Singaporeans snap up Lindeman Island for a song

Chinese cable TV operator White Horse has taken a $2m loss on the sale to a wealthy Chinese family out of Singapore.

Lindeman Island on the Great Barrier Reef.

Chinese cable TV operator White Horse has taken a $2m loss on the sale of its run down Lindeman Island resort off the coast of Queensland, with a wealthy Chinese family out of Singapore snapping up the island for $10m several weeks ago.

The Singaporeans, who already control a large existing portfolio of hospitality assets in Australia, plan to redevelop the existing Club Med resort on the island and are understood to have already signed up a luxury resort operator.

Shaun and Sam Juniper withdrew their offer.

They have paid around half the $20m asking price Mr Han had originally sought for the 136 hectare island when he put it on the market last year through agents, CBRE.

Other suitors to redevelop the island have included Queensland property developers Shaun and Samantha Juniper who agreed to buy it for around $10m in December.

But as The Australian revealed earlier this year the Juniper’s pulled out of their plans to develop the rundown resort after failing to sell their prized Sunshine Coast residential estate.

Meanwhile, White Horse controlled Lindeman Island for around ten years and battled the Queensland government with successive plans to develop it into a luxury resort and golf course mainly appealing to upscale Chinese tourists – who were once the biggest spending international inbound tourists Australia attracted.

The resort has been derelict since Cyclone Yasi in 2011. Picture: Ron Altmann

The Chinese group paid $12m for Lindeman Island, which was once home to a thriving Club Med resort, back in 2012.

CBRE agents Wayne Bunz and Hayley Manvell negotiated both deals to sell Lindeman Island and while they confirmed the sale had taken place weeks ago they were unable to comment due to strict confidentiality agreements yesterday.

More Queensland resort Islands are expected to hit the market in coming weeks as domestic tourism continues to improve and international flights, which are still around 67 per cent of pre Covid capacity, continue to improve.