Mount Hagen’s first large scale, mixed-use development, Wonye Dobel is progressing well, as on Thursday 21st September, Steamships and Tininga Group of Companies sign an agreement to move forward with Phase II of the project.
The capex investment worth an approximate K200 million is a joint venture with the Duckworth family of Tininga and was identified by Steamships as an area of growth and opportunity within the region.
The mixed-use development already houses BSP Financial Group, which is due to open shortly. Plans for Dobel phase II is a retail led development which is to include supermarkets, restaurants, homeware, and retail stores as well as government and financial agencies. The project is currently being managed by Steamships Property Division, Pacific Palms Property.
The Wonye Dobel joint venture is one of a number of mixed-use development projects Steamships is currently managing. Recently the company shared a video at the Business Advantage investment conference, sharing with the business community plans for expansion in Port Moresby, namely the establishment of Portside Business Park, which is anticipated to be the future industrial and commercial hub for Port Moresby. The team are currently in discussions with the Government to zone the park as a Special Economic Zone to attract more businesses and industries focused around in-country manufacturing and downstream processing.
Additionally, Steamships is expected to open Harbourside South, the latest development as part of the Harbourside Precinct, offering A-grade retail and office space, and is housing the Marriott Executive Apartments in Downtown, Port Moresby.
Steamships Managing Director Rupert Bray is expected to travel to Hong Kong in October to support the Prime Minister and National Government in the PNG-Asia Investment Conference to encourage foreign direction investment in Papua New Guinea in the resource and non-resource space of the economy.
“We encourage more international investors and development partners to come into PNG, with synergies opportunities, to work with Steamships as their partner of choice. The Company has a strong financial balance sheet and history of joint ventures with landowners and provincial governments, especially in these larger investments which we are starting to see and are well positioned to execute.”
