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Hong Kong tycoon Tony Fung planning a world-class luxury Gold Coast hotel on prime Main Beach site

Posted by Yau Kaelyn on January 18, 2017
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HONG Kong tycoon Tony Fung is planning to build a beachside six-star hotel on the Gold Coast.

The Gold Coast Bulletin can reveal Mr Fung’s Aquis Australia will today announce plans prepared by architects Wood Bagot for a $440 million hotel overlooking Main Beach, just south of Macintosh Island Park.

Plans show the slim tower will be 48 storeys, include more than 500 rooms and feature five world-class restaurants. A wraparound pool with views of the ocean and sitting above a spectacular l glass-encased podium several levels above the footpath is also included.

Hong Kong businessman Tony Fung plans to build the Main Beach six star hotel. Picture: Regi Varghese

“It has no apartments in it. This will be for full-time holiday-makers,” an Aquis spokesman said.

“As a six-star hotel, we will be looking at the luxury international traveller who wants to visit the Gold Coast.”

If given the green light by the Gold Coast City Council, the project will deliver the Coast’s only six-star hotel. Both Palazzo Versace and the under-construction Wanda Vista hotel at the Jewel towers bill themselves as five-star properties.

An artist impressions of the proposed Aquis Hotel planned for Main Beach.

The Bulletin understands Aquis plans to lodge an application with the council tomorrow after conducting earlier talks with officers. Despite Mr Fung’s previous interest in operating casinos in Cairns and on the Coast, the new hotel will not feature gaming rooms.

Council sources suggest it is unlikely the project will face major hurdles in the assessment stage given other taller apartment towers are being approved, with the exclusive suburb preparing for a development boom.

Potential traffic problems aside, residential and business groups are likely to be on board because an exclusive hotel will bring much-needed trade to the restaurant precinct at Tedder Avenue.

The council is assessing a 50-storey tower on a beachfront site on the corner of Main Beach Paradise and Woodroffe Avenue. A boutique eight-storey tower by developer Katie Page will be completed early next year.

Palazzo Versace was the last major hotel resort built on the Gold Coast.

Mr Fung declined to comment but company insiders were hopeful of approval, with construction to begin in 2018. A company spokesman confirmed Aquis would be seeking a partner to manage the hotel.

The move to develop the Main Beach block shows the billionaire’s focus turning from north Queensland to investments on the Coast.

Since Aquis Group withdrew plans for its integrated resort project at Cairns, company insiders regard its priority projects as its thoroughbred stud and training track at Canungra, a planned super tower on the Vomitron site in central Surfers Paradise and the Main Beach holding.

Aquis bought the 1700sq m site in April for $23 million, securing the units in the Pacific Point apartment building and two adjoining properties.

Four months later, after six years of trying to build an $8 billion integrated casino resort in Cairns, Mr Fung pulled out of the process with the State Government and began concentrating on a hotel site at Yorkey’s Knob.

In December 2015 he abandoned a $160 million Sheraton Mirage deal on the Coast, wary of a backlash against a tall building on The Spit.


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