$1 billion Surfers Paradise highrise starts construction today

CRANES are officially back on the horizon as construction starts on the long-waited $1 billion Surfers Paradise Jewel highrise.

CONSTRUCTION has this morning started on the $1 billion Surfers Paradise Jewel highrise building after nearly four years of planning.

The three-tower luxury Wanda Ridong Jewel development will have 500 apartments, 171 hotel rooms and dozens of luxury retail precincts when completed.

NERANG HIGHRISE PROPOSED

The project was believed to be on the rocks until August last year when Wanda forked out $290 million to start construction.

Riding's proposed $900 million tri-tower project, Jewel, which is planned for Surfers Paradise.

Wanda is an arm of Beijing corporation Dalian Wanda, headed by one of China’s richest men, Wang Jianlin.

The project has been designed to look like three jewels shining on the Gold Coast horizon.

Wanda Ridong Gold Coast director of sales, Andrew Bampton, said the project would boost the city’s economy.

“We’ve chosen right here on the Gold Coast’s iconic shoreline as one of the most lucrative hot spots for capital growth in the coming years, offering buyers unparalleled luxury, world-class design and unrivalled standards in beachfront living,” Mr Bampton said.

Artist’s impression of the $950 million Jewel developmnet in Surfers Paradise.

Minister for Tourism Kate Jones and Mayor Tom Tate officially opened the construction site today.

“Jewel will be the most significant development on the Gold Coast since the GFC, and the first true beachfront residential resort in more than 30 years,” Mr Bampton said.

“This investment is a $1 billion vote of confidence in the city of the Gold Coast and in Queensland.”