Press Release - Thakral Forges Ahead in Queensland

Press Release - Thakral Forges Ahead in Queensland

08-May-2000

Thakral Holdings Group has reached significant progress points with its two major Queensland development projects, the Courtyard Marriott Great Barrier Reef Resort, at Palm Cove near Cairns, and The Glades Robina, a golf course residential development project adjacent to Robina Town Centre, Southeast Queensland.

Thakral has completed its $20 million acquisition of the Palm Cove resort. The 189 room Palm Cove property, 20 minutes north of Cairns and close to the Great Barrier Reef, has recently undergone a $4.8 million refurbishment. As well as a four storey resort building, it has a restaurant, bar, conference and banqueting rooms, a free standing tavern and a 1.7 ha development site for potential residential accommodation, or holiday apartments.

"We now have scope to employ our particular skills of improving returns from hotels, gaming and development in a premier beachside resort acquired well below development cost," Managing Director of Thakral, John Schaap, said today, commenting that Thakral believed tourism to Australia's tropical north and Great Barrier Reef would continue to grow.

The Robina project, between Brisbane and the Gold Coast, has approvals in place for up to 1,000 residential sites, integrated into a completed Greg Norman 'signature' golf course. The property is within walking distance of Robina shopping centre and high school and close to Robina railway station.

"There is considerable interest from potential joint venture partners, as Robina has all the ingredients necessary for a successful project. We intend to progressively develop and sell over the coming four years," Mr Schaap said.



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Released by: Thakral Holdings Limited
Through: FCR (Financial & Corporate Relations) Contact Anthony Tregoning or Brian Mahoney (02) 9235 1666.

CONTACT: For further information or comment, please call John Schaap, Managing Director Thakral Holdings Limited on (02) 9272 8888

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