Nirmal Singh Bhangoo - The founder of Pearls Global, one of India’s fastest growing firms

PREMIER Anna Bligh helped launch a $20 million refurbishment of the Sheraton Mirage Resort and Spa on the Gold Coast, one of Australia’s most iconic beachfront tourism properties, this morning.
A prototype hotel room was unveiled, the first of 296 rooms to be upgraded across the next 10 months.
The Sheraton Renewal Master Plan will include works on corridors, restaurants, bars, the lobby and reception desk.
The project is part of an initial commitment made by the Sheraton’s new Indian owners, Pearls Group in 2009.
Sheraton’s original architects and designers have jumped on board again.
The works are expected to be completed by May next year.

QUEENSLAND Premier Anna Bligh today launched a $20 million refurbishment to the new-look Sheraton Mirage Resort on the Gold Coast.

Considered a major shot in the arm to the ailing tourism industry, the Premier says she will use her investor road show next week to tell southern states that Queensland is ‘back in business’.

“The Gold Coast will certainly be one of the places I will be talking about as bouncing back from very tough times. You couldn’t get a better symbol of it than a $20 million investment from a big foreign company (owner Pearls Australasia) into one of the most iconic tourist destinations in Australia,” says Bligh.

Having exchanged ownership five times, the Christopher Skase-built resort has long been in need of refurbishment, with mining magnate Clive Palmer telling Gold Coast Business News that Mirage’s product was ‘very tired after 30 years’.

Rooms will feature a custom-made bed from Sealy, air-conditioning with infrared detection, high-definition TV with AUSTAR, Sony iPod dock and wireless internet access, among others.

Pearls MD and CEO Peter Madrers says works will not be limited to the resort’s 296 rooms.

“The entry experience will change. Furniture will be replaced, giving a very modern feel in the lobby. The bar will be transformed into a groovy, modern bar that will attract people locally to have a drink. At the Terraces Restaurant, we are increasing seating capacity with new furniture, giving a very Florida-style of dining,” says Madrers.

Gold Coast Tourism CEO Martin Winter says the revamp is proof of the Coast being a modern tourist destination in the 21st Century.

“This visionary investment – and previous works on the Palazzo Versace, Marriott, new Hilton and Oracle developments – will reposition the Gold Coast as a high-end proposition for travellers in addition to a place for family fun,” says Winter.

Premier Bligh says Queensland should work hard to get its ‘mojo’ back.

“I see that (happening) here, at the Mirage, an iconic destination. I welcome this investment, but also see the Marriott hotel undergoing refurbishments as well. These are strong signs that this industry is confident about its future,” says Bligh.

India-headquartered Pearls Australasia acquired Sheraton in early 2010 for a reported $60 million, marking the private landholder’s first foray into Australia.

Pearls has separately announced plans to build the $75 million Edgewater residences and apartments on Lake Orr at Delfin Lend Lease’s Varsity Lakes.

It had also entered a joint venture with David Devine’s Metro Property Development to develop three high-rise residential towers in Brisbane and two land subdivisions on the northern outskirts of Melbourne.

Late in 2009 Pearls Group outlayed a reported $60 million to purchase Australia’s most famous beachfront resort, the Sheraton Mirage on the Gold Coast.
It represented Nirmal Singh Bhangoo’s entry into the Australia market and his first major investment outside of India.
The expansion heralded the start of “Pearls Global’s” push to become a major force in Australian property.
After investigating its development options, Nirmal Singh Bhangoo’s local team today announced a $20 milion overhaul of the tourist property, with the intention of returning it to its former five-star glory.
The completion of works by mid 2012 will see the property promoted anew around the world.
Pearls Australasia’s Joint MD and CEO Peter Madrers says that the refurbished Sheraton Mirage would benefit greatly from the relationships of its Indian ownership and the continued management of Starwood Hotels internationally.
“Pearls Global will promote the Sheraton Mirage to its massive network of business connections and customers on the subcontinent, where it also operates its own television broadcasting company (P7) and a major travel agency.
“Pearls Group also has high profile Australian cricketer Brett Lee under contract and has recently appointed him international ambassador for the property.
“We are currently planning a range of major promotions that will leverage Brett’s enormous popularity and visibility in India where there’s virtually no bigger Aussie name.
“These campaigns will seek to open up huge new tourism markets for not just the Sheraton Mirage, but also the Gold Coast and Queensland,” he said.
Mr Madrers said that the renewal of the Sheraton would also herald a campaign by Starwood Hotels to promote the property to its millions of Starwood Preferred Guest (SPG) members worldwide and to guests at its over 1000 properties internationally.

