Six star hotel mooted for Cairns
Malaysian company Pascal Development is looking to build a “Palazzo Versace” in Cairns.
The company is to build the $270 million Central Park commercial and residential development in Cairns’ CBD and its chairman Shahwan Saffwan said, there was a need for a six star hotel to cater for multi-millionaires with a lot of disposable income from Asia, China, Indonesia, Malaysia and India.
Mr Saffwan said it would be the third stage of the Central Park development. Stage is a $85 million shopping centre and the second $165 million project of commercial and residential, including 400 apartments.
He said there were no plans yet nor an estimate of cost. The hotel could possibly cost $150 million to build.
Mr Saffwan said since 1993 his company had built $316 million worth of hotels, shopping centres and schools in Malaysia and Central Park was their first international investment.
AccomNews is not affiliated with any government agency, body or political party. We are an independently owned, family-operated magazine.