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Shanghai-based China Capital had planned to build a new resort at South Molle, but are instead hoping to cash in on revived local demand for tropical islands.
Well Smart Group own a number of hotels in Australia including the Novotel and the Ibis Melbourne Central and the Club Crocodile Hotel at Airlie Beach.
There’s still plenty of work to be done on the property, but it is time to test the market with a five-star price, says developer SP Setia.
Developer Paul Fischmann sold the Mantra Terrace Hotel to Singaporean investors for $18m in 2013 and has bought it back, fully refurbished, for $16m.
