RESORT’S $60M HAND
Financial group’s backing of stage one of development another show of confidence in Cairns’ tourism industry
A $650 MILLION luxury resort and tourism proposal near Kuranda has secured vital funding to start the first stage and beyond.
Hong Kong-based Sandalphon Privilege Financial Group is prepared to back the project on 626ha of farmland at Myola west of Cairns.
Reever and Ocean Developments in Macau is planning the KUR-World luxury fivestar 200-room resort, an 18hole golf course, another three or four star 270-room resort, retail and dining outlets, 380 residential villas, a tertiary education campus, sports facilities and other ventures.
Sandalphon Privilege Financial raises money for its investments through a registered mutual fund in Hong Kong and China. “Reever and Ocean is a dynamic and fast-growing property developer in Cairns”, SPF said in a statement.
“Our mission is to be the leading developer of a pre- mium resort and theme park in Australia. Our global group is committed to the development of a premium resort and theme park for the local and international tourists in Cairns.
“Unlike other developers our capital is sourced exclusively from qualified investors and not from banks.”
Reever and Ocean chairman Ken Lee said SPF usually backed real estate but had chosen to invest in his resort.
“They realise that there is a need for an additional luxury resort and theme park in Cairns and they believe Reever and Ocean will deliver a premium eco-resort in the highdemand suburb of Kuranda,” he said.
KUR-World chief operations officer Harry Sou said SPF were prepared to fund the $60 million first stage and was “considering” financing the entire project in stages over seven years.
SPASA Asset Management chief adviser Stephen Wong said SPF’s involvement “speaks to the strong demand for hotels and resorts in Cairns to the tourism boom in recent years. SPF could have chosen any city in Australia and they chose Cairns.”
Night of laughs
HAVE a laugh and support Camp Quality at Comedy and Chords, hosted by Cairns Cooking School tonight. The comics from Guilt Free Comedy, local musician Drewboy and the sound and lighting stars from Jam Productions will provide a night of tasty curries, laughs and tunes, with all proceeds going to Camp Quality. Tickets cost $25.
Drug offending
POLICE have charged a 49-yearold Kuranda man with drug offending following a search of his home. Officers executed a search warrant at a Veivers St address about 8am on Tuesday and allegedly found a number of uncapped syringes and other drug related paraphernalia. He was charged with one count each of failing to correctly dispose of a syringe and using a controlled drug contrary to its intended use. He will appear in the Mareeba Magistrates Court on July 31.
Property theft
FAR Northern police are investigating the theft of property and damage to construction equipment in the Upper Barron region. Radio equipment, fuel, tools, a battery and fire extinguisher were reportedly stolen after entry was gained to a grader and loader that were parked on the side of the road near the Herberton Range Conservation Park, Plath Rd, sometime between June 23 and June 28 while roadworks were being undertaken. Anyone with information should contact Crime Stoppers on 1800 333 000.
Dangerous drugs
A KURANDA woman will appear in the Mareeba Magistrates Court on July 17 after police allegedly found drugs in her home. Officers executed a search warrant at 52year-old’s Green Forest Rd home and allegedly seized a quantity of cannabis, including plants. She was charged with producing a dangerous drug and possession of a dangerous drug.
Ditch plastic
MAREEBA residents are being urged to ditch plastic next month. Mareeba Shire Council is encouraging all residents and business owners to participate in ‘Plastic Free July’. The initiative aims to raise awareness about the problems of single-use disposable plastic.
Range shutdown
THE Gillies Range Rd was closed again about 6.15pm yesterday evening to allow crews remove a truck which crashed earlier.