ATP half-year investment return doubles to 9.4% aided by equities

first_imgLooking ahead, though, he said it was worrying that many investors were willing to take on ever greater risks in exchange for a still smaller expected return.“We therefore remain very focused on risk management,” Stendevad said.In absolute terms, ATP’s investment portfolio made a DKK8.8bn return in the first half, before tax and expenses, compared to DKK4bn.Out of the five risk classes within its investment portfolio, equities produced the highest return at DKK6.9bn, with listed Danish equities generating a return of DKK3.2bn.Unlisted equities returned DKK2.4bn, and listed global equities returned DKK1.3bn, which the pension fund said was one of the largest contributions that category had made to its overall investment returns for several years.Private equity — which at DKK30.8bn in assets makes up nearly half of the DKK63.3bn equities portfolio — produced a return of DKK2.4bn in the six-month period.“The return was achieved broadly across the portfolio thanks to high sales activity and positive earnings and debt repayment trends in underlying portfolio companies, underpinned by positive developments in the valuation of comparable listed companies,” ATP said.The equities, interest rates, credit and commodities risk classes all made positive returns in the first half, while inflation posted a loss of DKK1.4bn.Within this latter risk class, ATP said properties and infrastructure investments had made profits but that insurance strategies against interest rate increases had made a DKK3.3bn loss, mainly because of falling yields on long-dated European bonds in the reporting period.ATP’s hedging portfolio of bonds and interest-rate swaps — which makes up the bulk of the pension fund’s assets — produced a return of DKK51bn in the first half as a result of falling interest rates.The fund said its guaranteed pension liabilities increased correspondingly — which it said meant the portfolio had served its purpose of protecting guaranteed pensions from interest rate fluctuations.After tax, hedging activities made a DKK741m loss in the period — less than half the DKK1.5bn loss reported for the first half of 2013. Investments at statutory Danish pension fund ATP returned 9.4% in the first half of this year, and increased group profits to DKK7.7bn (€1bn) from DKK1.3bn in the same period last year, as equities produced strong gains and hedging losses narrowed.The return from the investment portfolio was double the 4.7% generated in the first six months of 2013.One of the biggest institutional investors in the world, ATP saw its group assets increase to DKK640.7bn at the end of June from DKK592.5bn at the end of December.Carsten Stendevad, chief executive of ATP, said: “Virtually all the markets that ATP invested in posted gains, and our active trading strategies also proved successful.”last_img read more

Number of Russian pension providers shrinks as Safmar acquires trio

first_imgThe newly merged entity has combined pensions savings of RUB177.3bn (€2.45bn), reserves of RUB8.3bn, a clientele of more than 2.265m in the mandatory second pillar and 75,800 covered in voluntary pensions.The deal propels Safmar into fourth place in terms of pensions savings and fifth in terms of second-pillar clients.The company told IPE it expected the reorganisation of Doverie, the group’s fifth NPF, to start next year.Other financial groups are also in the process of consolidating their pension funds to achieve economies of scale.In August, Gazfond announced that it was planning a merger with the three NPFs in the Alor Group – KIT Finance, Promagrofond and Naslediye (Heritage).This transaction would make it the biggest in terms of savings and members, displacing the current market leader Sberbank.Russia’s compulsory pensions system had, at the end of June, savings of RUB2,023bn and a membership of 29.93m, according to CBR data.While savings grew by 17.6% since the start of the year, and members by 13.7%, the number of funds licensed to provide second-pillar coverage fell by 10 to 55, of which 46 were members of the Deposit Insurance Agency.While some had their licences annulled by the CBR for various violations – six in June alone – consolidation is likely to be the main force for falling numbers.Last month, Vladimir Chistyukhin, a deputy governor of the CBR, told Russian television he expected this process to bring the number of DIA-guaranteed funds to 30. Consolidation continues to drive down the number of Russian non-state pension funds (NPFs) providing compulsory pensions insurance.On 6 September, Safmar announced the completion of its merger with the European, Regionfond and Education and Science pension funds, all part of the Safmar Financial Group (formerly the BIN Group).Safmar itself is the renamed Raiffeisen NPF, which BIN acquired from the Austrian parent bank in October 2015.The merger process started this year, receiving approval from the Federal Antimonopoly Service of the Russian Federation in May, and from the Bank of Russia (CBR), the pensions regulator, in August.last_img read more

