This article is from the Australian Property Journal archive
CHINESE-backed Greater Rewards Group is planning to create a $900 million, 1,800-dwelling residential community south of Bowen, after paying $3.5 million for the 269-hectare Whitsunday Shores site.
Western Australian group Aspen bought the site, near Townsville, in a turbocharged market in 2006 with intentions to develop a residential estate and golf course
However, the stage of around 200 homes was all that was delivered.
Greater Rewards Group is backed by Homeland Property Development Pty Ltd. Its plans also include a new Australian Rules club and supermarket.
A spokesperson for the developers told the Townsville Bulletin that they were motivated by the area’s “tourism and lifestyle potential”, rather than any benefits that would stem from the potential Adani Carmichael coal project.
The spokesperson also said the group was waiting to hear from the Whitsundays Regional Council about fees relating to its development application lodgement.
Australian Property Journal
