Seven-Tower Nova City Project Derailed In Cairns

Developers cancel seven year investment

Article heading image for Seven-Tower Nova City Project Derailed In Cairns

Seven years after it was first announced, the $550 million Nova City development has been derailed.

The Cairns complex faced construction, purchasing and staffing issues since the beginning of the pandemic.

Developer World Class Global says COVID is the cause of the demise, with pre-sale buyers uncertain about what the future holds.

Despite reports that the site will be closed, Cairns Regional Council Deputy Mayor Terry James said the project is currently "on hold".

“It’s my understanding that the Nova City project is on hold, rather than permanently called off,” he said.

“We all know Covid has dramatically pushed up material and construction costs.

“And with no certainty over when the global economy will return to pre-pandemic stability, it’s not surprising that World Class Global has had to step away from the project at this time.”

The $550 million project was set to cost ratepayers for infrastructure, drainage and various development plans.
Beginning in 2014, Aspial Corporation lodged development application with Cairns Regional Council seeking approval for stage one of the CBD seven-tower complex.
Fast forward to today, Aspial property group World Class Global writes to apartment buyers explaining the project has been a casualty of Covid-19 and will collapse.

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22 October 2021

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