IS THIS THE $5B KICK WE NEED?

IS THIS THE $5B KICK WE NEED?
A $5 BILLION cruise-ship terminal and integrated casino resort planned for the Gold Coast Broadwater has been labelled by its proponents as the catalyst needed to shake the Gold Coast out of the post-GFC doldrums.

ASF Consortium, which is backed by two major Chinese corporations with expertise in development and marine infrastructure, predict the integrated resort development will create 470,000 extra annual visitor stays on the tourism strip and deliver a $14.6 billion economic benefit to the city.

The consortium, which briefed city councillors on its proposal this morning, is widely seen as the frontrunner to develop a cruise-ship terminal on the Gold Coast, although the project is still subject to community consultation and environmental and engineering challenges.

“Our proposal represents the next phase in the evolution of the Gold Coast, consistent with the council’s Economic Development Strategy,” says the ASF Consortium’s project director Allan Fife.

“It provides huge economic benefit to the region through the creation of jobs, sustainable investment and stimulation of the tourism industry,” he says.

Despite today’s announcement, which is designed to give Gold Coasters an insight into the scale of the project, ASF’s existing proposal is still in a state of flux.

The final design will rely heavily on further discussions with the state government and city council, as well as completion of the community consultation program over the next month to vet public views on the project.

Fife says he remains confident that ASF will be able to meet any technical and environmental problems head on as they arise.

Under the existing plan, ASF will develop an integrated resort on Wave Break Island and locate the cruise-ship terminal on The Spit with provisions for extensive public open spaces in both precincts, including a waterfront eco-park.

Fife says changes have already been discussed with the council, including changes in the density of development on The Spit and an alternative location for the cruise ship terminal which is currently earmarked to be built adjacent to Doug Jennings Park.

“We will exhaust all options,” says Fife, who has not ruled out Wave Break Island as the final location for the cruise-ship terminal.

Fife says the only issue that will stop ASF Group dead in its tracks from proceeding with the plan is if the consortium cannot provide the necessary security to the state government that it could deliver the project at no cost to the public purse.

ASF Consortium comprises the Australian listed investment company ASF Group (ASX: AFA), China State Construction Engineering Co Ltd, which is the world’s third largest construction company, and CCCC Guangzhou Dredging Co Ltd, a significant player in dredging and land reclamation for major projects.

Fife says both Chinese partners have extensive experience in projects of this scale.

He says through this plan the Gold Coast has the potential to become the premier cruise destination along the eastern seaboard.

He forecasts 75 ships will be visiting the city annually by 2020, bringing 170,000 passengers to the city.

ASF’s economic analysis of the project has focused on the below-par economic growth the Gold Coast has experienced since 2008, despite a rebound in the tourism market in recent years.

The Broadwater project is expected to create 30,000 jobs in total, leading to 12,300 jobs after completion, it says.

UDIA Queensland vice-president Steve Harrison has welcomed today’s announcement by  AFS Consortium.

“It’s another opportunity for the city to be transformed - and not only the city and south-east Queensland, but the state as a whole,” Harrison tells Gold Coast Business News.

“If an investor is willing to put $5 billion into the city we shouldn’t be knocking that back on a matter of principle. We should allow investigations to be undertaken, including community consultation.”

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...