STILL WAITING: Tower Holdings CEO Terry Agnew on Great Keppel Island
STILL WAITING: Tower Holdings CEO Terry Agnew on Great Keppel Island Megan Lewis

Potential new developer revealed for Great Keppel Island

GREAT Keppel Island lessee, Terry Agnew has confirmed that final negotiations are underway with another potential developer of the island's proposed billion-dollar redevelopment.

Mr Agnew said he could not make any further comment as discussions were commercial-in-confidence, but he did reveal the developers were Queensland-based.

The Morning Bulletin understands that Singapore-based Isabella and CK Wei are still hopeful of getting funds for their application out of China but the Department of Natural Resources this week said they had not been able to progress an assessment for any new lessee for the Great Keppel Island leases.

A spokeswoman said the assessment considered whether an incoming lessee was capable of meeting the development requirement detailed in the leases.

These include timelines to reach specific development milestones, including a construction start date.

"In the meantime, GKI Resort Pty Ltd, as the lessee, is still required to meet lease milestones, such as the previously-completed demolition of some of the former resort's structures," she said.