Nova chief’s quiet trip
THE $550 million Nova City project has received a lot of attention but the man behind the plans is keeping low-key.
Aspial chief executive and chairman Koh Wee Seng, of Singapore, has enjoyed a quiet visit to the Far North with a family group over the Christmas period.
While progress on the mega Spence St development has been slow, Mr Seng was determined to keep his visit strictly a holiday.
THE businessman behind the $550 million Nova City project in Cairns has made a low-key visit to the region on holiday.
Aspial chief executive and chairman Koh Wee Seng flew into the Far North from Singapore with about 10 family members for Christmas for about 10 days and left just before New Year’s Eve.
A Cairns-based adviser, who asked not to be named, said Mr Koh was strictly on holiday.
“He loves Cairns. He could have holidayed anywhere but chose here,” he said.
“He came to Cairns 10 years ago and drove all the way to Cooktown.”
The adviser said he met Mr Koh briefly but no other business meetings were arranged with anyone else as he was on strict instructions it was a family holiday, not a business trip.
“But I’m sure while he was here that he saw the Crystalbrook hotels and would have driven past CPAC (Cairns Performing Arts Centre).
“He would have seen the cranes in the sky.”
The adviser said pricing estimates on the first of the towers were still being finalised.
“There is a lot of glass that has to be brought in from overseas in special containers to Brisbane. They cannot be brought up here by train because of the vibrations. They have to come on a special truck and it is costing a lot of money,” he said. “We have an exclusive arrangement with a builder and we are hoping to definitely start this year.”
Foundation work for the first 17-storey 187-apartment Nova Light tower in Spence St and a second tower has been completed. More than 50 per cent of the first-release units had already been sold, with 90 per cent bought by Australian buyers, including many Far North Queensland locals.
All the three-bedroom subpenthouses have been sold.