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THE $1 billion Jewel development in Surfers Paradise will boast five construction cranes on site within the next month as developer Wanda Ridong formalised its construction contract with Brookfield Multiplex today.
The triple-tower project, which has been six years in the making, will finally get its first crane this week, kicking off what Wanda Ridong has lauded as a major jobs booster for the local economy.
The developer estimates the project will support up to 1000 construction jobs over three years and an indirect workforce of 2700.
The signing of the construction agreement was accompanied today with the pomp and ceremony of an official signing as Chinese representatives of Wanda Ridong flew into the Gold Coast to meet at Palazzo Versace with Brookfield Multiplex and the Minister for Infrastructure and Planning Jackie Trad.
"Jewel will be the finest residential and hotel development ever seen in Australia, with levels of luxury never previously experienced here," says Chen Guocai, vice-president of Wanda Commercial Properties.
"It will be one of the world's most instantly recognisable buildings, in one of the world's most spectacular locations.
"Wanda is very excited to be working with Brookfield Multiplex to bring this vision to life."
Wanda Ridong announced Brookfield as the builder of the project in January, which led to construction work starting on site in early March.
The Chinese developer today vowed to use Australian steel on the project, and it also expects an immediate boon for local suppliers and contractors as the work schedule ramps up.
The bases of each of the three towers of Jewel will require $1.5 million in concrete and $1 million each of reinforcement steel.
The construction of Jewel, one of the largest residential rsort projects undertaken on the Gold Coast, will require a 24-hour continuous concrete pour which will see about 10 concrete trucks lined up on site at any time.
The project will ultimately comprise 512 residential apartments, a 169-suite five-star hotel, and high-end retail and restaurant precincts.
The value of the construction contract is more than $700 million.
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