A good article on Nirmal Singh Bhangoo and Pearls Australasia can be found here: Nirmal Singh Bhangoo Invests in Australia

Nirmal Singh Bhangoo, along with Brett Lee and Arun Jagatramka were recently recognised for their outstanding achievement to promote trade between India and Australia by the Australia India Business Council (AIBC) at a function inside NSW State Parliament. NSW Premier Barry O’ Farrell was present on the occasion and gave away the awards. To read more about the evening and see photos from the event visit Rohit Revo’s website.

Nirmal Singh Bhangoo and Indian – backed developer Pearls Global is setting a cracking pace with its Aussie partner, David Devine’s Metro Properly Development. Last week they announced a third apartment project for Brisbane, the $100 million Brooklyn on Brookes in the Valley. Their first Brisbane project, Chelsea in Bowen Hills, has sold out and their second is well on its way. Pearls Global which owns the Sheraton Mirage at Main Beach – is also working on the $75 million Edgewater at Varsity Lakes.

PEARLS MiiHome has upped its offering to help devastated Ipswich residents from one house to three houses. The company approached the Bulletin earlier this year wanting to help one of the thousands of families affected by the January Floods after seeing Operation Goodna roll out.

 

But yesterday it tripled the original promise to a $300,000 donation. Pearls Australasia executive director David Higgins said the charity organisation Habitat for Humanity had taken on the task of selecting the three families. “From there, we will work with Ipswich City Council and Habitat for Humanity large volunteer workforce to get them into the new he said.” (The houses) are strongly flood resistant and can be built on stilts, so this will remove any concerns there might be about rebuilding on flooded land” Mr Higgins said the company hoped to be on site in six weeks building the houses. He also mentioned that the initiative had been driven by the company’s chairman Nirmal Singh Bhangoo in India.

 

Ipswich Mayor Paul Pisasale congratulated both groups for their contribution. “This is an outstanding example of when the community and business work together, tremendous results can be achieved,” he said. Habitat for Humanity has built rehabilitated and repaired more than 400,000 homes around the world.

For more information visit Division 2 News.

HOUSING affordability in Melbourne’s northern suburbs is set for a significant boost, with developers Metro Property Development, Pearls Australasia and funds manager Oracle Estates launching to market the first stage of a new $200 million residential community at Wallan.

 

Located only 45km from the Melbourne CBD, Woodlands Edge will target first home buyers and young families with land prices to start from just $135,000.

 

Metro Chief Executive Officer Luke Hartman said Woodlands Edge was excellent value for money and offered an exceptional opportunity to purchase in a high-growth region.

 

“We are focussed on delivering high-quality, affordable home sites for consumers and we believe Woodlands Edge will provide an excellent entry point in the property market for first home buyers in Melbourne,” Mr Hartman said.  “First home buyers will recognise what a rare opportunity this is, especially with the Federal Government’s First Home Owner’s grant and the Regional Bonus available – this means first home buyers can take advantage of up to $26,500 in grants.

 

Stage 1 will incorporate 68 allotments, with sizes ranging from 315sqm to 720sqm. Prices will range from $135,000 to $175,000.

Mr Hartman said Woodlands Edge was one of the most exciting developments in the northern corridor and expected demand to be high.

 

“The northern corridor is one of the fastest-growing areas in Melbourne, with millions of dollars worth of new infrastructure, including railway lines and a sewerage system, precipitating strong demand in the area,” he said.

 

Pearls Australasia Joint Managing Director, Paul Brinsmead said that Victoria’s strong economy and underlying fundamentals made it ripe for residential development.

 

“According to research, population and employment growth here lead the nation and contribute strongly to the demand for new homes and of course the current shortage.

 

“The Australian Bureau of Statistics has forecast Victoria’s population will grow by about 1.6 per cent a year until 2026, meaning an extra 1.5 million people will need accommodation, mostly in Melbourne,” Mr Brinsmead said.

 

Woodlands Edge at Wallan is a family oriented community boasting an excellent location. Wallan is right beside the Northern Highway just before it feeds onto the Hume Highway. Craigieburn is only 10 minutes away while the lush farmland around Kilmore as you head towards the Great Dividing Range is only minutes away.  From the Kilmore and District Hospital just up the road to major shopping centres like Westfield Airport West and nearby schools and childcare centres, Woodlands Edge has everything you need on its doorstep.

