Plans to develop a luxury resort, private villas and apartments, a golf course, retail outlets and a marina are part of what is being billed as the world’s largest cryptocurrency-backed property deal.
Great Keppel Island, once notorious as the place to "get wrecked" in Australia, has hopes of being revived by a cryptocurrency consortium.
Plans to develop a luxury resort, private villas and apartments, a golf course, retail outlets and a marina are part of what is being billed as the world’s largest cryptocurrency-backed property deal.
Investors will be invited to buy so-called Great Keppel Island Tokens in order to fund the $300 million development through what is known as a Security Token Offering, similar to an initial public offering for shares.
A report in the Sydney Morning Herald says the tokens will be tradeable on existing cryptocurrency exchanges. Unlike other cryptocurrencies though, the GKI Tokens will be backed by the value of the development, which the consortium behind the deal claims will be worth billions after the development is complete.
According to a promotional video, the Queensland development will include 750 luxury villas, 300 apartments and a five-star beachfront resort with 250 rooms and a 250-berth marina.
Building is expected to start next year and be completed within five years, the developers claim.
Aussie golfer Greg Norman is designing the development’s 18-hole international golf course.