$300 million to a Resort through ICO-Great Keppel Island is one of the largest islands in the Keppel Group. Visiting Great Keppel for a day, a few nights, or for a couple of weeks, you can’t fail to be impressed by the scenery. There was a time when Great Keppel Island used to be the ideal place to go, a party island. Sadly, it was ruined and became a distant memory.
The good news is that an ambitious cryptocurrency consortium plans to restore its lost identity and value. Therefore, by turning it into a luxury resort with private villas, apartments, a golf course, retail outlets, and a marina. Everything is sold through the cryptocurrency backed property deal. This is done by tokenizing the entire island using a crowdsourced security token.
In order to fund the luxury resorts, private villas, a golf course, and the huge marina, capital is raised by offering ICO’s. Similarly, the successful execution of the plan would see Great Keppel Island turning into the world’s first micro-crypto economy. Apart from creating a historic instance of bringing digital currencies into a sustainable city project.
Increase in Australia’s crypto market:
$300 million to a Resort through ICO-The Keppel group intends to raise the funds of $300 million, through a Security Token Offering (a type of tokenized share for retail investors), to bring its plans into reality.
The project’s co-founder, Tim Sommens has hinted that the token holders will receive a huge return on investment from the island and stated: “The GKI Token Holders will have the very real asset backing of the actual island, which is predicted to be valued at over $3 billion when fully developed within five years,[…] the GKI Token Holders also receive the benefit of liquidity should they wish to sell their tokens at any time.”
$300 million to a Resort through ICO-The Queensland Government has approved this developmental project and in addition, is investing $25 million to connect the resources of water and power. Cryptocurrency investors will soon receive invitations to purchase the GKI Tokens, which will be tradable on cryptocurrency exchanges. The group is planning to complete the project by 2023, with token sales being initiated in 2019. There are many details regarding how the tokens will become part of the island’s currency. A white paper will be released to give complete details about the process. Before making an STO announcement, the project will ensure all government approvals and permissions are in effect.
The island’s owners, Tower Holdings, are excited about the project. The CEO, Anthony Aiossa believes the development will create a new benchmark within Australia’s tourism industry. Tower Holdings will retain 12% of the total offered tokens as part of the deal. The conglomerate currently owns over 70 percent of Great Keppel Island. It was awarded approval letters from the state and federal governments. Similarly, marine authorities and local councils for the purposes of redevelopment.