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.

Fantastic tourism result for Noosa shire

Noosa Heads and Main Beach.

Noosa's tourism sector shows how it's done - again

Eco activities, art at annual Biosphere Day

EXPERT ADVICE: Kerry Neill from Goombuckar Creations and Kabi Kabi people offers children's Indigenous activities at Noosa Biosphere Day.

The annual Noosa Biosphere Day festival is on soon

Award-winning animals amaze Noosa Show crowds

CUDDLY: Melanie Barnes from Sunshine Coast Cavy Club shows off Lollipop and Carter.

Check out some of the talented animals from the Noosa Show

Local Partners