Developers building more than 2000 apartments in Brisbane’s $3 billion Queen’s Wharf casino-resort project have been given almost 20 years to complete the triple towers.
According to The Australian, the 50-50 joint venture between Hong Kong-listed Chow Tai Fook and Far East Consortium has until 2035 to build between 2000 and 2200 apartments with a total investment of about $900 million and a 167,000sq m gross floor area, though it is believed that they will try to complete the towers before the deadline.
The Destination Brisbane Consortium, a joint venture led by Australian gaming operator Star (50 per cent), Far East Consortium and Chow Tai Fook (25 per cent each), has a deadline of 2022 to build the casino, hotels and public space, and has until 2024 to redevelop the existing Treasury casino into the Ritz-Carlton hotel and a shopping centre.
Presales in the Perth residential and Ritz-Carlton hotel development, The Towers at Elizabeth Quay, reached $277m by Sep. 30, almost 60 per cent of expected sales.
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