MONEY NO OBJECT FOR $1B TOWER

FOR the owners of the Jewel triple towers on Surfers Paradise beachfront, “money is no object”, according to a source.

Despite a week of upheaval for workers and contractors at the site of the $1 billion-plus apartments and hotel development, a spokesman for Jewel’s owners Yuhu Group said its completion was not dependent on sales.

“This is not a project where you have to sell an apartment, then you can finish that part of the build,” a spokesman said.

“That is how some apartments are built but that is not how this operating.”

Yuhu Group has refused to release sales of the 512 apartments but a source close to the project yesterday said 40 per cent of 232 apartments in Tower One were signed up.

Towers two and three had not been “actively marketed yet.” That means 18 per cent of the apartments are spoken for.

A source also said the cost of Jewel – long referred to as a $1 billion development – was now in the vicinity of a $1.4 billion project and “money was no object” for Yuhu Group.

A contractor said: “Money is an object for me. If money is no object then tell them to pay my contract out.”

Picture: GLENN HAMPSON Jimmy Huang of Yuhu Group earlier this year on site. A source involved with the company’s Jewel development says “money is no object”.