Construction has officially begun on the $970 million Wanda Ridong Jewel development on the Gold Coast.

The three-tower, mixed-use development (pictured), spanning three acres with 130 metres of absolute beach frontage, will comprise 500 apartments, 171 hotel rooms and a luxury retail precinct.

Director of Sales and Marketing Wanda Ridong (Gold Coast) Andrew Bampton said it marked the first step in a significant journey for Wanda, the Ridong Group and for the city.

“We’ve chosen right here on the Gold Coast’s iconic shoreline as one of the most lucrative hot spots for capital growth in the coming years, offering buyers unparalleled luxury, world-class design and unrivalled standards in beach-front living,” Mr Bampton said.

“Jewel will be the most significant development on the Gold Coast since 2008, and the first true beach-front residential resort in more than 30 years,” Mr Bampton said.

The project is a joint venture between China’s largest commercial developer, Wanda Group, and property developer the Ridong Group.

“Its striking crystalline forms are the product of a world-wide design – a stunning piece of architecture that will be internationally-significant for years to come,” Mr Bampton said.

“It represents a $1 billion international vote of confidence in the City of the Gold Coast, Queensland and Australia.”

Jewel is also the Wanda Group’s first out-of-the-ground development outside of China – ahead of projects in London, Madrid, Chicago and Los Angeles.

Queensland Deputy Premier and Minister for Infrastructure, Ms Jackie Trad MP, turned the first sod at the beachfront Surfers Paradise site.

Gold Coast Mayor Tom Tate said it was an exciting day for the city, in a number of ways.

“This project, which was fast tracked as soon as I was elected, will create thousands of jobs for the community both during and after construction. It will also create a new and positive impression of the Gold Coast as a world class destination for visitors and overseas investors,” Mr Tate said.

Minister for Tourism and the Commonwealth Games, Kate Jones, joined Ms Trad and Mayor Jones at the event.

“A $970 million project of this scale is a real show of confidence in the Queensland property and tourism markets,” Ms Jones said.

“I welcome the significant commitment to the state from major international companies like Wanda and the Ridong Group.”

Urban Developer.