The Gold Coast will soon see a new silhouette on its already beautiful skyline.
Owners of the Jupiters Casino are looking to build a brand new skyscraper in addition to its popular hotel that could see visitor number driven even higher on the Gold Coast.
The region has developed as a popular destination for both domestic and international travellers over time, and a new luxury hotel could well see that increase further. With the Commonwealth Games on the horizon for 2018 as well, it is as good a time as ever to develop or buy commercial real estate on the Gold Coast.
The Star Entertainment Group (SEG) which owns the land and Jupiters Casino outlined the plans for the project in a media release. The 200-metre tall tower will include 700 apartments and rooms, which adds to the existing number of over 600 on the site already in the casino itself. There is also a 17-storey, 6-star luxury tower being built on the property at present.
There are set to be over 1,400 rooms available on the plot when construction for all projects is completed, which includes a $345million refurbishment of the casino accommodation.
The total investment planned for the land is around $850million, but that could still rise. The project has the potential to be a highlight for the region as investment around the city continues to pour in. The developments are predicted to provide approximately 1,000 jobs in the construction sector and once completed, Jupiters' workforce could be as high as 2,300 people.
SEG CEO Matt Bekier is optimistic about the investments that are going into the Gold Coast developments.
"We want to be Australia's leading integrated resorts operator and our plans for the Gold Coast are a significant part of that vision," he stated.
A partner in the investment, Far East Consortium (FEC), understands the commitment to the Australian economy and has had years of experience in the region already.
"We have been operating in Australia for more than 20 years and we're excited to be involved with these projects," said FEC managing director Chris Hoong.
The Gold Coast is being cemented as one of the hottest places to holiday in the entire country. Tourism Research Australia (TRA) found that tourist spending was at $56.9billion for the year ending September 2015, up by 6 per cent. A total of 318million nights of tourist accommodation were recorded in the same period.
In a TRA Gold Coast Visitor Satisfaction Survey, 11 per cent of people questioned stated that the main reason for visiting the area was the beautiful beaches, while 22 per cent were there for a specific event or festival. Beachfront commercial property could benefit from the continued maintenance of the popular locations as tourists continue to spend holidays there.
What's more, the Gold Coast Tourism Corporation (GCTC) stated in a media release that the announcement of year-round flights between the Gold Coast and Hong Kong would significantly increase the number of Chinese tourists to the south-east of the Sunshine State.
"To fully optimise tourism demand from China, continued development of aviation access is critically important and will remain a priority for Gold Coast Tourism going forward," said GCTC CEO Martin Winter.
"Following an impressive 15 per cent increase in the number of Chinese visitors to the city, China now equates to 24 per cent of all international visitors to the Gold Coast, making it our largest inbound market."
Taking the example of SEG and its investment strategy in the region, boosting tourist numbers to the region is a significant consequence of investment and development.
For owners and investors in the Gold Coast, buying commercial property on the Gold Coast could be the most shrewd financial move you make, so talk to the experts at Ray White Surfers Paradise and see what the team can do for you.