PensionDanmark, Danica invest $300m in new ship leasing fund

first_imgDanish pension funds PensionDanmark and Danica Pension have backed the launch of a $300m (€279m) shipping fund run by Navigare Capital Partners.PensionDanmark has put $200m into the vehicle, it said. Navigare has also invested in the fund – Maritime Investment Fund I – which will buy, lease, and sell ships.Jesper Langmack, investment director at Danica Pension, said: “We are investing in a strong and experienced team with a broad set of skills, and this – together with the attractive price on new as well as secondhand vessels – is a key reason why we see this as a good investment.”Torben Möger Pedersen, chief executive of PensionDanmark, told IPE that because the investment is very different from its other infrastructure assets, the pension fund is creating the new asset class of shipping within its overall €26.4bn portfolio in which to categorise the fund. “The returns will probably be more volatile on a yearly basis than infrastructure investments, and will be heavily correlated with the world trade cycle, but over a business cycle we will generate a high return,” he said.“From a risk point of view, it has more in common with private equity, but it is difficult to put it in one particular box, so we have decided to create the new asset class of shipping.”PensionDanmark already has exposure to the shipping sector via its equities investments, he added.“If this turns out to be a success over the coming years, we will be willing to put more into [the fund],” Möger Pedersen said.With capital from the three founders, the new fund, Maritime Investment Fund I, will build a diversified portfolio of maritime assets including dry bulk, product, and container ships, as well as crude oil and chemical tankers. These will be leased out to operators on contracts of varying lengths.The ships will be sold after a period of ownership depending on market conditions, PensionDanmark said.The three parties said the fund would eventually invite other institutional investors to participate.Möger Pedersen said the fund’s launch was the result of several months’ work.“PensionDanmark has been in discussions with a range of parties within the shipping industry with regard to a cooperation in the maritime sector,” he said.Infrastructure was the strongest performing asset class for PensionDanmark in 2016, generating 10.9% compared to the pension fund’s overall investment return for the year of just over 7%.last_img read more

Court rejects mismanagement investigation of Dutch sector scheme

first_imgThe court largely blamed the VO for the troubled relationship with the pension fund’s board.“The conclusion is that the VO is unwilling to contribute to a workable relationship with the board as well as the supervisory board,” it said.Although the court said it was unfortunate that the pension fund had placed an unofficial version of its annual report on its website, it concluded that this was not a valid reason to question the scheme’s policy.In a response, the VO called the verdict “unsatisfactory” and said it also disagreed with the limited role the corporate court saw for the VO.“This way, it is no more than a discussion group,” commented Hans van Meerten, the pensions lawyer representing the accountability body.In his opinion, the upcoming evaluation of new governance legislation would be a good moment for the political parties to clarify the VO’s role.Van Meerten said that the VO was considering further legal steps, as the verdict could still be challenged at the high court (Hoge Raad).The pension fund’s board said it was pleased with the conclusion of the corporate court.Last September, it warned that the VO’s decision to ask for a court’s assessment of the board’s work could “seriously delay” the scheme’s plan to join PFZW as well as the implementation of its pension plan. At the time, Rob van Leeuwen, Tandtechniek’s chairman, said that the board’s decision to liquidate and transfer pension rights to PFZW was supported by its independent internal supervisors (RvT).“And our annual reports have always been approved by both the RvT and the external accountants,” Van Leeuwen added.Four years ago, the VO accused the board of “substandard performance”, such as relying too much on its pensions provider and asset manager Syntrus Achmea, and waiting too long to introduce a strategic interest rate hedge as well as a dedicated risk committee.At the time, it noted that the combination of necessary rights cuts and lack of indexation had caused participants to lose 30% of their pension rights.At the end of November 2017, funding of Tandtechniek stood at 92.2%. As a consequence, the scheme’s participants are most likely facing another significant rights cut when Tandtechniek joins PFZW. The Netherlands’ corporate court will not instigate an investigation into possible mismanagement at the Dutch pension fund for dental technicians (Tandtechniek).It rejected the demand for an investigation by the scheme’s accountability body (Verantwoordingsorgaan, or VO), concluding that the VO’s interpretation of its own role was “too liberal”.Last year, the VO brought the court case – the first ever initiated by an accountability body – as it was dissatisfied with the pension fund board’s policy. The accountability body also asked the court to sack the board and replace it with an administrator.However, the court verdict said the VO had failed to appreciate its role, explaining that case law showed the accountability body was meant to advise on decision making and policy rather than take action directly.last_img read more

