Aquis back into integrated resort development process

The team behind the Aquis Great Barrier Reef Resort project in Cairns has signed a process deed to re-enter the Integrated Resort Development (IRD) Process, the Queensland government said in a press release.

Investor Tony Fung had withdrawn from the IRD process in February following stalled negotiations with the previous LNP Government.

Treasurer Curtis Pitt welcomed Fung’s renewed commitment as a vote of confidence in Queensland.

“Following the election, the Palaszczuk Government sought to engage in positive discussions with Mr Fung and we welcome his company’s commitment to re-entering the IRD process,” Mr Pitt said.

“The IRD process is a rigorous way to protect the community’s interests and also evaluate Aquis’ credentials and financial capacity to deliver this project.”

The proposed $8 billion Aquis development is planned to start with an initial stage worth $3.5 billion. Once the resort is fully operational it could create up to 16,000 jobs.

Fung said Aquis was looking forward to working with the government to deliver the project.

“We remain committed to the Aquis Yorkeys Knob project as part of our overall strategic investment plans for Australia,” he said.