Design reflects waterfront locale
The parent company of a consortium planning a multibillion-dollar integrated resort on Australia’s Gold Coast has released new details about the $3 billion project, on the heels of reports that indicate it may be facing serious financial troubles.
According to MyGC.com, the ASF consortium will cater to “the active Gold Coast lifestyle,” with an emphasis on boating, jet skiing, kayaking, fishing, swimming and other outdoor pastimes.
The project will include “vast amounts of new public open space and experiences across the 9,200m2 waterfront square and over the 20,000m2 of rooftop terraces and gardens, boardwalks, skywalks, parks and beaches.”
The development will also include waterfront restaurants and markets; bars and nightclubs; and a rooftop park with outdoor cinema, among other attractions.
But some industry analysts are concerned about the viability of the project based on reports that ASF has just $6.25 million in cash reserves after losing $93 million of $102 million raised from investors. According to the Gold Coast Bulletin, in filings to the Australian Stock Exchange, the auditing firm Grant Thornton reported that ASF’s financial status “may cast significant doubt about the consolidated entity’s ability to continue as a going concern.”
ASF Chairwoman Min Yang spoke for the group, insisting it has a “long and proven track record in raising capital” including a $5 million convertible loan at 10 percent annually from Star Diamond Developments Ltd. last September, reported the Australian.
The Queensland government is behind ASF’s proposal for a “world-class casino” with five high-rise towers on the Southport Spit. Gold Coast Deputy Mayor Donna Gates said the state government “will do its due diligence about ASF’s ability to deliver as part of the whole process.”
Meanwhile, Gold Coast Integrated Resort architect Michael Rayner, of Queensland-based Blight Rayner Architecture, said the designers went vertical to increase the number of attractions. “We were able to achieve this scale of public offerings by increasing height; this approach reduces the building footprint and opens up more public space for locals and visitors to enjoy.
“The towers we have designed are well-dispersed on the near six-hectare (15-acre) site, creating maximum public realm and opening up new and accessible areas never before available to Gold Coast residents or visitors.”
ASF Development Director Dean LaVigne agreed that reducing site coverage and increasing height “are the most effective ways to increase public space. Height and scale are required to attract tourists, generate critical mass onsite, and deliver the revenue required to create high quality public spaces and free attractions for all ages and nationalities to enjoy.”
