A notorious party island that faded into ruin and obscurity decades ago is about to undergo a £166 million facelift funded by cryptocurrency.
Set 7.5 miles offshore in Australia’s Great Barrier Reef Great Keppel Island won a dubious reputation as a fun island in the 1980s with young partygoers.
But the curtain came down on the paradise island’s adult resort in the 1980s.
Now, the company planning the redevelopment to reopen the island hopes to raise the much-needed cash from a digital currency initial coin offering (ICO).
The facelift will include a luxury hotel resort, villas and apartments with access to 12 pristine beaches, an eco-reserve, marina, casino, golf course and shopping village.
Rare gem, say promoters
The plan has won backing from local authorities and the government, but developers Tower Holdings have struggled to raise the cash they need to start the project.
The scheme is the largest development plan in the Great Barrier Reef and the largest property project to be financed by an ICO.
Initial investors will stake a six-figure sum in cash to buy GKI tokens that will be tradeable on cryptocurrency exchanges. The token will be anchored to a specific part of the island.
The old resort owner will keep 12% of the tokens, while Tow Holdings owns around 70% of the rest of the island.
A full investment document will be available to investors.
“This is your chance to acquire the rarest gem on earth,” says the company.
The company claims the project is the largest cryptocurrency-funded property development scheme.
Property ICOs
ICOs are emerging as a favoured way for developers to raise funding for property projects as banks are declining to take on the risk.
Crowdfunder Indiegogo is putting some similar deals together, one of which is offering Aspen Coins to fund the St Regis Aspen Resort in Colorado, USA.
The promoters want to build a five-star luxury resort in the Rocky Mountains for tourists.
The scheme will host skiing events and festivals.
Minimum investment is $10,000, while the initial offering closing on September 14 hopes to raise $18 million. The Aspen Coin will be ethereum based and will sit on the Templum Markets platform.