SYDNEY, Feb 23 (Reuters) - The Trump Organization has signed a deal to build its first tower in Australia, in a project worth A$1.5 billion ($1.06 billion) that developers say will become the
Trump Organization Inks Deal for First Australian Tower on Gold Coast
Project Overview and Deal Value
SYDNEY, Feb 23 (Reuters) - The Trump Organization has signed a deal to build its first tower in Australia, in a project worth A$1.5 billion ($1.06 billion) that developers say will become the country’s tallest building.
Site and Scale: Gold Coast, Queensland
The 91-storey skyscraper is planned for the Gold Coast, a popular seaside destination in Australia’s Queensland state.
Planned Amenities and Brand Positioning
It will include a "six-star resort-hotel", 270 apartments, shops, a beach club and a swimming pool, local property developer Altus Property Group said in a statement.
"Australia’s tallest building will be a Trump Tower, right in the middle of Surfers Paradise – it’s great for Queensland tourism, and fantastic for Australia," the company said.
"It won’t have a Four Seasons or Ritz Carlton brand above the front door, but it will say ‘Trump’. And that means it is a no-expense-spared, highest-possible-quality building – the best in the world."
First Trump-branded hotel in Australia
The Trump Hotels website said the project marked the first time the brand was being used for a hotel in Australia.
"Set to become Australia’s tallest tower, this landmark address redefines beachfront sophistication with world-class amenities, iconic design, and uninterrupted Gold Coast views," it said.
Deal Timeline and Development Partners
Altus CEO David Young said he had been pursuing the development for nearly 20 years, cold-calling Ivanka Trump in 2007 to pitch a Trump resort as "Australia’s finest tourism property".
Agreement signed at Mar-a-Lago (Feb 14)
Young said the final agreement was signed with the Trump Organization at the Mar-a-Lago resort on February 14. The company was now "deeply into a process of design, engineering, construction and fit-out".
He said the building would be Australian-owned and Australian-built in line with the Trump company’s design requirements.
Residential Pricing and Sales Outlook
Prices for the tower's apartments were likely to start at A$5 million, he said.
Currency Reference and Conversion
($1 = 1.4130 Australian dollars)
Reporting and Editing Credits
(Reporting by Christine Chen in Sydney; Ediitng by Kate Mayberry)
