Australian developer Tower Holdings is hoping to fund an ambitious development on Great Keppel Island via a $300-million dollar security-token offering, blockchain and crypto media-and-promotional-outlet Micky.com reports.
The project, which Micky claims, “has met all legal requirements…(and) has been approved by all levels of government,” is being promoted by Australian golfer Greg Norman.
The project is also Tower Holding’s second go at launching a development on Grand Keppel after their first plans for a resort and “integrated casino” there were “scrapped,” according to Micky.com, by the Queensland Labor Party, which refused to grant the project’s gambling license.
The proposed resort will reportedly feature a 250-berth marina, retail outlets, a 250-room luxury resort, 750 private villas and 300 luxury apartments, as well as a golf course designed by Mr. Norman.
Promoters are calling this the first instance of a “tokenized” island.
“This size of Great Keppel Island is a magnificent asset, when you have an island with 17 pure white beaches, you can maximise that,” says Norman in a promotional video at GKItoken.com.
“Any investors are going to look at this probably on a couple of bases… They’re going to look at the magnitude of the investment… What return they’re going to get,” he said.
Returns to token holders will depend on the GKI token being listed on relevant exchanges, and the projects’ creators evidently see a way that their stock-like “digital token” will also somehow eventually function as a local currency.
“While it’s expected GKI Tokens will be tradable on exchanges,” writes Micky, “more details about how the tokens might form part of an ‘island currency’ are expected to be revealed in the white paper.”
Great Keppel island sits adjacent to Australia’s famous, and lately heat-stressed, Great Barrier reef.
The GKI token whitepaper is expected to be released on Monday, September 10th.
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