Well Smart Group has picked up Queensland’s Lindeman Island with plans to refurbish and reopen the former Club Med as a resort.
The Singapore based buyer, directed by Jack Jia, is paying c$10m for the 136 hectare leasehold, part of the 627ha island.
The seller, China based cable TV operator White Horse, led by Australian mining investor William Han, paid Club Med $12m in 2012 – just after Cyclone Yasi – failing to win plans for a redevelopment six years later.
A c$20m sale last year to Sydney developers Shaun and Samantha Juniper fell through a couple of months ago.
The Well Smart deal needs Foreign Investment Review Board approval (story continues below).
Elsewhere in the area, the group holds the Mantra Club Croc at Airlie Beach.
Outside of Queensland, it owns a hotel development site at Sydney’s Mascot and Ibis hotels in Melbourne.
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