CONFIDENCE LINE IN SAND

SEVEN months ago, Gold Coast property doyen Max Christmas spoke about the potential impact to the city’s reputation if ambitious high-rise projects on the beachfront failed to fire.

He singled out luxury towers on the Spirit and the Jewel sites in Surfers Paradise and the need to protect foreign investment.

“If we have a failure at Spirit and failure at Jewel, how do we counteract that? How many years does that put us back?” he posed at the time.

Mr Christmas, who has forged a successful career on the Gold Coast over five decades, was speaking before the heightened drama of Brexit and tensions between the US and China, which continue to affect the world economy.

Elsewhere in Australia, the economy has been stagnant, forcing companies like The Star Entertainment Group to cut up to 400 of its 2000 salaried staff. While employees across the group await news of their fate, the gaming giant has re-enforced its commitment to the Gold Coast by standing by its $2 billion masterplan to eventually house seven towers at its Broadbeach site.

The State Government is forging ahead with plans to explore a global tourism hub and, today, at least one of Mr Christmas’ wishes appears as if it will be granted.

News that the new consortium behind the Spirit site wants to develop the planned 89-floor tower, and include a beachfront hotel, is a welcome injection to business confidence.

The Gold Coast has gone through a federal election and State Budget in less than a month. There has been little trimmings for a city punching well above its weight.

City leaders have spoken about the need to generate foreign investment and lure global corporates to further diversify the Gold Coast economy.

While there is a ways to go yet, today’s story shows the city remains an international magnet in a sometimes volatile period for international investors.