Prime Minister James Marape has urged investors to have confidence and invest in Papua New Guinea.
“My government or the government I lead do not care about colour, which political divide or which religion you come from or what tribe, we want to encourage business investments,” Marape said.
He said this at the groundbreaking ceremony of the K130 million Paga Hill Paradise development – a 22-floor high-end apartments building project.
The luxury accommodation will be built on the added backfield land on the Port Moresby beachfront just as the ring road takes a bend overlooking the old Fairfax Harbour.
Mr Marape said the country is loyal to investors who are loyal to the country.
“This is a country that has shown its ability to repay our investors a substantial amount on return on investment,” Prime Minister Marape said.
Governor Powes Parkop thanked Asian businessman Jimmy Po and other investors for having trust in the Capital city and for their commitment to ensuring modern facilities for accommodation.
He added the city government has devised the “Amazing Port Moresby global branding to promote the city as a liveable city but the government can’t do it alone.
“For me as a governor I’ve been very passionate about making it happen but it’s been taking a long time. But today, the journey has begun and I thank the investors,” Governor Parkop said.
Lead architect Andrew McFadden said the building meets international standards both from PNG and Australia and is a project that involved input from local knowledge.
The building will be constructed by China State Engineering, a company that has its footprint in the construction of hotels and accommodations including the Ela Beach paradise, Toaguba hill paradise and construction of an office building at Waigani.
While the beachfront luxury is yet to be built, interested occupants have purchased 67 units and duplexes out of the 83.
The lowest accommodation is valued at K1.3 million and a whole floor on the 19th worth K10 million has been paid ahead of opening time.
The residential building is expected to be completed after two years.
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