GGRAsia – Queen’s Wharf Brisbane on time, budget: Far East

Queen’s Wharf Brisbane on time, budget: Far East

Jul 02, 2020 Newsdesk Latest News, Top of the deck, World

The construction of the “integrated resort component” of the Queen’s Wharf Brisbane scheme (pictured) in Brisbane, in the state of Queensland in Australia, is “well underway”, and “on time and budget,” noted an investor in the scheme, Far East Consortium International Ltd. The Hong Kong-listed company provided the update in its latest annual report filed on Tuesday.

The Brisbane casino resort scheme is being developed by the Destination Brisbane Consortium, a joint venture between Far East Consortium, Hong Kong-based Chow Tai Fook Enterprises Ltd and Australian casino operator The Star Entertainment Group Ltd.

In its annual results, Far East Consortium stated that the Destination Brisbane Consortium had recently secured a credit facility of AUD1.6 billion (US$1.1 billion) for the construction of the scheme, supported by “a well-diversified group of banks”.

The waterfront Queen’s Wharf Brisbane project, which sits on a site of approximately 9.4 hectares (23.2 acres) at Queen’s Wharf, consists of three residential towers, three hotel towers, food and commercial outlets as well as a casino.

Construction works at the AUD3.6 billion Queen’s Wharf Brisbane project begun in January 2017, according to the official site of the project. The scheme is expected to be completed by “the end of fiscal year 2023,” said Far East Consortium in its annual report.

Far East Consortium controls a 25-percent stake in the Brisbane scheme’s integrated resort component, with an equity investment amount of approximately AUD300 million, according to the firm. Chow Tai Fook Enterprises owns another 25 percent of the integrated resort component, while The Star Entertainment owns the remaining 50 percent.

The residential part of the Brisbane scheme is half owned by Far East Consortium, and Chow Tai Fook Enterprises owns the other half.

Elsewhere in Australia, Far East Consortium has partnered with Chow Tai Fook Enterprises and The Star Entertainment in a new integrated resort scheme branded as The Star Residences in Gold Coast; as well as the co-development of a mixed-use tower at the existing site where The Star Entertainment operates its casino in Sydney.

Far East Consortium mentioned in its annual report that it intends to “hold for the long-term” its investment in the listed shares of The Star Entertainment. The firm and Chow Tai Fook Enterprises had, in 2018, announced a “strategic alliance” with The Star Entertainment, whereby each of the two Hong Kong entities acquired a 4.99 percent stake in the Australian gaming company.

Far East Consortium also owns gaming operations in three casinos in Czech Republic via a subsidiary called Trans World Corp.

Group-wide annual profit attributable to its owners in the financial year to March 31 fell by 78.7 percent from the previous year, to HKD365.9 million (US$47.2 million), on revenue of almost HKD7.45 billion, up 8.9 percent.