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Destination Brisbane Consortium expands integrated resort plan

Destination Brisbane Consortium, a joint venture that includes Far East Consortium International Ltd.'s Australian unit, The Star Entertainment Group Ltd. and Chow Tai Fook Enterprises Ltd., is planning to expand its proposed integrated resort and residential development in Brisbane, Queensland, The Australian reported.

A spokesperson for the consortium cited by the paper said the party is seeking approval for six towers, 2,000 apartments and 1,600 hotel rooms, which represents an additional three towers and 600 rooms compared to the original plan for the Queen's Wharf project, which was initially valued at A$2 billion, but is now planned to weigh in at A$3 billion.

The revised plan, which according to the June 2 report will cover approximately 20% of the Brisbane city center, also includes four towers with heights ranging between 30 stories to 67 stories, situated over a retail and gaming podium elevated six meters above ground.

The consortium was awarded the tender for the project in 2015 and took official control of the site Jan. 1.

As of June 1, US$1 was equivalent to A$1.35.