Page 87 - Tropic Magazine Issue 13

ECONOMY • ANALYSIS

Rising tide

Cruise ships docking in Trinity Inlet. Pic courtesy of Ports North
Confidence is high in Cairns but a second wave
of investment is needed to capitalise on the
boost delivered by Crystalbrook Collection.

Words Gavin King
It was late 2017, and Ghassan Aboud get the local economy firing. A rising enough to revive consumer confidence
was in town. In between inspections of tide lifts all boats, as the old economic and kickstart business investment’.
his hotel developments and meetings saying goes. Real estate prices have remained
with local politicians and business “People will come to share this market, fairly static and employment figures
leaders, Mr Aboud and his Australian and this market will grow,” Mr Aboud sluggish. Despite the remarkable scale
CEO Mark Davie wanted to send a told local media. “You heard from me of construction underway in the Cairns
message to investors around the world. in 2016 and I said Cairns would change CBD, full-time employment has gone
In short, they didn’t want Crystalbrook 100%. In 2025, you will see something backwards over the past 12 months. The
Collection’s suite of projects to be the really new – a whole new city. Normally high-level confidence delivered by the
only game in town. Peppered with one big player will attract the other arrival of Crystalbrook Collection isn’t
a mix of hope, encouragement and player. Soon they will see a lot of bigger trickling down just yet. That’s where a
urgency, Mr Aboud and Mr Davie players come.” second wave of investment comes in.
implored other investors to join them Small business owners in Cairns Mayor Bob Manning is bullish about
on a journey in Cairns. Crystalbrook’s certainly hope so. Talk to them and the future of Cairns but acknowledges
$700 million worth of spending in they’ll echo a familiar sentiment. The the significant investment by Mr Aboud
the city was unprecedented, a game common refrain goes something is “yet to peak”.
changer no-one saw coming. But the like: ‘The Crystalbrook Collection “We understand that for the small
pair seemed to be saying more was investment is incredible for the city business sector, economic recovery
needed to truly transform Cairns and but the cranes in the sky haven’t been has been slow and there are still some

87 • tropicnow.com.au