Queensland’s Great Keppel Island is set to undergo a massive redevelopment – funded by a $300m security token offering (STO).
The plan, supported by all levels of government, is believed to be the world’s largest crypto property deal and will result in the world’s first ‘tokenised’ island.
The island’s tokens will be called GKI Tokens. Micky.com.au understands an STO white paper will be released on Monday, September 10 and the STO has met all legal requirements.
The consortium behind the plan has launched a website and released a promotional video which features Australian golf star, Greg Norman.
“This size of Great Keppel Island is a magnificent asset, when you have an island with 17 pure white beaches, you can maximise that,” says Norman.
“Any investors are going to look at this probably on a couple of bases… They’re going to look at the magnitude of the investment… What return they’re going to get.
“When they look at a 5-star luxury resort on the Great Barrier Reef, they’re going to see that there’s no other opportunities that ever will be allowed to take place.”
The crypto funded redevelopment includes approved plans for an on-island golf course designed by Greg Norman, along with a 250-berth marina, retail outlets, a 250-room luxury resort, 750 private villas, and 300 luxury apartments.
The redeveloped GKI is expected to be fully cryptocurrency-enabled, potentially becoming the biggest cryptocurrency micro-economy in the world.
While it’s expected GKI Tokens will be tradable on exchanges, more details about how the tokens might form part of an ‘island currency’ are expected to be revealed in the white paper.
Great Keppel Island’s Past
Great Keppel Island is situated in the Southern Great Barrier Reef -12 kilometres off the Central Queensland coast
The Island’s popularity peaked in the 1980s when it was marketed as ‘A great place to get wrecked!”
Since its heyday, the island and its resort have been left dilapidated with numerous development plans failing to eventuate.
The latest plans by the island’s current owner, Tower Holdings, for a multi-million dollar resort and integrated casino fell through after the Queensland Labor Party scrapped plans to grant the group a casino license.
Greg Norman has been working with Tower Holdings to promote development on the island since 2013.
Under the crypto consortium deal, Tower Holdings will own 12% of all GKI Tokens.