Jewel triple towers in Surfers Paradise has completion date further delayed
The developer of the perpetually delayed Jewel towers has confirmed they are again behind schedule on work, with border restrictions adding to problems. Here’s when they now expect to be finished.
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THE developer of the perpetually delayed Jewel triple towers in Surfers Paradise – dubbed the city’s Sydney Opera House – confirms it is again behind schedule including work on the highrise with a hotel.
Work on the second tower – containing a Langham-managed hotel with 169 hotel suites and 172 apartments – is running behind schedule and it won’t be ready to open until the final quarter of next year, AW Holding Group business manager Bryan Ge said.
It’s a similar story for the 36-level tower three with the interior fit-outs yet to be completed. But the developer expects to complete settlements for some apartments in the first tower by Christmas.
Construction of the $1.4 billion Jewel has been beset by delays, construction worker strikes at times, constantly extended end dates and at one point the former owner’s chairman’s exile from Australia.
Mr Ge said all fit-out work for apartments and common areas had been completed for the first tower. Work was progressing on the 49-storey Langham hotel but behind schedule. Units in that project would not be sold and instead retained by the developer.
The Bulletin in June reported luxury hotel brand Langham had demanded changes to the interior of the hotel apartments and residences as it did not meet its design standards.
“Multiplex has finished all of the main work and now we are doing the interior – the finish fit-out jobs for tower two,” Mr Ge said. “Some of the shared areas for the residential part are almost finished but the whole hotel portion definitely we will settle stage by stage.”
He said it was similar for the third tower with fit-out work on some high level apartments to be completed. Those apartments are not on the market.
Mr Ge said he was expecting display apartments to open soon in tower two with the “onsite experience centre” still not ready to welcome the public.
Mr Ge said settlements would likely go ahead before Christmas despite difficulties created by interstate and international border restrictions.
Many buyers from Melbourne and Sydney who had bought units as holiday homes would not be able to undertake pre-settlement inspections and would need to nominate someone to do it on their behalf.
“Some talked to me early this week and last week to try to settle in December and they try to buy a ticket but no one can guarantee they will have the chance to be on the Gold Coast in December,” he said.
“(However) we would hope settlements (will be completed) in a couple of months – definitely before Christmas.”
Jewel measures 36, 43 and 49 storeys with a 169-room hotel and 521 separate apartments. Prices have ranged from $4 million for three-bedroom units to entry prices from $675,000 to $799,000.
The latest version of Jewel is managed by Yuhu but owned by AWH Investments. China’s Yuhu Group acquired it from Dalian Wanda in 2018 but in May last year full ownership moved to AWH Investments with a director linked to big China developer Evergrande.
Last year Yuhu then-chairman Huang Xiangmo was exiled when his Australian citizenship application was rejected and residency axed due to Australia’s spy agency holding security fears. His Sydney-based son Jimmy, aged in his 20s, was made chairman.
Jewel is being built by Multiplex and was designed by DBI Design.
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