The Gold Coast is firmly on the radar of global heavy-hitters with China’s richest man committing $900 million to the city’s largest ever beachfront development, Jewel.
The move by Wang Jianlin, chairman of Hong Kong’s Wanda Group, means construction of the triple high-rise tower resort will begin next year with completion by 2018.
Jewel’s 1.13 hectare beachfront site, just south of Surfers Paradise, can house a total floor area of 146,000sqm.
The parcel has approval for up to three skyscrapers containing a five-star hotel, apartments, restaurants and cafes.
One of the high-rises will house a Wanda Vista five-star resort while the other two towers will comprise serviced apartments.
Designed to symbolize three crystals on a beach, the project is Wanda’s fifth overseas hotel project announcement.
Ray White Surfers Paradise CEO Andrew Bell said Mr Jianlin’s decision to invest on the Gold Coast highlighted its appeal to astute global investors.
“Mr Jianlin operates on an international scale and could pursue development opportunities anywhere in the world – he has chosen the Gold Coast to make a major property investment and that speaks volumes for the future of our city,” he said.
“His investment of close to $1 billion tells me the Gold Coast is firmly on the radar of international investors as a hot spot for growth.”
Gold Coast Mayor Tom Tate said the involvement of Wang Jianlin in the project had put the Gold Coast in front of the international investment community.
“They have shown a huge vote of confidence in the city and the market, which I know will be heard loud and clear right across Asia,” he said.
“It is a world-class project that will become a tourism drawcard.
“The Gold Coast is in the midst of a renaissance as we work towards the Commonwealth Games in only a few years.”
Mr Bell said Jewel was a massive project for the Gold Coast.
“News that this significant development has financial backing and a start date will boost residential and holiday apartment stocks on the Gold Coast,” he said.
“It is a coup and a significant stamp of approval for the Coast that will have repercussions for years to come.”