$5b Gold Coast development canned by developer
Political fumbling has seen the developer of the massive $4.9 billion super resort on Gold Coast's Wavebreak Island pull out of the project.
Singaporean developer Sembawang proposed a world-class resort that would include two cruise ship terminals for the Gold Coast, a 1500-room international hotel, 400-berth marina and a casino on the Southport Broadwater to the state government in July. Sembawang was involved in the Jumeirah Island development in Dubai and wanted to create Wavebreak Island at least to that standard. It would also fund the capital dredging and ongoing maintenance of the Broadwater to make way for the mega cruiseliners.
Sembawang says the project could have been built in time for the 2018 Commonwealth Games on the Gold Coast.
Sembawang CEO Ric Grosvenor said the company would not proceed with its plans to build the Wavebreak complex after Gold Coast mayor Tom Tate refused to commit to a casino that Sembawang said was critical to the ongoing operations of the site and following premier Campbell Newman's announcement that the site would go to tender.
Last week it was revealed that two international investors were interested in the cruise ship component. Mr Newman said the cruise ship terminal would go to tender after a company run by billionaire Bob Ell wanted to build it at Kirra and a council-funded terminal at The Spit had been put forward.
Mr Tate said he would like the tender process to open by the end of the year and he wanted the site to be home to the "biggest development in the southern hemisphere".
Mr Grosvenor said his decision to put the plan forward was a "great error of personal judgment". He said, "We don't want to get into a bidding competition with our own idea."
Queensland's tourism minister Jann Stuckey says it's disappointing Sembawang has scrapped plans as the development was expected to bring more than 260,000 extra visitors to Queensland by 2018.
Ms Stuckey said she did not know the reasons behind the decision.
Source: AccomNews, 24 September 2012