Netherlands roundup: Parliament rejects minimum discount rate

first_imgTheDutch parliament has rejected proposed legislation to temporarily introduce a minimum discount rate for liabilities.The bill – aimed at preventing unconditional cuts of pension rights in 2020 and 2021 – was tabled by Martin van Rooijen, MP for the political party for the elderly (50Plus).The proposal provided for a minimum discount rate of 2% for a period of no longer than five years, to cushion the negative effect of the European Central Bank’s (ECB) quantitative easing policy on pension funds’ liabilities.Pieter Omtzigt, MP for the Christian Democrats, said he acknowledged that the ECB’s policy posed a problem, but emphasised that a discount rate linked to market rates fitted the current pensions contract. “Once we opt for adjusting the discount rate, we also need to abolish the market valuation of assets,” he argued.The bill was also supported by socialist party SP and the Freedom Party (PVV). Rik Grashoff, MP for the SP, said that applying the risk-free market rate for the discount rate was not the only logical solution, and tabled a motion requesting a further evaluation of the financial assessment framework (FTK).Van Rooijen said he was convinced that parties that didn’t support his bill would come up with another way of preventing rights cuts.Employees have to wait for provider choiceWorkers who want the option of transferring their pension rights to another provider will have to wait until a new pensions system has been introduced, social affairs minister Wouter Koolmees has indicated. Wouter KoolmeesIn a letter to parliament, he said that there were too many obstacles in the current system. Members of the Netherlands’ lower house had asked Koolmees to investigate the impediments for freedom of choice for the transfer of pension rights.Although Koolmees recognised that transferring accrued pension rights to an alternative fund could be attractive, he mentioned risk selection as a potential problem.In his opinion, the targeted advantage for the participant would cause disadvantages and costs for the other participants, which could undermine the principles of solidarity and collectivity.He added that risks would differ by sector, and this could only be addressd by raising contributions for everybody.According to the minister, costs would be a barrier for freedom of choice, citing the costs of quotes by both the desired and the current provider.Koolmees also questioned whether employers would be pleased with these consequences.Multi-pension fund HaskoningDHV to merge into single schemeThe €1.5bn multi-company scheme of Dutch consultancy group HaskoningDHV said it would merge its two compartments, as the funding gap had almost closed.The model is very rare in the Netherlands, and was established in 2015 when the companies Royal Haskoning and DHV merged.At the time, the coverage ratios of their respective pension funds were too different to fully merge without imposing benefit cuts.With the recent introduction of the general pension fund (APF) in 2016 as an alternative consolidation model, multi-company schemes will no longer be possible in the future.In a newsletter, the pension fund said the €900m DHV compartment had benefited from rising equity markets and higher interest rates, and that its funding had come very close to the 113% funding ratio of the Haskoning compartment.If there was still a funding difference at the intended merger date of 30 June, pension rights of participants in the Haskoning compartment would be increased to equalise funding in both compartments, the scheme said.It added that the remaining assets would be use for a one-off increase of the reinsured pension rights, as a compensation for a future lack of indexation.As a benefit of the merger, the pension fund cited a uniform collective defined contribution plan for all employees as well as less complexity.The collective value transfer as part of the change is subject to the approval of pensions watchdog DNB.Pensions trade body leaks email addresses in privacy mailThe Dutch Pensions Federation accidentally added the mailing list for its news updates to an email about the EU’s new privacy legislation.As a result, the email addresses of more than 1,300 recipients of its news emails were visible.In its email, the industry organisation had asked the people on its mailing list to reconfirm their wish to keep on receiving the federation’s messages, in accordance with the EU’s General Data Protection Regulation, introduced last week.“The list had accidentally been left as an attachment to the email,” explained Mandy Ros, spokeswoman for the Pensions Federation.She said that the mistake had been noticed within a few minutes and that the message had been withdrawn immediately.As a result, it was not entirely clear how many people had actually received the mailing list.Ros said that the data leak had been reported to the local watchdog for data protection, and that the people on the mailing list had been sent an apology with the request to remove and destroy the attachment.last_img read more

