Trump Organization signs deal to develop Australia's tallest building

Investing.com -- The Trump Organization has agreed to develop its first tower in Australia, a A$1.5 billion ($1.06 billion) project set to become the country's tallest building.

The 91-storey skyscraper will be built on the Gold Coast, a seaside destination in Queensland state. Local property developer Altus Property Group announced the deal in a statement.

The tower will feature a six-star resort-hotel, 270 apartments, retail shops, a beach club and a swimming pool, according to Altus.

The Trump Hotels website confirmed this marks the first time the brand will be used for a hotel in Australia. The website described the project as a landmark address that will redefine beachfront sophistication with world-class amenities, iconic design and uninterrupted Gold Coast views.

Altus CEO David Young said he had pursued the development for nearly 20 years. Young cold-called Ivanka Trump in 2007 to pitch a Trump resort as Australia's finest tourism property.

The final agreement was signed with the Trump Organization at the Mar-a-Lago resort on February 14. Young said the company is now in the process of design, engineering, construction and fit-out.

The tower will be located in Surfers Paradise on the Gold Coast.

You May Also Be Interested In

• Varonis Systems (VRNS) 1500 contracts of June 70 calls trade, share price up 11.5%
• Elliott targets Deutsche Telekom, opposes $300B T-Mobile merger - Bloomberg News
• Action Behavior Centers' Family Advocacy Team Meets with U.S. Senators in North Carolina to Discuss Access to ABA Therapy for Autism