ASF Group (ASX: AFA) and its consortium partners continue to progress the proposed multi-billion dollar Broadwater Marine Project on the Gold Coast, Queensland, with the start of the public consultation process.
The ASF Consortium was on 13 February announced as the Preferred Proponent by the Queensland Government and Gold Coast City Council for the project.
ASF has initiated the consultation process in conjunction with the Gold Coast City Council and is currently conducting preliminary environmental studies, technical investigations and preparing for the community consultation.
Its consortia consists of China Communications Construction Company, Guangzhou Dredging co Ltd and China State Construction Engineering Corporation Limited (CSCEC).
Broadwater Marine Project
The Broadwater Marine Project could become the largest integrated tourism development in Queensland's history.
This integrated tourism project could include a cruise ship terminal, hotel, marina and super yacht facilities, retail entertainment, hospitality, community open space, recreation facilities and a mix of residential development.
A Gold Coast cruise ship terminal and associated tourism infrastructure have the potential to boost tourist visitation to what is already Australia's leading holiday destination, increasing expenditure into the state and local economies and creating jobs.
While no timelines have been detailed as yet, the project offers the opportunity to create a stand-out attraction in the lead up to the 2018 Commonwealth Games, which will be held on the Gold Coast.
The Broadwater Marine Project area includes:
- Wave Break Island;
- State-owned land to the north and south of Seaworld at The Spit; and
- Adjoining waters including the Seaway.
It has the potential to help build tourism into one of the four pillars of the Queensland economy and achieve the Government's target of doubling overnight visitor expenditure to $30 billion by 2020.
This will strengthen the city's economic base and support long-term local job creation.
The Seaway and Broadwater are the Gold Coast's gateway to international waters. Integrated tourism infrastructure at The Spit and Wave Break Island presents an opportunity to create a spectacular arrival point for cruise ship visitors.
ASF's selection as the Preferred Proponent for the proposed multi-billion dollar Broadwater Marine Project was a coup for ASF and is still share price and market cap accretive from the current $0.185 and $78 million, respectively.
The successful tender demonstrates the perceived financial strength and quality of the tender and ability of ASF and its partners to develop the project.
ASF's partners are Chineee heavyweights such as: China Communications Construction Company - third largest construction company in the world, Guangzhou Dredging Co Ltd and China State Construction Engineering Corporation Limited.
The Broadwater Marine Project has potential to become the largest integrated tourism development in Queensland's history.
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