The iconic Port Moresby Sea Park, where sleek dolphins once used to frolic, is set to become the capital’s newest sunset skyline. To cost developer Sea Park Development Company K2.2 billion, phase one of the project was launched last night.
The project will cover 4.2 hectares of land around the ring-road at Ela Beach opposite the Apec Haus with Phase 1 to include the Azura residence to be built by the Sea Park Development company. The project is set to complement the APEC Haus and the soon-to-be-developed Paga Hill development.
Sea Park development representative Arthur Zhao said: “This project is in the best location in Port Moresby with a total land area of 4.2 hectares. “We will build luxury apartments, hotels, shopping centres, serviced residences, and offices with a total projected investment of K2.
2 billion. “The Sea Park development is set to generate substantial economic benefits and employment opportunities for the local community. “Each phase of the project will create numerous jobs enhancing the quality of life for residents and stimulating economic growth.
” NCD Governor Powes Parkop said the investment is most welcomed. “I want to thank the investors for having confidence in the city and the benefit that will come to our people will be immense for our people. “At this time, we really need this type of investment to generate business to flow on and to generate employment and to build the confidence that we need in our city and in our country.
” Minister for International Trade and Investment Richard Maru said: “I do not doubt that all the apartments in Azura in the first stage of the development will be sold before the completion of this property. “The retention in real estate in this country is far higher than in most countries. “In terms of return on investment, you will surely get a very high return on investment which you are making.
” Mr Maru announced that in principle, the Sea Park development will gain Special Economic Zone incentives upon submission by the investors. “As soon as we get a submission, we will give it priority to make sure that you also enjoy the benefits that we are offering for investors in SEZs.”.