Cheers and concerns over DWP climate amendments to pension bill

first_img“We’ve already introduced regulations that require pension trustees to set out their policy on climate change, but now we’re taking things a step further”Therese Coffey, work and pensions secretaryCoffey said: “We’ve already introduced regulations that require pension trustees to set out their policy on climate change, but now we’re taking things a step further.“I want the UK to continue leading the way on the climate emergency defining the twenty first century.”The government flagged the possibility of mandatory TCFD-based reporting for large asset owners in its green finance strategy announcement last summer. It said large asset owners – and UK-listed companies – would be expected to report on climate change risk by 2022, that the reporting should be in line with the recommendations made by TCFD, and could become mandatory depending on the view of a joint task force of UK regulators.The DWP has been involved in an industry group working on guidance for pension scheme trustees about how they can identify and address climate risk, building on the TCFD recommendations. A consultation on the draft guidance is due to be launched next month.Fergus Moffatt, head of UK policy at ShareAction, said the responsible investment campaign group was “delighted that the UK government is taking steps to implement TCFD on a mandatory basis”.“ShareAction has been working closely with DWP on guidance for pension schemes, and we’re very hopeful these world-first reforms will accelerate climate action,” he added.Vassos Vassou, a professional pension trustee at Dalriada Trustees, argued that making climate change reporting for pension funds compulsory “helps trustees to meet their duties to savers”.“It will help to ensure savers’ assets are invested in the way they want them to be and give trustees a better metric to deliver against.”Some large UK pension funds already report in line with the TCFD recommendations.In 2015 France became the first country to introduce mandatory climate change-related reporting for institutional investors, but this was not on the basis of the TCFD framework, as it had not yet been developed.In the UK, since October last year defined contribution pension schemes with more than 100 members have been obliged to have published a policy on their approach to financially material considerations, including those related to factors such as climate change.Last week advocacy group UKSIF published a report flagging “large-scale non-compliance” with this requirement as well as poor quality policies by those schemes that did publish a policy. “We urge the government to redraft the amendments and clarify its intent and respect for this principle.”“The resulting obligations on trustees could extend far beyond the disclosure that is the main focus of the current statutory regime”Carolyn Saunders, head of pensions and long term savings at Pinsent MasonsCarolyn Saunders, head of pensions and long term savings at Pinsent Masons, said the amendments were “a potential game changer for trustees”.“The resulting obligations on trustees could extend far beyond the disclosure that is the main focus of the current statutory regime to require trustees to place climate change risk and opportunity at the heart of their investment strategies. And the need to publish information relating to the effects of climate change on a scheme will increase reputational risk for trustees and scheme sponsors.”One of the amendments, which have been tabled in the House of Lords, states that “the requirements which may be imposed by the regulations include, in particular, requirements about … (c) determining, reviewing and (if necessary) revising a strategy for managing the scheme’s exposure to risks of a prescribed description”.Stuart O’Brien, partner at law firm Sackers, said he did not read this as “a statement of intent” by the Department for Work and Pensions (DWP) to take action such as requiring certain investment allocations from private pension schemes, but that he could understand concerns about the wording.“It’s possibly a bit of an overreach and it will be interesting to see if that gets tweaked or reined in,” he said.Mandatory TCFD disclosure?The text of the amendments does not name-check the Taskforce on Climate-related Financial Disclosures (TCFD), but several observers view their tabling as the government teeing up mandatory reporting based on this framework.In a statement revealing the amendments’ proposal, the DWP said the Work and Pensions secretary Therese Coffey and governor of the Bank of England Mark Carney met last week to discuss how to take forward the work of the TCFD.According to the DWP, they discussed “pushing pension schemes to do more on climate change”. Climate change-related amendments to draft pension fund legislation tabled by the UK government have prompted words of welcome as well as concern from those in and around the pension industry.The amendments to the Pension Schemes Bill, which has had its second reading in the House of Lords, reserve powers for the government to pass regulations mandating climate change-related reporting by certain pension funds and to impose requirements “securing effective governance” of pension schemes with respect to the effects of climate change.At the Pensions & Lifetime Savings Association (PLSA) there are concerns that parts of the new amendments “would give unprecedented new powers to government bodies to interfere and request changes to private sector schemes’ investment strategies”.“If that’s the case it would set a dangerous precedent and be wholly inappropriate,” said Joe Dabrowski, head of DB, LGPS and standards at the pension fund lobby group. “Nothing should cut across schemes’ fiduciary duty and freedom to invest in members’ best interests – and this will vary scheme by scheme.last_img read more

