Minister for International Trade and Investment, Hon. Richard Maru is calling on the local investors to invest in the Sea Park Development Project opposite APEC Haus in Port Moresby. Minister Maru made this call today during the groundbreaking ceremony of the phase one of the project- the Azure Residences.
The Sea Park Development Project is a K2.2 billion investment which includes the development of the Azure Residences (launched today), Era Kone Hotel and Walk (Phase 1.5), Era Kone Residences (Phase 2), and the Fountain (Phase 3).
Minister Maru said: “We need Papua New Guinea (PNG) investors to partner the investors at Sea Park Development Project in this exciting journey. I am calling on our super funds- Nasfund and Nambawan Super, our landowner companies, and other PNG investors to partner our investors here as this project still has phases two and three.”
Minister Maru also called on the investors of Sea Park Development Project to submit a formal submission for the Cabinet to consider and endorse this investment as a Special Economic Zone (SEZ) so it can benefit from the SEZ incentive package offered by the Government.
Minister Maru stated: “APEC Haus is now a premier location for all major international conferences and it is used week in and week out so I am insisting on the investors of Sea Park Development Project to complement the National Government’s investment in APEC Haus with a hotel development in their master plan for phase two. This will help me to secure Government approval and support for this project to be an SEZ. In principle I want to assure the investors of Sea Park Development Project on behalf of the Prime Minister, Hon. James Marape and the Cabinet that as soon as we receive their submission, we will give it a priority and make sure they also enjoy the benefits that we are offering to the Paga Hill SEZ. With the K2.2 billion investment they are certainly going to enjoy a 10-year tax holiday and duty-free importation of construction materials- the same incentives offered to Paga Hill SEZ.”
Minister Maru thanked the investors for choosing to invest in PNG at a time when the country needed investments to create jobs and income generating opportunities.
“Our greatest need as a country today is to secure investments because investments will create jobs and opportunities. This year we are looking at our economy to grow between 4 and 5 percent. Assuming we lock in a couple of mining projects and other projects, I can see the economy growing at 6 per cent growth per annum for 10 to 15 years running. Despite our challenges we are going to rise up. For the first time we are offering incentives in SEZs- that is something we have never done before. We are going all out to compete with the rest of the world to attract investment dollars. I congratulate the investors of Sea Park Development Project for this very important investment. The returns for real estate in this country is far higher than most countries and I have no doubt that all the apartments in Azure Residences will be sold prior to the completion of the construction,” said Minister Maru.
Minister Maru also thanked NCD Governor, Hon. Powes Parkop and his team for working with the investors to make the project happen, starting with the launching of phase one today.
“I am a full believer and supporter of the ‘Amazing Port Moresby’ concept that is being promoted by Governor Parkop. If the skyline can change in Singapore, why can’t it change in Port Moresby? The Paga Hill and Ela Beach are the only places that have the opportunity to change the skyline of our beautiful Port Moresby. This is start of a very exciting development. I cannot wait to see phase one, two, and three of this project started and completed because it will change our city,” said Minister Maru.