 

Residents will also be able to enjoy a network of quiet, tree-lined streets with walking and riding trails and open spaces for the children to play. Metro Property Development concentrates on high rise projects and broad acre land development in Queensland, South Australia and Victoria. Metro is also a major partner in house building group Creation Homes.

 

Since Metro was launched in early 2010 the company has announced the acquisition of numerous development sites around Brisbane and Melbourne with a total end value of more than $1 billion.

 

Pearls Australasia is the Australian property arm of the diversified, New Delhi-based group Pearls Global.

 

Pearls Australasia entered with Australian marketplace in late 2009 with the cash purchase of the Sheraton Mirage Resort and Spa on the Gold Coast and has since announced a multi-million dollar, three stage refurbishment for the iconic Starwood Hotels & Resorts property to return to its former glory.

 

Headed in Australia by joint Managing Directors Peter Madrers and Paul Brinsmead, Pearls Australasia has added the $75 million Edgewater residential project at Delfin Lend Lease’s Varsity Lakes; the international-patented MiiHome building system supplying government and industry housing needs; and the Metro Property Development joint venture to its growing portfolio.

 

Oracle Estates is a Sydney-based boutique fund management and development group established in 2008 by Domaine Property Funds Limited founder Bruce Baudinet and former Domaine executive Nic Kennedy.  Metro’s partnership with Oracle fits the company’s preferred development model of leveraging its development expertise while using suitable partners to provide funding expertise.

 

For land information and enquiries please call 1300 720 342 or email sales@woodlandsedge.com.au to register your interest. For further information on the estate visit www.woodlandsedge.com.au

 

ENDS:

 

Metro Media enquiries to Samantha Townsend on 0408 889 356. 

 

Pearls Media enquiries:

Graham Staerk

m. 0423 027 973

w. 07 55 611 913

e. graham@consultum.info

THE Gold Coast’s premier hotels are spending $450 million in a cosmetic war to lift the city to its former glory. Sheraton Mirage, Marriott Surfers Paradise, QT Gold Coast, Jupiter’s Hotel and Casino, and the Hotel Grand Chancellor Surfer Paradise arc all spending big on brash facelifts as each looks to out-dot each other in the elite five star market.

 

Work has started on the first three. The latter two are expected Io announce start dates soon. The Marriott is spending $20 million on “a refurbishment that will see that- hotel regain the mantle of the Gold Coasts most luxurious hotel”.  General manager Peter Brampton claimed. “The lagoon pool surrounds are undergoing a total makeover, as well as our all-day dining restaurant, all guest rooms and function areas, the hotel’s lobby and the overall pool area and front entry.” Also central to the work is the revamp of the presidential suite, which has a master bedroom, separate dining room, lounge room and butler area. All work will be finished by September.

 

More than $12 million will he spent at The Hotel Grand. The hotel, formally the Court yard by Marriott, was bought by Singapore-based hotel Grand Central Limited for 47 million last July. “The hotel was fairly run down when we bought it, which is why we got it for a cheaper price,” manager Peter Yared said. “But our theory was that we would reinvest the money saved on the hotel to raise the standards”.

 

Jupiter’s Hotel and Casino confirmed it was close to announcing a start date for its $350 million redevelopment while Sheraton Mirage owner Pearls Australasia and Nirmal Singh Bhangoo last week gutted rooms as part of the $40 million revamp of its Main Beach hotel. A spokesman for Pearls Australasia said hotel operator Starwood would spend an extra $2 million improving the restaurants and bars at the Sheraton, more information can be found at this goldcoast.com.au business article.

 

Current work would be complete by 2012 he said. Matt Lawton, General Manager of the QT Gold Coast, said redevelopment of the property previously known as Gold Coast International or GCI, had blown out to $23 million over two stages. Transformation of restaurants, ban and surrounding areas were complete.

 

However work was still to be done on its accommodation, day spa and conference rooms. Mr Brampton said the investments were vital for the city. “lf our destination has world-class resorts we can play on the world stage” he said. The investment by the Marriott group was a “vote of confidence in the future of the industry and the Gold Coast brand”, he said. Mr Lawton said it was no secret the Gold Coast had lost some to its lustre, but commitment by both the private and public sector would bring it back.