|
Business |
K90mil devt project in Harbour
City
Nasfund’s commercial and residential
plan
biggest ever to be undertaken by PNG entity
THE construction of the long-awaited
K90 million commercial and residential project at Harbour City,
Port Moresby, has begun, project owner Nasfund announced last
week.
Nasfund joint chief executive officer Rod Mitchell said in a
statement the programme spanning five years would see over K90
million injected into the construction making it the largest
development project undertaken by a Papua New Guinean
organisation.
The construction will be undertaken by Curtain Brothers and
Fletcher Morobe.
Mr Mitchell said harbour project would be funded out of Nasfund
cashflow and portfolio rebalancing and that “there will be no
borrowings associated with the project”.
The project was also the first major commercial development
undertaken in the Port Moresby town area since Deloitte Tower in
1996.
The five-year development plan included two buildings covering
over 7,500sqm of for-lease commercial space with basement
parking and a residential apartment block of 20 units.
The buildings will face canal frontage, overlook the Royal Papua
Yacht Club marina alongside view of over 6,100sqm of prime land.
“This site suited the concept that we wish to develop … we are
looking to create a south bank style that allows for a walking
promenade along a canal with a mix of commercial and residential
complexes.
“The marina, Anderson’s super mart, easy accessibility for
construction and with direct access to the freeway were all key
in the decision making,” Mr Mitchell said.
“We need to breathe new life into the town and hopefully the
projects will be the catalyst for even more construction at
Harbour City, giving Port Moresby more than just one commercial
focus.”
“That’s not to say we are not interested in the central business
district (CBD) either,” he added.
This year, Nasfund bought into a number of key development sites
in the CBD, effectively becoming the major partner in any new
development to be considered,” Mr Mitchell said.
The Harbour City development project had commenced with the
start of piling and the basement construction of commercial
building No. 1 covering three floors.
A major corporate entity had indicated that they will take a
majority of the space with the remaining being earmarked for
corporate houses which had given expressions of interest to
relocate to Harbour City.
Mr Mitchell said in the residential or apartment construction
flurry that had ensued over the last few years, little attention
has been paid to increasing commercial space within Port
Moresby.
Hence, currently “we have no quality commercial space on offer
with tenants facing large rent reviews in what could be termed
“a landlords market”.
 
|
