The sale of a large parcel of land on one of Queensland’s best resort islands has been lined up with a Singapore-based company.
Tower Holdings announced on Tuesday an agreement had been reached and documents signed and exchanged for 970ha of land on Great Keppel Island, off Yeppoon.
The buyer is Singapore-based company Wei Chao, with news reports suggesting a sale price of more than $50 million.
Knight Frank Rockhampton was responsible for marketing the sale, on behalf of Tower Holdings, and principal partner Pat O’Driscoll said expressions of interest had come from all over the world.
“While an agreement has been reached, the sale process is yet to be finalised and we anticipate the sale will be completed within the first half of next year,” Mr O’Driscoll said.
While any sale is subject to State and Federal government approval, current development approvals for the parcel of land include a 250-room beachfront hotel, 300 luxury apartments, 285 luxury villas, 9000sq m of retail shops and a 250-berth marina.
Approval is also in place to increase the island’s airstrip from 800m to 1.5km, which would allow direct flights to and from Sydney, Brisbane and Cairns.
Capricorn Enterprise chief executive Mary Carroll said the proposed sale was exciting news for the region’s tourism industry.
“The next chapter in (Great Keppel Island’s) development will be another game changer for our tourism industry,” Ms Carroll said.
“We all acknowledge that a new resort with mainland connection to water and power will help realise the island’s full tourism potential, creating jobs and growth for our destination.”