Great Keppel Island, located off the coast of Queensland on the Great Barrier Reef, is set to undergo a multi-billion-dollar redevelopment, funded by a cryptocurrency consortium.
Crypto Currency Tokenisation has unveiled ambitious plans to make Great Keppel Island the first island in the world to be “crypto-tokenised”.
Investors will be invited to buy Great Keppel Island Tokens to help fund the redevelopment, which is proposed to include 750 luxury villas, 300 luxury apartments, 250 marina berths, 9000 square metres of shops and restaurants, and an airstrip capable of international and domestic flights.
With building scheduled to start next year, the project is expected to be completed by 2023.
Project co-founder Tim Sommers says token holders will receive significant benefits from the island itself in addition to the asset backing.
“The GKI Token Holders will have the very real asset backing of the actual island, which is predicted to be valued at over $3 billion when fully developed within five years,” he says.
“The GKI Token Holders also receive the benefit of liquidity should they wish to sell their tokens at any time. Great Keppel Island will be the first Blockchain-, Crypto- and Internet of Things-enabled island in the world allowing high security, crypto payments and accountability for services.”
The Queensland Government has approved all development proposals and will invest $25 million to connect power and water to the mainland.
Tower Holdings, owners of Great Keppel Island, have supported the project, with CEO Anthony Aiossa saying the development will “establish a new benchmark within the Australian tourism industry”.
“The Great Keppel Island project will create an iconic tourism destination for both domestic and international guests who wish to experience the Great Barrier Reef in all of its glory,” he says.
“In recent years the product offering of many tourism destinations within Australia and the Great Barrier Reef has not kept pace with the significant new tourism development in other beach holiday locations such as Bali, Fiji, Thailand and Hawaii which has seen a major outflow of Australian tourists to these locations.
“The Great Keppel Island project will offer a brand new fully integrated resort with 17 white sandy beaches, a spectacular beach front hotel, new marina, retail village and world class golf course all on the one island with easy direct air access from Sydney, Brisbane and Cairns.”