Multi-million dollar development to deliver 500 jobs
18 August 2016
Lord Mayor Graham Quirk has officially launched the first ever investment into Australia by international developer and hospitality brand, Banyan Tree.
The Singapore-based company will construct a 12-storey, 76-unit luxury residential building above the iconic Kangaroo Point Cliffs named the Banyan Tree Residences Brisbane.
The development is a major vote of confidence in the local economy, with Banyan Tree choosing Brisbane as its first Australian destination to invest.
The development will translate into a $150 million investment and create more than 500 jobs during construction.
Coinciding with the official launch, Brisbane-headquartered Watpac has been announced as the successful tender to oversee the construction of the project.
The comprehensive Brisbane 2022 New World City Action Plan commissioned by Cr Quirk recognised and prioritised foreign direct investment into the city as a key economic driver for jobs over the next seven years.
Cr Quirk said: "Brisbane is continuing to grow its reputation as a destination of choice for business, investment and major events, and we continue to see interest from international investors, especially from the Asia Pacific."
Banyan Tree Executive Chairman Ho Kwon Ping joined the Lord Mayor at the official launch. Construction at 8 River Tce, Kangaroo Point is due to begin in Q4 of 2016 and be completed in late 2018/early 2019.
Commenting on the official launch of the residences, Banyan Tree Executive Chairman Ho Kwon Ping said: "We are proud to be launching Banyan Tree Residences Brisbane today, which will be one of the most high-end developments of its kind in the city. This project will set a new benchmark for luxury residential in Australia with what is offered, and presents a unique opportunity for prospective buyers."
In addition to jobs created through construction, Banyan Tree Residences Brisbane will also have ongoing employment opportunities for the 24-hour concierge, signature retail store, award-winning spa and maintenance teams as well as for the onsite food and beverage venues.