Surfer's Paradise will be home to one of Australia's largest residential and hotel developments by 2018. As part of a $1 billion one billion dollar joint venture between China's Dalian Wanda Group and Ridong Group, Jewel will be the first five-star beachfront residential resort on the Gold Coast in more than 30 years, offering premium accommodation, dining, retail, and recreational experiences. 
The lavish triple-towered project, designed to look like crystal jewels on the Gold Coast horizon, is set to add a new glimmer to the local economy ahead of the Commonwealth Games in 2018, bolstering tourism and attracting a fresh wave of investors and clientele from overseas.
Domain's Senior economist Dr Andrew Wilson says such developments are positive for the local economy and it comes as no surprise that the popular haunt for surfers and tourists is seeing such growth.
"The Gold Coast has been one of the fastest-growing housing markets in South East Queensland over the past year," he says.
"One of the key drivers of the Gold Coast economy at the moment is construction. Infrastructure as I mentioned but also residential developments is pushing ahead, and that creates jobs, it creates demand, and of course that's all part of an activation of the local economy."
Wanda Ridong sales and marketing director Andrew Bampton says the development will create about 2500 jobs, which is welcome news as the Gold Coast continues to have one of the lowest regional unemployment rates.
Despite this, its prime location is the main appeal, sprawled over 1.2 hectares with 130 metres of absolute beachfront.
"We've chosen the Gold Coast's iconic shoreline as one of the most lucrative hot spots for capital growth in the coming years," says Mr Bampton. "It's been a long seven years for the industry, however, tourists and savvy property buyers are now turning their sights to Surfers Paradise once again."
The Gold Coast property market has seen a steady turn around over the past two years, with property sales of houses and apartments increasing by 11 per cent and 39 per cent respectively.
"We're certainly seeing a lot of interest from international investors, looking at properties particularly located in iconic regions such as of course the Gold Coast," says Dr Wilson. "A lower dollar is always a positive marker for investors and tourists to take advantage of."
Executive marketing manager of CBRE Melissa Griffin says the development is generating interest from both interstate and overseas investors looking to tap into the iconic resort market, particularly from Singapore, Hong Kong, Queensland, New South Wales, and Victoria.
Tower one has 41 levels, with 169 hotel suites and 512 apartments of one to three  bedrooms. All rooms come with the perks of 24/7 hotel services and access to recreational facilities, spas, and  myriad  cafes, restaurants and bars all in the vicinity.
First release apartments are expected to go on sale this Saturday.