Business

Company behind $750m Brookwater Resort in receivership

An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy.
An artist's impression of the entrance to the $550 million Dusit Thani Golf and Spa Resort at Brookwater. The tourism destination's future is now in jeopardy. Contributed

THE company behind the proposed $750 million Dusit Thani resort at Brookwater has been placed in receivership after falling more than 12 months behind in repayments of its financing facility.

According to Financier, Myst Group, negotiations broke down with Brookwater Resort Investments and the company had no choice but to take possession of the land adjacent to the Brookwater Golf Club.

Brookwater Resort Investments had proposed a 520-apartment luxury resort in partnership with Thai resort operators Dusit Thani and just last month staged a turning of the sod ceremony.

Construction has not begun on Dusit Thani resort.
Construction has not begun on Dusit Thani resort. Contributed

Ipswich Mayor Paul Pisasale said he hoped the issue could be worked out quickly before any damage was done to the integrity of the project.

"Those who have already invested in the resort, and others looking to, want security and they will not be happy with this latest publicity," he said.

"The council remains fully supportive of the project going ahead, but it has to have solid finances behind it."
 

The $750m resort's future in now in question.
The $750m resort's future in now in question.

A Springfield Land spokesman said they were disappointed at the situation, but still hoped that Richard Turner and his creditors could resolve their issues and complete the resort.

The Myst Group said construction of the resort was still a preferred option, however proper process had to be followed to recover the financing facility.
 

Topics:  breaking brookwater dusit thani brookwater golf and spa resort


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Veteran support groups come together

CHEERS: About 20 Legacy Ladies enjoyed a lunch hosted by the Noosa Vietnam Veterans Association.

Vietnam Vets host a lunch for the Local Legacy Ladies

It's official: Noosa's totally instaworthy

NATIONAL TREASURE: Noosa National Park's natural beauty is one of the reasons it made the list.

Our beautiful region has come out on top again

Aaron wins gold for his hard work

PROUD: Aaron Towle holds his medal and award with his mum Michelle Towle.

Cooroibah student Aaron Towle comes home with a gold education award

Local Partners

Sporting more than passing interest in fanatical pursuits

The Reluctant Dragon full rehearsals start this weekend.

The Indee theatre is full of good sports.

Our gig guide helps you party on all weekend

Phil Emmanuel.

Check out where your favourite band or artist is playing.

Why a bloke goes to this much trouble at Christmas

WRAPPED UP: Brian Stevenson, with help from his wife, Julie, usually spends about six weeks decorating his Buddina home for Christmas.

Small on house, big on Christmas spirit

10 things to do this weekend on Sunshine Coast

BEACH BEATS: Peregian Originals returns to the park this weekend.

There's something on offer for just about everyone

Make tracks to Nambour Christmas Tramfest

ROPED IN: All Strings Attached will play Nambour's Christmas Tramfest.

Nambour Christmas Tramfest has plenty of festive cheer in store.

Kernaghan's a 'boy from the bush' with a timeless quality

Country music singer Lee Kernaghan.

Lee Kernaghan is celebrating the 25th year of his breakthrough song.

Sand mine submissions not safe from RTI process

Aerial view of the proposed Forest Glen sand mine.

But State Govt has "no intention” of publishing submissions

Ipswich City Properties asset portfolio retains its value

Ipswich City Council Administration Building, South Street, Ipswich. Photo: Claudia Baxter / The Queensland Times

New website launched by Ipswich City Council

INSIDE STORY: The highlights of your $150 million CBD

GRAND PLAN: The highlights of the Ipswich CBD redevelopment and where they will be located.

Work on city heart's radical transformation to begin next year

VOTE IN OUR POLL: Sand mine opponents face serious dilemma

Public meeting for the proposed sand mine at Maroochydore last week.

Coast MP calls on Minister to stop KRA proposal with stroke of a pen

'Woolworths should be rejected': MP slams council

Woolworths sign.

Controversial community supermarket plans come under criticism

Ready to SELL your property?

Post Your Ad Here!