that have passed since then, his company has been responsible for building nearly 50,000 homes, especially apartments, thus making Triguboff a fortune worth $5.8 billion, reports Forbes Magazine (at the time of writing).
Forging a new future
Over the years, Meriton has acquired impressive stretches of land in Australia, and even though not all of them are ready to house residents, they have become quite the gold mine for Triguboff.
On the other hand, Triguboff is reputedly known as the biggest and most profitable property developer in Australia, even though he might be inclined to step away from his throne sometime in the near future. According to headlines around the world, the entrepreneur, now aged 81, has been considering selling a share of his company to Chinese investors interested in taking advantage of Meriton’s land bank.
According to AFR Weekend, his company’s land bank value has gone up by at least $200 million in the past year, which explains why Chinese investors are so interested in the company…
Excerpted from an article originally published in issue 3 of Property Inc. magazine.