Macau | Locally based businessman raises A$40 million for Australian eco-tourism resort

The first fundraising round for a A$650 million (MOP4.15 billion/US$515.6) eco-resort project in Australia planned by Macau-based businessman, Ken Lee, managed to raise A$40 million, the businessman told Macau News Agency (MNA)

Macau (MNA) – According to Mr. Lee, the raised money will be used for the first stage of the project in the Australian state of North Queensland, with the businessman admitting the money raised was shorter from the initial target of A$60 million.

“We thought this would be the amount we needed but later we restructured it to focus more on tourism and not on the residential aspect of the project.The investment will be used to develop accommodation, farm houses. We will turn around 40 hectares of the land into a comfortable tourism infrastructure, car parks, toilets, and all that,” he added.

Mr. Lee also informed the Kur-World project terms of reference would be lodged in the end of November to the North Queensland and that “hopefully an answer will be provided” in six months.

“The whole process took about two years and it took us 14 months to pay many consultants to fill the large checklist the government gave us to do. For example if there is any aboriginal remains, land title issues, how it will impact the region and so forth,” he added.

As reported previously the project is being developed by Reever & Ocean Developments Pty Ltd, (R&O), a subsidiary of Mr. Lee’s Macau based luxury brand company Chakson & Co.

According to Mr. Lee if the first stage of the project manages to capture a percentage of the more than 1 million tourists that visit the Kuranda region, then the resort project will “make a lot of sense” and justify the development of more hotels and accommodation.

The Kur-World project intends to transform a 626 hectares land plot bought by Mr. Lee in 2014 located in the tropical forest region of Kuranda in North Queensland.

The project plan first phase involves the development of a farm theme park, a 4-star hotel, an equestrian centre, a youth adventure centre, 56 lifestyle lots and core facilities such as restaurants and retail.

The environmental impact assessment report for the project is expected to be concluded in April of 2018, with construction of the first stage expected to start in June of that year.

In September of this year, the President of the China Macau Federation of Youth Culture and former Finance Officer of gaming company Imperial Pacific International Holdings, Samuel Tong, was part of a delegation of Hong Kong media that visited the project, the Cains Post reported.