Sembawang Withdraws Plans for Wavebreak (Australia)

Sembawang of Singapore – Global Project Underwriters will complete and publish an economic feasibility study to unequivocally prove a casino was necessary for the financial sustainability of its now withdrawn Wavebreak development in the Gold Coast’s Broadwater.

Sembawang has cancelled its $4.9 billion mixed-use Wavebreak proposal – including a cruise ship terminal, casino, marine facilities, hotels, apartments, parkland and ‘Fishermen’s Wharf’ – after Gold Coast Mayor Tom Tate declared a casino was unnecessary for the development.

Sembawang CEO and President Ric Grosvenor said the feasibility report, which will be independently audited, will be placed on the project website to prove the casino was pivotal to the ongoing operation of the development.

“From the outset, Sembawang declared that Wavebreak, an iconic global project, could be delivered without any impact on the public purse,’’ said Mr Grosvenor. “We also made it clear that the casino component of the mixed-use development was critical to this method of delivery.

“The public understood this fact – unfortunately the political side did not and, therefore, there is no point in pursuing Wavebreak. It is with great disappointment that I must end further planning for Wavebreak; I truly believed it was going to herald a new era for the Gold Coast and, indeed, Queensland. “Sembawang exists on our commitment for honour, reputation and excellence, and as such, we will make public the full results of the economic feasibility study to prove what we have always said: Wavebreak and its operations – including dredging – cannot exist without a casino.”

[mappress]

Press Release, September 24, 2012