Lindeman Island sold to Singapore's Well Smart Investment Holdings for $10 million

Lindeman Island, the troubled Whitsundays resort whose main resort hotel has been closed since 2012, has been sold to a Singapore-based proprty group.

With plans to redevelop the site of the former Club Med resort on the island, Well Smart Investment Holdings are understood to have paid $10 million - half its advertised sale price - for the most southerly of the Whitsundays group of islands.

The 136-hectare property was previously bought by Chinese tycoon William Han's White Horse Group for $12 million in 2012 after the island's French-owned Club Med resort closed earlier the same year after the devastation of ex-Tropical Cyclone Yasi in 2011.

Well Smart Investment Holdings are reported to be ready to takeover White Horse Group's proposed renovation.

The $583 million plan was submitted to the Queensland Government for approval in 2015 and was expected to generate 300 construction jobs and 300 jobs within the new resort.

White Horse's proposal included a five-star beach resort, six-star spa resort, a five-star eco resort and a four-star tourist villa with facilities including a bar, nightclub, shops, airstrip, golf course and restaurants.

The plan is currently listed as approved with conditions on the Queensland Government's website.

The latest sale continues a trend of Great Barrier Reef islands changing hands.

Dunk Island and its abandoned resort were sold for $23.65million in July last year while mining executive Andrew Forrest bought Lizard Island and its operational resort for $42 million in November.

Sydney-based Kingdom Developments bought Victor Island for $3.65 million last year but have already put it back up for sale, this time asking for $3.3 million to $3.5 million.

Image: Lindeman Island's former Club Med resort - closed as of 2012.