The National, Thursday September 3rd, 2015
THE first stage of the Star Mountain Plaza will cost K1.1 billion and involves a funding partnership between ANZ Bank and the State, Mineral Resources Development Company (MRDC) managing director Augustine Mano says.
Mano said the next stage would be more challenging as MRDC only had less than three years to construct three world class facilities for the APEC Leaders summit in 2018.
He said MRDC was confident in delivering the hotel project before APEC 2018, unlike the failed 4-Mile Casino in which it had only a small interest.
Speaking at the launching of the hotel in Port Moresby last night, Mano said early work started for the first stage which consisted of the 15 storey 212 room Hilton Hotel and a five-storey car park.
He said at year’s end, foundations would have been laid for the four level Kutubu Convention Centre and the residential tower with 160 apartments.
“With the signing of the management agreement with Hilton Group two weeks ago, I’m hoping this will be a catalyst for other international brands to enter and unlock the country’s tourism potential.
“Star Mountain Plaza will not only transform the Port Moresby landscape but set a new benchmark for high-rise building in PNG.
“Projects of such magnitude in the property sector have never been done before by a PNG company, and more so challenging given the current economic condition, but it takes sheer courage and confidence to undertake such a project.”
Mano praised owners of Star Mountain Plaza which come under MRDC.
These companies include the Mineral Resource Star Mountain, Mineral Resource OK Tedi and Petroleum Resource Kutubu.
“The main contractor of the project will be announced before Sept 16,” Mano said.
“We hope that Star Mountain Plaza will change the mind-set, attitude and improve the quality of lifestyle of many Papua New Guineans.
“Star Mountain Plaza will be the five star address where you eat, drink, shop or do business – you may feel you are in Australia or Singapore.”