Chinese investors snap up Whitsunday island for $25 million

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Chinese investors snap up Whitsunday island for $25 million

August 22, 2016

Daydream Island owner China Capital Investment Group has acquired South Molle island in the Whitsundays in the heart of the Great Barrier Reef for about $25 million.

The perpetual leasehold for the tropical island was put up for sale by long-time owner and tourism investor Craig Ross in April after he received a number of unsolicited approaches from investors and developers.

Up for sale was 12 hectares of developable beachfront land, including a frontage of more than 600 metres to one of the only sheltered north-facing white sand beaches in the region and a secluded 15-hectare parcel in the middle of the island, surrounded by national park.

It also came with an existing 188-room resort and amenities.

The island offered the potential for “unparalleled large-scale development potential”, according to the information memorandum with the opportunity to develop a 1300-room resort, subject to planning approval.

The sale follows Chinese investors having purchased both Daydream Island and Lindeman Island over the past 18 months and announcements of Chinese backed developments including Dalian Wanda’s Jewel project on the Gold Coast and the, currently stalled, Aquis development near Cairns.
Hong Kong billionaire Tony Fung’s recent $40 million acquisition at Surfers Paradise.

11th October 2015 - MULTI-MILLION DOLLAR SALE PRICE EXPECTED FOR HERON ISLAND RESORT

7th June 2015 - TIRED ISLAND RESORTS HURT THE APPEAL OF GREAT BARRIER REEF TOURISM

20th May 2015 - NEW OWNERS MOVE FORWARD WITH LINDEMAN ISLAND RESORT DEVELOPMENT

2nd February 2015 - CHINESE INVESTORS BUY DAYDREAM ISLAND

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