Dutch multi-scheme to split into three separate pension funds

first_imgIt had subsequently concluded that merging the compartments, to get a balanced result for all participants and pensioners, was too complicated, said Dick Mik, chair of the multi scheme.“We found that, under the current market conditions, a merger would turn out positively for certain groups, but would be negative for others,” he explained.Mik said that the fact that two compartments have reinsured arrangements, whereas the other hasn’t, had made the assessment complex.At the end of December, the coverage ratio for Pon Holdings, Gazelle and Geveke stood at 104.3%, 112.5% and 105.4%, respectively.Mik said the board is aware the new pension funds Gazelle and Geveke are likely too small to continue independently for the long term, and indicated that the ultimate goal is to merge both schemes.“Based on the interest rates level and other market conditions by then, we will assess annually whether the circumstances are right. Meanwhile, we must co-operate and keep down costs by organising the governance and administration in a clever way.”Mik said he didn’t exclude the possibility the schemes will separately join existing company pension funds or an APF, but highlighted that the employer would like to keep the schemes together.“We have already looked at these scenarios and decided not to continue with the options,” he said.Pon is the last multi-company scheme in the Netherlands. The vehicle turned out not to be a success, and no more than four have ever been established.With the introduction of the general pension fund (APF), the existing multi-company pension funds have a five-year period to transfer or liquidate. The Dutch multi-company scheme Pon said it would split into three separate pension funds, as merging its three compartments would be too complicated.On its website, the pensions vehicle of family firm Pon, said it aimed to complete the move before next year, when the multi-scheme – the predecessor of the consolidation vehicle APF – ceases to be legalThe new pension funds will be the €974m scheme of Pon Holdings with 8,700 participants, the €121m pension fund of Gazelle (1,700 participants) and the €153m closed scheme of Geveke (2,000 participants).Last year, Pon announced it had rejected the option of placing the three schemes in an APF, in part because of high costs.last_img read more

Auction preview: top 3 Gold Coast homes going under the hammer

first_img38 Allambi Ave, Broadbeach Waters. 1027 & 1031 Currumbin Creek Rd, Currumbin Valley. 38 Allambi Ave, Broadbeach Waters.“It’s sort of like a mid-century Palm Springs inspired home,” she said.“We’ve had crazy interest — over 90 groups have been through the open home (and) we’ve had seven second inspections.”The four-bedroom, two bathroom home sits on a 551sq m block and has open living areas, a courtyard, study and tiled pool.Mrs Lenaghan expected a crowd at the auction on Saturday at 11am but said it was always difficult to determine whether a home would sell. 1027 & 1031 Currumbin Creek Rd, Currumbin Valley. 38 Allambi Ave, Broadbeach Waters. 61 George St, Burleigh Heads.“Perched in the prestigious, elevated Burleigh Hill enclave and boasting sweeping panoramic views, which encompass the iconic Gold Coast city skyline and (ocean), this highset home is simply without comparison,” it said.“Designed to maximise its superb views, the floorplan delivers five levels of indulgent living and entertaining in a secluded, luxury setting.” 1027 & 1031 Currumbin Creek Rd, Currumbin Valley.“It’s just one of those homes that are rarely on the market,” he said.“You’ve got two properties there on the one title (and) you’ve also got the creek running through.”It has a traditionally styled manor-like house with four bedrooms, separate family and lounge rooms and a deck overlooking the pool.The second residence — a luxury barn-style house — has a ground-floor rumpus room with a built-in bar as well as a flat with three bedrooms upstairs. 61 George St, Burleigh Heads. 61 George St, Burleigh Heads.It features an alfresco dining pavilion with built-in outdoor kitchen overlooking a heated pool, fully integrated CBUS system and keyless entry.In the Hinterland, a stunning Currumbin Valley estate will go under the hammer on Sunday at 10.30am.Marketing agent Richard Snowden, of McGrath Palm Beach, said last week the 2.3ha property at 1027 and 1031 Currumbin Creek Rd was a hidden gem. 38 Allambi Ave, Broadbeach Waters.HOUSE hunters are spoiled for choice this weekend with a variety of homes set to go under the hammer.A renovated Broadbeach Waters home is a standout, blending retro design with modern style.Harcourts Broadbeach — Mermaid Waters principal Wendy Lenaghan said prospective buyers were attracted to the property at 38 Allambi Ave because it was different. 61 George St, Burleigh Heads. 38 Allambi Ave, Broadbeach Waters.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“I think we’re going to have bidders there on the day but whether they’re going to pay the price, you never known with auctions,” she said.Later in the afternoon, a five-storey Burleigh Heads home with breathtaking views of the coastline will hit the auction block at 2pm.Marketing agent Eoghan Murphy, of Sotheby’s International Realty Queensland, described the property at 61 George St in his listing as a hilltop home that was sure to impress. 1027 & 1031 Currumbin Creek Rd, Currumbin Valley.last_img read more

