Published Thursday, 03 May, 2007 at 05:00 AM
Premier and Minister for Trade
The Honourable Peter Beattie
$73 MILLION KOREAN PLAN TO ATTRACT MORE OVERSEAS STUDENTS TO GOLD COAST
SEOUL: The State Government has entered commercial negotiations with a South Korean business consortium that hopes to build a multimillion-dollar facility on the Gold Coast Premier Peter Beattie said today.
Mr Beattie, who will today meet representatives of the consortium in Seoul, said the facility would house a large number of international students and create up to 300 jobs during construction.
A Korean Accommodation Company will be established by the Korean Consortium for this $73 million project.
“The consortium has proposed to develop and operate an accommodation facility of up to 600 rooms on a site adjoining the Gold Coast Institute of TAFE Ridgeway campus,’ Mr Beattie said.
“The proposal looks promising and the State Government has approved the Department of Infrastructure, the Department of Treasury and the Department of Education, Training and the Arts entering commercial negotiations with the Korean Consortium.
“The project is expected to result in significant economic benefits for the Gold Coast, attract hundreds of international students, and create some 300 jobs during construction.
“The project would make a significant injection into the local Gold Coast economy each year. It is estimated that the project would generate about $3 million in revenue a year from international students. Industry estimates suggest that every extra 1000 students we can attract to our Smart State create another 80 jobs.”
The four companies involved in the project are Kyoritsu Korea, Hyundai Securities, Mirae Asset and Marlin Consulting.
“The project does not involve any direct financial contribution from the government, other than a lease over the land, which would revert to the Government at the end of the lease period,” Mr Beattie said.
Mr Beattie said normal planning and development approval, including an environmental impact evaluation and community and local government consultation would be required before the project could proceed.
Media contact: Premier’s office 3224 4500
3 May 2007
Mr Beattie, who will today meet representatives of the consortium in Seoul, said the facility would house a large number of international students and create up to 300 jobs during construction.
A Korean Accommodation Company will be established by the Korean Consortium for this $73 million project.
“The consortium has proposed to develop and operate an accommodation facility of up to 600 rooms on a site adjoining the Gold Coast Institute of TAFE Ridgeway campus,’ Mr Beattie said.
“The proposal looks promising and the State Government has approved the Department of Infrastructure, the Department of Treasury and the Department of Education, Training and the Arts entering commercial negotiations with the Korean Consortium.
“The project is expected to result in significant economic benefits for the Gold Coast, attract hundreds of international students, and create some 300 jobs during construction.
“The project would make a significant injection into the local Gold Coast economy each year. It is estimated that the project would generate about $3 million in revenue a year from international students. Industry estimates suggest that every extra 1000 students we can attract to our Smart State create another 80 jobs.”
The four companies involved in the project are Kyoritsu Korea, Hyundai Securities, Mirae Asset and Marlin Consulting.
“The project does not involve any direct financial contribution from the government, other than a lease over the land, which would revert to the Government at the end of the lease period,” Mr Beattie said.
Mr Beattie said normal planning and development approval, including an environmental impact evaluation and community and local government consultation would be required before the project could proceed.
Media contact: Premier’s office 3224 4500
3 May 2007