Sod turned on Gold Coast’s landmark Jewel development
Construction has begun on the $970 million Jewel three-tower development on the Gold Coast, which is tipped to see an influx of Chinese tourist and investor dollars, dramatically boosting the Coast’s high-end market.
With ground works underway, the ambitious project has been further cemented by China’s Wanda Ridong Group publicly signing its construction deal with Australia’s biggest builder Brookfield Multiplex.
Jewel will be Australia’s largest beachfront mixed-use development and the first absolute beach front development on the Gold Coast in more than 30 years.
Acting Premier Jackie Trad says the project is a billion dollar vote of confidence in the Gold Coast property and tourism market.
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“Once opened in early 2019, the Jewel will be Australia’s largest hotel and residential complex, and such a significant investment from China’s private sector shows the value the international market places on this booming tourism hub right here in Queensland,” Trad says.
Queensland saw a 51% hike in overnight visitor expenditure by Chinese visitors last year, to more than $950 million.
Developed through a joint venture of Chinese giants Wanda and Ridong Group, Jewel includes three towers that will have 512 one, two and three-bedroom apartments and luxury residences, about 170 hotel rooms and a series of high-end retail and dining precincts.
The apartments are expected to include $15 million-plus residences in the striking curved crystalline towers.
Designed by US architect Chad Oppenheim, of Oppenheim Architecture and Design, with local input from Barry Lee of DBI Design, the first tower will be 42 storeys and the third tower 35 storeys.
Much interest has been focused on the 46-storey second tower, which is expected to be launched to the market in mid-2016, and will feature four penthouses and eight sub-penthouses, along with a 15-level hotel.
Jewel will be Australia’s largest beachfront mixed-use development and the first absolute beach front development on the Gold Coast in more than 30 years
“Jewel will be transformative for the Gold Coast as it will bring a new level of sophistication and innovation while creating the city’s largest and most diverse beachfront food and entertainment destination,” Lee says.
The project, located on Old Burleigh Rd, Broadbeach, sits on 1.2ha of beachfront land and boasts 130m of absolute waterfront.
The development will also feature three levels of basement parking to accommodate 816 cars.
Prices start just below $1 million for a one-bedroom serviced apartment, rising to a multimillion-dollar four-bedroom penthouse.
Brookfield Multiplex says the project is expected to be completed by March 2019.