Rise of POM’s 23-storey building sign of confidence


THE 23-storey building under construction at downtown Port Moresby will be a good indicator of investor confidence in the PNG economy, according to the developer.
The developer of the building called the Noble Centre is the China Railway Construction Engineering Group (PNG) Real Estate Company Ltd.
The company’s party branch secretary, deputy general manager Andy Chow, said the investment indicated China’s confidence in the PNG economy.
“It will be a good indicator to Apec visitors of China’s confidence in PNG,” Chow said.
He said the investment would complement the growth of the PNG economy in the coming years.
The total investment for the building is around K250 million. It is expected to be completed by the end of the year.
Chow said the Nobel Centre would be the tallest in PNG. Two floors of office space and one of car park will be used by PNG Ports Corporation. The rest will be leased.
The contractor is the sister company China Railway Construction Engineering PNG Limited.
The Noble Center will have seven floors of parking with 220 car parks and 11 floors of office space.
The other floors will have the cafeteria, gymnasium and sky garden.
Chow said they had received interest from businesses but had not reserved any of the office spaces as they were yet to advertise for lease.