Landowners in billion-dollar deal

A MULTI-billion kina investment by a landowner company is expected to boost the tourism industry in Papua New Guinea.

Star Mountain Plaza in Port Moresby, a project led by the Mineral Resources Development Company (MRDC), will consist of a 15-storey 212-room Hilton Hotel, a five-storey car park, a four-level convention centre and the residential tower with 160 apartments.

The world-class project is a joint venture of the Petroleum Resources Kutubu (Southern Highlands), Mineral Resources Star Mountains (Western), Mineral Resources Ok Tedi (Western) and the PNG Government. Early works have already commenced with the first of two stages estimated at K1.1 billion (US$373.39m).

The project is expected to be completed in time for the Asia-Pacific Economic Cooperation leaders’ summit in 2018.

“With the signing of the management agreement with Hilton Group, I’m hoping this will be a catalyst for other international brands to enter and unlock the country’s tourism potential,” MRDC managing director Augustine Mano said.

“The next stage of the journey is after APEC when more commercial, retail and office space will be developed and potentially a 2D Hotel.

“Star Mountain Plaza will not only transform the Port Moresby landscape but also set a new benchmark for high-rise buildings 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.”

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