A K296 million commercial and residential project called the Range View precinct is being constructed at Waigani in Port Moresby.
The shareholders are Nambawan Super Limited (56.72 per cent), National Capital District Commission (12.76 per cent) and Lamana Development Limited (30.52 per cent).
The property, located opposite Vision City Mega Mall, will feature:
- Two commercial buildings built on more than 10,000 square metres, with 280 car park spaces;
- Residential compound with 88 townhouses and 140 car spaces.
“This investment highlights what can be achieved when public landowners such as the National Capital District Commission works with the nation’s largest investor to drive development,” Nambawan Super Limited chairman Anthony Smare said.
“This public-private partnership will benefit the residents of the nation’s capital through long-term recurring revenue for the NCDC to support its services.
“It provides another major retail and commercial hub for residents to shop at. It will also generate long-term revenue for Nambawan’s members.”