It looks like the Gold Coast will be waiting a little longer for its first cruise ship terminal, after plans for a major project worth $4.9bn were withdrawn.

Last month saw a proposal lodged from Singaporean group Sembawang, however the company's chief executive Ric Grosvenor has since announced the company will not build its proposed Wavebreak resort, cruise ship terminal and casino.

Queensland’s tourism minister Jann Stuckey said it was disappointing the Singapore company had scrapped the plans, however did not know the reasons for the decision.