Trump Organization Abandons Australian Skyscraper Project

The Trump Organization announced on Wednesday that it has abandoned plans to build its first skyscraper in Australia, citing the failure of its Australian partner to meet certain financial obligations. According to Jin10, the company had signed an agreement in February with Altus Property Group to develop a 91-story skyscraper in the popular beachfront tourist destination of Gold Coast, Queensland. The project was valued at 1.5 billion Australian dollars (approximately 1.09 billion USD). The Trump Organization stated that the project's continuation was contingent upon the franchise partner Altus fulfilling certain obligations, which have not been met. The company added that it will promptly explore other potential projects to establish Trump properties in Australia.