Nova holding back our city

THE slow progress on the $550 million Nova development in Cairns is frustrating, to say the least.

It’s been five years since the project was announced and, apart from a sales suite and some groundworks, there has been nothing else.

In far less time another investor, Syrian billionaire Ghassan Aboud, has arrived in Cairns, bought properties and has finished one hotel, the Riley, with two others (Bailey and Flynn) well under way, his plans for an upmarket marina project at Port Douglas are steaming ahead, plus he has bought another vacant CBD block in Cairns.

All up, about $600 million is being spent in the Far North so far.

In the meantime, the advancement at Nova in Spence St is happening at a glacial pace.

The high water table on the site is one of the reasons for building design changes but another is that parent company, Aspial, is a public entity and the Singapore-listed firm is extremely cautious and conservative.

The lack of information also is annoying as the project has the potential to be a gamechanger at that end of town, providing many jobs both in construction and in operation.

Once under way it will give other investors the confidence to unlock their projects and funding as well.

But people who have already signed up for apartments in the first tower have every right to voice their concern about the absence of information.

Cairns does not need another multi-billion dollar Aquis resort and casino white elephant to muddy the waters. Nick Dalton Deputy editor