Australian billionaire Clive Palmer will unveil his plans to build an exact replica of the ill-fated Titanic at a gala dinner event in New York City in December.

“It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st Century technology and the latest navigation and safety systems," Palmer said earlier this year in a statement.

Of course, one of the main differences will be the modern technology used in the shipbuilding that will prevent it from sinking like its predecessor. "It is going to be designed so it won't sink," Palmer said in a press conference.

"It will be designed as a modern ship with all the technology to ensure that doesn't happen.”

On December 4th, Palmer will officially unveil his plans to build ‘Titanic II,’ which will have the same dimensions as the original ship which was built in Belfast. 

“It will be a chance for the business community of the United States and indeed the world to see the wonderful progress that's been made on our Titanic II project,” Palmer said.

“Since we announced our plan in April we've had a huge amount of interest, particularly from people wanting to know how they can secure a booking for the maiden voyage, along with commercial sponsors,” he added.

On hand to help in the unveiling will be JFK’s daughter Caroline Kennedy. At the event, guests will be treated to the same menu that passengers aboard the Titanic had on the day it sank, April 12, 1912.

The announcement for the Titanic replica comes during the same year that marked the centenary since the ship’s sinking in the Atlantic on its maiden voyage. 

The new ship will set sail from China, where it will be built, in 2016 and head for Southampton in England before going on its maiden voyage to New York City.

Australian billionaire Clive Palmer© AP