Work has officially started on the $400 million
Aspial seven towers development in the Cairns City Centre.
Dubbed NOVA8, the project will feature seven commercial and residential towers to be built along Spence Street opposite Cairns Central shopping centre.
Construction workers equipped with excavators, graders, front-end loaders and trucks were already clearing away rubble for the first $120 million stage.
Singaporean developer Aspial Corp has decided to bring the project forward by several months after committing to a July start.
Aspial Corp’s Chief Executive, Koh Wee Seng told The Australian that the council’s move to open a new round of discount incentives for developers had given the company confidence to make the proposal a reality ahead of schedule.
Aspial is planning two residential high-rises as part of the first stage of a $400 million development. This stage could be completed in 2017.
Mr Koh said he was pleased the council had announced the program to waive fees associated with development headworks, which is estimated to give Aspial a discount of $1 million.
“We intend to apply for this program and we will commit to bringing forward construction on towers one and two to meet the time frame requirements for the program.”