Brunei Sultan’s Lucrative Gold Coast Property Sitting Idle

Following Brunei’s draconian penal code criminalizing stoning to death those found engaging in homosexuality and adultery, the Brunei Sultan Hassanal Bolkiah’s lucrative Gold Coast property - Surfers Paradise site has come to the fore. The property is now worth $30 million, double the price that the arm of Brunei Investment Agency (BIA) paid for 22 years ago. Sources say that six years ago, the site was transferred to a company called Sejahtera Two (Australia) Pty Ltd. The government-run BIA also owns Brisbane’s Royal on the Park Hotel.

Sources say the Surfers Paradise site is a sizeable piece of prime real estate, with great potential. It could be used for accommodation, restaurants or shops by the Sultan has left the site lying idle for years. There is no development. Gold Coast mayor Tom Tate’s office in a statement said it would continue to liaise with the Sultan of Brunei with a view to seeing this property best utilized for the benefit of the Gold Coast community.

In 2012, the mayor had reportedly sent a ‘use it or lose it’ ultimatum to the Sultan, suggesting he donate the land, then worth $15 million to the city. Tate had told the local media that if the Sultan donates the land to the City, they will dedicate a park in his honor. “Its a win for him, the Sultan has vast holdings around the world so he probably doesn’t even know he owns it.”

The Australian Government has rules about foreign buyers starting ‘continuous substantial construction’ within two years of buying vacant residential land.