Far East Consortium International Limited has announced that its Australian arm, Far East Consortium Australia has entered into two Memorandums of Understanding (MoU) with its partners on two major local developments.
Far East has signed MoUs with Queen’s Wharf Brisbane partners, Hong Kong-based Chow Tai Fook Enterprises Limited and The Star Entertainment Group Limited through its various related entities for the development of a 200-metre tower located on the ocean side of The Star’s existing Jupiters Integrated Resort which would house around 700 hotel rooms and apartments and another 200-metre hotel and apartment tower at The Star in Sydney featuring a Ritz Carlton hotel and an extension with connectivity to the existing property that would include further food and beverage outlets.
“We have been operating in Australia for more than 20 years and we are excited to be involved with these projects,” said said Far East Consortium Managing Director, Chris Hoong.
“Economic growth in China and the burgeoning affluent middle-class demographic has opened the doors of opportunity for Australia.
“There is long-term sustainability in that market but also potential on a broader global tourist front,” he said.
The Star’s Managing Director and CEO Matt Bekier said: “Our partnership with Chow Tai Fook Enterprises and Far East Consortium, with their insights and touch points in Asian markets, will assist us in our vision to become Australia’s leading integrated resorts operator.”
Chow Tai Fook Enterprises CEO, Patrick Tsang, said the company was delighted to be part of these development plans.
“We have forged a strong relationship with The Star Entertainment Group and Far East Consortium in what are our first significant forays into the Australian market,” he said.
“The Queen’s Wharf project was the starting point, but we see the potential in both the Gold Coast and Sydney projects as outstanding opportunities to complement our involvement in Brisbane.”
Speaking exclusively to HM, Marriott International’s Regional Vice President Hotel Development – Asia/Pacific, James Doolan, said he was thrilled with the news.
“Far East Consortium is an excellent partner on our Ritz-Carlton, Perth and Ritz-Carlton, Melbourne projects,” he said.
“Star Entertainment Group, Far East Consortium and Chow Tai Fook have come up with a truly world-class scheme at Queen’s Wharf in Brisbane, which includes conversion of the existing Treasury Hotel into the Ritz-Carlton, Brisbane.
“Sydney is certainly on our radar now to complete the set.
“We’re working hard with our partners and in coming months hope to provide further details of a spectacular addition to Sydney’s luxury hotel stock, which would be a great thing for inbound tourism into Australia,” he told HM.