Relax amid riverside elegance

first_img5 Glencoe Crt, AnnandaleIt has 232sq m of under-roof space with an innovative floor plan such as a fully self-contained fifth bedroom, louvred study and huge kitchen that overlooks the deck and pool area. Julie Mahoney from Ray White said the home was a contemporary option for the discerning buyer.“It’s a quality home in a stunning location which is equally matched with a quality product,” she said. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 20205 Glencoe Crt, Annandale“Nothing has been overlooked in terms of the quality of the build and it’s very versatile for small families or extended families.”The house was extensively renovated and an extension added in 2016.The new custom-built kitchen has stone bench tops, an island bench and high-end appliances.All the bathrooms have stone vanity bench tops, floor-to-ceiling tiling and walk-in showers.There is also a self-contained guest suite with its own private entry as well as internal entry into the main house which would be ideal for visiting friends or family.The gardens are irrigated while there is solar hot water, CrimSafe screening and workshop with its own water, power and adjacent toilet. 5 Glencoe Crt, AnnandaleNESTLED next to the Ross River lies this quality Annandale home.The home at 5 Glencoe Court has five bedrooms, three bathrooms and four car spaces on an 802sq m block bordering the river.center_img 5 Glencoe Crt, AnnandaleOwners Paula and Stephen Miller said the neighbourhood was quiet and friendly with a nice mix of families.“We all get together for a barbecue every six months or so under the big trees on the riverfront,” they said. “Some have lived here for 20 years, others like us are relatively new and we were warmly welcomed. “People look out for their neighbours, are considerate, have a chat, but are not intrusive. “Everyone waves, children in the street are polite and friendly.”last_img read more

Gold Coast home with ‘secret room’ most popular in Qld

first_imgLiving at Sovereign Islands brings 24/7 security, parklands and canal views.Other features include a home theatre, CBUS wiring, ducted airconditioning, Living at Sovereign Islands brings 24/7 island security, parklands and canal views. >>FOLLOW EMILY BLACK ON TWITTER<< There are almost too many chandeliers to count in the Sovereigh Island home.The single-storey house on a massive 1618sq m double block, in the prestigious Kensington Mews estate on the Gold Coast has a false wall, just push on it to reveal the media room. TOP SPOT: Queensland’s most viewed property was 2-4 Kensington Mews, Sovereign Islands.A GRAND canal frontage home, with a “secret room” has topped the popularity chart int Queensland this week.Data from on the most viewed property in the state showed that 2-4 Kensington Mews, Sovereign Islands, emerged on top this week. Just push on the makybe timber feature wall to reveal the ‘secret’ media room.Amir Prestige sales agent Ivy Wu, who is marketing the property with colleague Isaac Kim, told The Courier-Mail those who had inspected the home had loved the entrance and makybe timber feature wall opening to the media room.“They’ve got a really beautiful curved wall and as soon as you push the wall it actually turns out to be a media room,” Ms Wu said.She said it was rare to have a single-storey house on a double block.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago Loaded with feature, the kitchen has marble benchtops and a butler’s pantry.The opulent kitchen was loaded with fittings and features, including thickset marble benchtops, integrated fridge and freezer and butler’s pantry.There are multiple places to entertain, including an extended open plan outdoor area with a built-in barbecue.center_img It’s rare to find a single-storey home on a double block in the Kensington Mews estate.“It’s only six years old and it’s a very functional home,” she said.“It has open plan living and it would suit a family with young kids, because it has a kids wing and it has a beautiful master bedroom facing the pool. “It offers the great privacy as well.” The home’s water feature entrance.This home seems to have it all — soaring ceilings, too many chandeliers to count, a water feature, atrium garden, pool and spa. The five-bedroom, six bathroom, four space car house is booked in for a 6pm auction on Wednesday, September 5.last_img read more