Trump Organization plans to build first Trump-branded luxury skyscraper in Australia, worth $1.06 billion

The Trump Organization has signed a deal to build the first skyscraper in Australia, marking a major step into the Australian property market. The deal has been confirmed by local developers and will result in what many expect will be Australia’s tallest building.The project is planned for the Gold Coast, a popular coastal city in Queensland. The tower will be 91 stories tall and cost about A$1.5 billion ($1.06 billion), according to the developers.The deal with the Trump Organization was signed on February 14 at Mar-a-Lago, the Florida resort owned by the Trump family, local developer Altus Property Group said in a statement. Altus CEO David Young said the project is currently in the early stages of design and planning.The skyscraper, to be called Trump Tower, is expected to include a six-star resort hotel, 270 luxury apartments, retail space, a beach club and swimming pools.The Trump Hotels website notes that the project marks the first time the brand has been used in an Australian hotel. The company describes the landmark address as one that will offer “world-class facilities” and uninterrupted Gold Coast views.Young said he had been working on a Trump-branded Australian project for nearly two decades, dating back to 2007 when he initially approached Ivanka Trump with the idea. He stressed that the building would be owned and built in Australia, although it would adhere to design standards associated with the Trump brand.Young said apartments were expected to start at about $5 million.The tower is planned for Surfers Paradise, one of the Gold Coast’s busiest tourist areas. Developers say that if completed, its 91 stories will be taller than the current tallest building in the country.Currently, the project is still in the agreement stage. The developer is making progress with design, engineering and planning and has yet to submit a formal construction application to the local council.Backers of the project say it could boost tourism in Queensland and help create jobs.