Questions over Spirit
Speculation supertower project is under a cloud
LESS than a month after sales opened in a VIP-studded Palazzo Versace launch, 17 apartments have been sold in the lavish Spirit supertower project at Surfers Paradise – however there is speculation the project could be under a cloud.
The Bulletin understands a number of local consultants to the landmark $1.2 billion project have not been paid and that some of their contacts in the Chinese parent company had been uncontactable.
Chinese-backed projects around the world have been affected by a year-long clampdown on foreign investment by the Chinese government.
The squeeze intensified this week when it passed laws officially banning investment from China in overseas casinos and defence technology, and classifying property development investment as “restricted”.
Chinese developer Foriseland, part of Chinese megacompany Fu Hua Group, is behind the luxurious 479apartment project being built on Surfers Paradise Esplanade on the former Iluka site.
The developer’s Australian spokesman Tony Hickey declined to talk about the speculation or how the project was progressing.
“I have nothing I can say about that,” he said. “I’ve been away for a couple of weeks and I’m not able to make any informed comment.”
Sales agent Julian Sutherland of Ray White Special Projects said his campaign for the luxury development hadn’t skipped a beat.
“As far as I’m concerned as the agent, my staff on-site are making sales,” he said.
“Sales momentum has been good – last week we did five and we’re up to 17 sales. Sales have been strong.”
Steve Hunt of PR agency Media Hunt declined to comment while phones at the Broadbeach offices of Eastview Australia, project manager for the development, were not answered late yesterday.
Gold Coast Mayor Tom Tate, Tourism Australia chairman Bob East, Federal Tourism Minister Steven Ciobo and State Tourism Minister Kate Jones were among more than 100 VIP guests treated to cocktails, hors d’oeuvres and an extravagant virtual tour of the development.
The project’s two-storey penthouse spanning 1850sq m comes with a price tag of $41 million which would smash the Gold Coast penthouse record of $9.5 million, set at the Chevron Renaissance in January.
Sales on another Chinesefunded luxury project, the $1 billion Jewel project at southern Surfers Paradise, were suspended earlier this year after the Chinese Government clamped down on funding for former owners Wanda Group, who sold their stake in February. Sales were relaunched by new owners Yuhu Group, which also has its roots in China, last week.