Syrian property developer snaps up Port Douglas’ Reef Marina

A firm backed by Syrian billionaire Ghassan Aboud has bought a Port Douglas marina, its fourth foray into Queensland.

Reef Marina, Port Douglas. (Supplied)

The acquisitive international company backed by Syrian billionaire Ghassan Aboud has bought Port Douglas’ Reef Marina with plans to pour more than $100m into its redevelopment.

In its fourth far north Queensland tourism development purchase in less than two years, Crystalbrook Collection today announced it had bought the marina and development site and planned to upgrade it into a superyacht facility with a 100-room hotel, 50 apartments, and a shopping and dining precinct.

Crystalbrook Collection owner, the Dubai-based Mr Aboud, said the company wanted to put the tourist enclave on the international map.

Syrian billionaire developer Ghassan Aboud.

“With our plans, we believe we can redefine the Australian marina experience and ensure Port Douglas is an essential visit location for high-end global travellers,” he said in a statement.

The developer and tourist operator plans to expand the existing marina with an extra 24 berths — up from 132 — to accommodate superyachts up to 50m long.

Construction of the hotel and residences under the Prime Group is expected to start mid next year, ahead of completion in 2020.

Crystalbrook Collection chief executive officer Mark Davie said the site demanded a hotel “of the highest calibre”. “We want to bring Port Douglas a globally recognised hotel and an incomparable experience for its guests,” he said.

Tourism hub Port Douglas, about 60km north of Cairns and close to the Daintree World Heritage Park and the Great Barrier Reef, established its destination status in the 1980s.

Japanese developers and high-profile homegrown entrepreneurs including Christopher Skase poured millions into ventures, inviting international supermodels and celebrities.

But when the global financial crisis hit, visitor numbers plummeted 20,000 a year and the tourism-dependent town suffered.

The Skase-developed Mirage, now owned by Chinese backed Fullshare Group, is undertaking a refurbishment of the complex.

Mayor Julia Leu welcomed the proposed investment in the marina.

“It’s many years since we have seen a development of this size,” she said. “This will endorse Port Douglas as one of Australia’s most idyllic getaways and bring great economic growth for the wider community.”

Crystalbrook Collection, the Australian arm of the GA Group, has three hotel developments under construction in central Cairns totalling a $370m investment. It also owns a boutique far north Queensland lodge and a 27-metre luxury motor yacht MV Bahama.