Replica of Titanic to be built

An Australian billionaire has announced details to build a replica of the Titanic, which will set sail in 2016.

Mining magnate Clive Palmer said at least 40,000 people had expressed interest in recreating the romance and memories of a bygone era, USA Today reported. 

"Titanic was a ship of dreams," Palmer told a press conference in New York.

"TItanic II is the ship where dreams will come true."

More from GlobalPost: Also made in China, the Titanic

Unveiling the plans in a video presentation, Palmer said the Titanic II would be very similar in appearance to the original ship, which hit an iceberg and sank on its maiden voyage in 1912.

Construction by a ship buiding company in China would begin later this year and the first trip, retracing the doomed Southhampton to New York passage was expected in late 2016.

While reluctant to divulge cost of construction, he said Titanic II would be similar in size to the original, the Guardian reported. 

It will have 835 cabins and feature a casino, theater, smoking room, Turkish Baths, a grand staircase, hospital and gymnasium.

Modern touches include air conditioning and more safety measures, including 18 motorised lifeboats.

Palmer said there would be three classes and they would not be allowed to mingle. Passengers would also be offered period costumes to wear.