Steamships Breaks Ground For K250 Million Investment
Steamships Trading Company is continuing its investment in the Harbourside precinct with the official launch of its K250 million Harbourside South building project in Port Moresby yesterday.
This major building project will serve residential, commercial, retail as well as leisure space according to managing director Michael Scantlebury. Mr Scantlebury said Steamships is a joint venture partner in this project with PNG Sustainable Development Program and is a milestone achievement for the company as it is one of its largest investments so far.
He said the three year project is expected to be completed on May 2022 by the China State Construction Engineering Corporation Limited which also represents a significant vote of confidence in the future of Papua New Guinea by the board of Steamships. “I think this project also represents a significant compliment to Governor Powes Parkop’s view of amazing Port Moresby.
“This project will be something we will all be proud of it represents a new frontier of property development in Port Moresby, it will be 21 stories high 8000square metres of retail, commercial and leisure facilities as well as 88 apartments,” he said.
“Not only are we investing in property at the moment, we have a significant development, the highlander development and a conference facility; we are also investing in logistics, vehicles and vessels.”
NCD Governor Powes Parkop while congratulating Steamships for this achievement said projects such as this has helped in changing the face of Port Moresby’s Central Business District (CBD) especially with the new look Ela Beach and the Paga Hill redevelopment.
Mr Parkop said the idea of moving the port from town to Motukea was challenging but has also presented them with an opportunity to allow room for redevelopment and business opportunities.
He said the development of this Harbourside South is a massive investment done by Steamships and once completed will change the dynamics of the area together with other upcoming projects.
Prime Minister James Marape said in the next five years (2025) his government is looking forward to attract 200 local and external companies in substantial investment in the country’s economy.
“Substantial meaning over 225 million dollar worth of investment in few designated areas, If Port Moresby is getting crowded; I will point you towards other targeted areas to attract tax incentives. “Encourage local businesses to invest there, especially like Steamships and others, we are giving special incentives for those special areas,” he said.
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