DEVELOPMENT in one of Port Moresby’s iconic area, Paga Hill, will be a “game changer” for the Capital city.
That’s from NCD Governor Powes Parkop when witnessing a historic agreement to begin stage one of the development on Paga Hill.
Governor Parkop, and Lands and APEC Minister Justin Tkatchenko, witnessed the signing by Paga Hill Development Company, and its Advisory Board, who will provide AU$20 million in offshore funding to commence construction of Stage one.
Paga Hill Development Company, led by its chief executive officer Gudmundur Fridriksson, signed the agreement before the two NCD MPs that will see the development of 1.7 hectares waterfront site, which will include restaurants, cafes, retail, commercial and residential apartments.
Advisory board director Peter Barge, the world renowned Australian property executive who was involved in Sydney’s Darling Harbour, Macau, Dubai and other major developments as Jones Lang La Salle Asia Pacific chairman and CEO, flew into PNG from Sydney this week to complete the agreement.
Mr Barge, who was joined in Port Moresby by fellow board members David Galvin and Simon Dulhunty, said the vision for Paga Hill “will help transform a city and country into an emerging tourism destination, while creating many local jobs and boosting the national economy”.
Governor Parkop said his vision is for “Port Moresby to be a model city in the South Pacific, leading the way in tourism and business”, with Paga Hill a key part of this strategy.
He is impressed to see the project now moving from design to construction.
Minister Tkatchenko expressed his appreciation at the amount of open space and discussed the opportunity of establishing a joint working group to ensure the best possible outcome for city and residents, as well as the developers.
Civil works on stage one are well underway with actual construction to commence in March 2018, with Mr Fridriksson saying Stage one will set the scene for what’s to come at Paga Hill Estate, “with waterfront retail, dining and entertainment, it will be an ideal place to live, work and play.”