Foreign investor visa delays holding up $40m Mantra Group resort at Wallaroo, says developer

The developer of a $40 million Yorke Peninsula resort says a visa backlog is delaying construction of the 100-apartment project.

An early artist’s impression of the proposed Wallaroo Shores resort.

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The developer of a $40 million resort on Wallaroo says a visa backlog is delaying construction of the 100-apartment project, which is more than two years behind schedule.

Monopoly Property Group has lobbied the state Government and federal MPs to help fastback business visas for foreign investors buying apartments in the proposed four-star beachfront complex.

The resort is the first stage of the planned $220 million Wallaroo Shores resort and housing estate — an 18.5ha redevelopment of a former industrial site featuring 656 homes, a lifestyle village, shopping and medical centre.

SA-based MPG announced in May 2016 that the Mantra-operated resort would open at the end of the year.

MPG executive director Alex Paior said 12 apartments had been sold with deposits paid on another 53 properties.

He said the “the large majority” of investors were from overseas, who would be permanent residents of SA once their visas were approved.

“The State Government has requested the Federal Government to fastback these applications because of the benefits to the region … we hope it will be done fairly soon,” he said, adding they needed another five visa approvals to begin construction.

“We are very confident the balance (of apartments) will be sold shortly, these are cash buyers, they are subject only to the issue of business visas.

“A number have already been approved (their visas) and the rest are in the process.

“These applications are by people who are proven businessmen and women, they have to invest a very large sum of money, it must be cash money.”

Company chief executive Ben Howard said it did not anticipate the visa delays.

“This is an opportunity for this project to create 1000 full-time direct jobs and 2000 indirect jobs, we’ve got people prepared to fund tourism and put their money down,” he said of the project.

He said investors had waited up to 12 months for their 123 Business Talent visas, which require applicants to have assets of $1.5 million and business turnover of $3 million.

He said the company has targeted “high net-worth” investors in Malaysia and Vietnam to buy into the resort because banks would only lend up to 50 per cent of the purchase price for local investors.

He said conventional housing blocks to be sold in the second stage of the Wallaroo Shores project would not be subject to such strict lending criteria.

He added that an unforeseen land purchase had also caused delays to the resort project.

Copper Coast Council is using a $7 million loan to fund a link road through the proposed Wallaroo Shores development, which MPG will have to repay via a separate rate levied on the development.

The road is expected to be finished next month.