FAR EAST Consortium (FEC) is working with partners in Brisbane’s transformative Queen's Wharf development to create two new luxury hotel developments for The Star Entertainment Group's properties in Sydney and on the Gold Coast.
FEC Australia has entered into two memoranda of understanding with its Queen’s Wharf Brisbane partners, Hong Kong-based Chow Tai Fook Enterprises Limited and The Star Entertainment Group Limited – formerly known as Echo Entertainment Group Ltd – to develop a 200m tower located on the ocean side of The Star's existing Jupiters Integrated Resort at Broadbeach. The development will create 700 hotel rooms and apartments.
The partners will also create a 200m hotel and apartment tower at The Star in Sydney, featuring a Ritz Carlton hotel and an extension linked to the existing property which includes new food and beverage outlets.
"We have been operating in Australia for more than 20 years and we are excited to be involved with these projects,” Far East Consortium managing director Chris Hoong said.
“Economic growth in China and the burgeoning affluent middle-class demographic has opened the doors of opportunity for Australia. There is long-term sustainability in that market but also potential on a broader global tourist front."
The Star managing director and CEO, Matt Bekier said the group’s partnership with Chow Tai Fook Enterprises and Far East Consortium would help the group realise its vision to become “Australia's leading integrated resorts operator”.
The hotels are Chow Tai Fook Enterprises’ first major developments in the Australian market.
“We have forged a strong relationship with The Star Entertainment Group and Far East Consortium in what are our first significant forays into the Australian market,” Chow Tai Fook Enterprises CEO, Patrick Tsang said. “The Queen's Wharf project was the starting point, but we see the potential in both the Gold Coast and Sydney projects as outstanding opportunities to complement our involvement in Brisbane.”
Far East Consortium International Limited listed on the Hong Kong Stock Exchange in 1972. The group concentrates on property development and investment, hotel operation and management, as well as car park and facilities management, with its ‘Chinese wallet’ focus on business extending beyond Hong Kong and Mainland China to Australia, Malaysia, Singapore, the United Kingdom and New Zealand.