Trump Organization plans first Trump-branded luxury skyscraper in Australia worth $1.06 billion
The Trump Organization has signed an agreement to build its first skyscraper in Australia, marking a major step into the country’s property market.The deal was confirmed by local developers and is set to create what many expect to become Australia’s tallest building.
The project is planned for the Gold Coast, a popular coastal city in the state of Queensland. The tower will rise to 91 storeys and cost about A$1.5 billion (around US$1.06 billion), according to developers.
Local developer Altus Property Group said in a statement that the deal with the Trump Organization was signed at Mar a Lago, the Florida resort owned by the Trump family, on February 14.
Altus chief executive David Young said the project is now in the early stages of design and planning.The skyscraper will be branded as a Trump Tower and is expected to include a six star resort hotel, 270 luxury apartments, retail spaces, a beach club, and a swimming pool.
He emphasised that the building will be Australian owned and Australian built, even though it follows design criteria associated with the Trump brand.
At present, the project is still at the agreement stage. Developers are progressing through design, engineering and planning, and have yet to submit formal construction applications to local councils.