Aquis Extends Options Over Yorkeys Knob Site

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Gaming and real estate development group Aquis has confirmed its commitment to the Aquis at the Great Barrier Reef Resort after today exercising its right to extend Call Option Deed (“the Deeds”) agreements over the site at Yorkeys Knob, north of Cairns.

The Deeds cover 11 separate land holdings controlled by six different land owners and allow Aquis to acquire the sites at any time over the next six years. Together the sites comprise more than 340ha of land.

Aquis initially signed a five-year deal with option dates in 2013, 2014, 2015, 2016 and 2017. Agreements over the core site were extended last year to include 2018, 2019 and 2020 giving Aquis until September 2021 to exercise the options.

The Deeds with the landowners are required to be extended every year.

Aquis Australia CEO Justin Fung said extension of the Deeds confirmed Aquis’ continued commitment to the project despite a range of challenges.

“Our vision for an iconic integrated resort targeting Asia’s emerging middle class has remained unchanged since we first conceived the idea and floated it with the State Government more than three years ago,” he said.

“We are continuing to do all that we can to progress the project and comply with the complex processes established by the State Government.

“Our priority remains finalising the terms of a Casino Agreement which will allow us to move to the next stage of planning.”

Mr Fung the site at Yorkeys Knob was a key part of the group’s strategy to develop an integrated resort in Queensland.

“It remains the best large-scale tourism development site in Queensland, probably Australia, and we remain committed to developing the site,” he said.

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