Gold Coast development: $1.4B Jewel towers decade-long history since its 2011 unveiling

The $1.4 billion three-tower Jewel development on the Surfers Paradise beachfront was supposed to be the Gold Coast’s ticket out of the economy doldrums. But no residents have moved in, a decade after it was first unveiled. This is why. READ THE FULL STORY >>>>

THE giant three-tower Jewel development has become a focal point of the Gold Coast skyline.

The project’s crystal-inspired buildings loom over the Surfers Paradise beachfront – yet few have actually lived inside it.

Amid the biggest development boom in more than 30 years, very few units within Jewel have actually sold, while other, newer projects are selling out in record time.

It is the latest step in a story that began 10 years ago this month when the development was first unveiled.

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The Surfers Paradise Jewel towers as they appear today Picture: Luke Marsden

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Valued at more than $1 billion, Jewel was billed as the Gold Coast’s ticket out of the global financial crisis (GFC), which had left the development industry on its knees.

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Jewel was front-page news when put forward by Chinese developer Ridong, amid weeks of headlines surrounding the council’s controversial Allconnex water entity, the murder of policeman Damian Leeding and that year’s State of Origin series.

Ridong boss Riyu Li said at the time the project would begin construction in late 2012 and immediately inject more than $900 million into the economy.

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“The eco-friendly development, which comes with a five-star green rating, is said to be one of the largest privately funded tourism infrastructure projects on the Gold Coast in a quarter of a century,” the Bulletin reported at the time.

Ridong CEO Steve Haggart said at the time that the project would ‘‘inspire a new era of

inbound tourism to the city’’.

‘‘The design is born of the Gold Coast’s geology,’’ he said.

‘‘Crystals found in the region stimulated our design team and provided the ultimate direction for the architecture.’’

The original artist impression of the towers.

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The Gold Coast City Council approved the project in late 2011.

Less than a year later, however, there were fears the project would fail to be realised, as a group of wealthy Brisbane-based families had lodged objections against the project in the Planning and Environment Court.

But the political landscape had changed dramatically in the previous year, with Tom Tate elected Gold Coast Mayor and the Campbell Newman-led LNP in power at a state level.

With more than 2500 jobs at risk, Deputy Premier Jeff Seeney in July 2012 used his rare “call-in” powers to give him the sole authority to approve the project, something that could not be appealed in court.

By late 2013, however, work was still to begin.

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More than four years passed between Jewel being proposed and work actually beginning.

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In mid-2014, Ridong struck a deal with China’s richest man, multi-billionaire Wang Jianlin, the chairman of Beijing super corporation Dalian Wanda, to partner on Jewel and fund its construction.

Brookfield Multiplex won more than $500 million of contracts to build the Jewel.

Demolition works to clear the site finally began in late 2014 and construction began on the new towers in March 2015.

By this time the Newman government was out of power and Labor was again running Queensland.

The new government, keen to show its support for the development industry, threw its weight behind the project, with ministers attending a VIP-studded sales launch for the development.

An official ceremony was held to mark the day that Construction officially began on the Jewel development. Among those who attended were then-Minister Kate Jones, Deputy Premie Jackie Trad MP, and Riyu Li. Picture by Scott Fletcher

But difficult times persisted even as the towers rose from the ground.

Dalian Wanda sold its 60 per cent share in the development in early 2018 to Yuhu Group, while hundreds of workers on the site walked off the job and went on strike later that year over a contract dispute.

By 2020 the towers were completed but still yet to open.

It was revealed in December 2020 that more than $100 million worth of renovations would be needed to complete the project, pushing its opening back to 2022, 11 years after its original unveiling.

Gold coast Supertowers Jewel still lay idle waiting to officially open. Picture Glenn Hampson

Hotel brand Langham had demanded new designs for its rooms, arguing the hotel had to be a “luxury” development and not just “a regular four-star Australia Hilton”.

Despite not opening to the public, it has won several awards, including three recent gongs at the Landscape Queensland Construction Excellence Awards.

In March this year the Bulletin revealed that as few as 12 units had sold in the six years since apartments had been put to the market.

While Jewel has struggled with its long journey from dream to reality, several other major projects, such as Star’s multi-billion Broadbeach Island masterplan and Meriton’s Ocean supertower, have risen quickly.

All eyes are now on 2022.