Sales in $1.2 billion Surfers Paradise Spirit tower strong despite cloud on Chinese funding

LESS than a month after sales opened in a VIP-studded Palazzo Versace launch, 17 apartments have been sold in the lavish Spirit supertower project at Surfers Paradise — however there is speculation the project could be under a cloud.

Artist impressions of the Spirit 89 tower at Surfers Paradise. Photo: Supplied

LESS than a month after sales opened in a VIP-studded Palazzo Versace launch, 17 apartments have been sold in the lavish Spirit supertower project at Surfers Paradise — however there is speculation the project could be under a cloud.

The Bulletin understands a number of local consultants to the landmark $1.2 billion project have not been paid for their work, and that some of their contacts within the Chinese parent company had been uncontactable.

Chinese-backed projects around the world have been impacted by a year-long clampdown on foreign investment by the Chinese Government.

The squeeze intensified this week when it passed laws officially banning investment from China in overseas casinos and defence technology and classifying property development investment as “restricted”.

Chinese developer Foriseland, part of Chinese mega-company Fu Hua Group, is behind the luxurious 479-apartment project, being built on Surfers Paradise Esplanade at the former Iluka site.

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An artist’s impression of the tower.

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The developer’s Australian spokesman Tony Hickey declined to talk about the speculation or on how the project was progressing.

“I have nothing I can say about that,” he said.

“I’ve been away for a couple of weeks and I’m not able to make any informed comment.”

Sales agent Julian Sutherland of Ray White Special Projects said his campaign for the luxury development hadn’t skipped a beat.

“As far as I’m concerned as the agent, my staff on-site are making sales,” he said.

“Sales momentum has been good, last week we did five and we’re up to 17 sales.

“The sales have been strong.”

Steve Hunt of PR agency Media Hunt declined to comment, and phones at the Broadbeach offices of Eastview Australia, whose website says it is project manager for the development, were not answered late yesterday.

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Artist impressions of the Spirit tower at Surfers Paradise. Photo: Supplied

Gold Coast Mayor Tom Tate, Tourism Australia chairman Bob East, Federal Tourism Minister Steven Ciobo and State Tourism Minister Kate Jones were among more than 100 VIP guests treated to cocktails, finger food and an extravagant virtual tour of the development.

The project’s two-storey penthouse spanning 1850sq m comes with a price tag of $41 million which would obliterate the Gold Coast penthouse record of $9.5 million, set at the Chevron Renaissance in January.

Sales on another Chinese-funded luxury project, the $1 billion Jewel project at southern Surfers Paradise, were suspended earlier this year after the Chinese Government clamped down on funding for former owners Wanda Group, who sold their stake in February.

Sales were relaunched by new owners Yuhu Group, which also has its roots in China, last week.