Star Entertainment says it has received approval from the Queensland government for the expanded masterplan for its Gold Coast resort.
The approval allows for four extra towers with permitted maximum heights of 52-74 stories and an eight-story podium to be developed on the site. This excludes the 53 story Dorsett Hotel and apartment tower for which development approval was received in December 2016 and construction works have commenced.
“The approval of this masterplan by the Queensland Government is another significant milestone in the transformation of The Star Gold Coast as a world-class tourism asset,” Star CEO and managing director Matt Bekier said in a release to the Australian Stock Exchange. “We are great believers in the future of the Gold Coast and the significant tourism appeal of South East Queensland, both to domestic and international tourism.”
Star is developing the project along with Hong Kong’s Chow Tai Fook and Far East Consortium and is counting on rising tourism from Asia.
Construction of the first mixed tower, which is already underway, is expected to be completed in FY2022. The first tower will have over 700 keys, doubling the number of keys at The Star Gold Coast.
Star and its joint venture partners are also developing another IR on the Queen’s Wharf in central Brisbane.