Lindeman Sells Half-Price

Lindeman Island has sold for $10 million to a Singaporean family leaving previous owners White Horse – a Chinese cable television operator – with a $2m loss on investment and $10 million shy of their original asking price.

The once site of a Club Med resort has lain dormant for over a decade as the Chinese group sought to develop a luxury resort on the 136-hectare island with plans never eventuating.

White Horse had originally paid for Lindeman at a price of $12m and had been willing to take the loss when Queensland property developer Shaun Juniper approached the business to purchase the asset.

Mr Juniper unexpectedly withdrew his business’ offer before the Singaporean family swooped on the island, reportedly buying it “weeks ago”.

The Chinese company’s divestment from Lindeman arose due to struggles with Queensland State Government approvals, despite having completed an Environmental Impact Statement (EIS) component to redeveloping the island - that EIS was for a $583-million-dollar masterplan to redevelop the abandoned site.

The Singaporean family have reportedly begun initial enquiries into redeveloping the existing Club Med Resort.

Lindeman, still in a development limbo, remains one of the Whitsunday Archipelago’s owned islands awaiting development, like Long Island, which was recently purchased by Oscars Hotels, as well as the Meridian Australia purchased Hook Island, and South Molle Island – an island owned by China Capital Investment Group.

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Lindeman island has sold for $10 million to a Singaporean family at a $2m loss for its previous Chinese owners