Tuesday, May 26, 2009

LNG agreement heralds the start of building boom in PNG

Signboard at GordonSignboard at Four-Mile
Passersby at the fenced-in building site at Four-Mile
HG Construction crane reaches for the sky at Gordon
Fenced-in buiding area at Four-Mile with Garden City in the background
Datec, part of the Steamships Group, will have its new Super Store at Gordon
A rear view of Steamships' commercial development at Gordon

The signing of the benefits sharing agreement (BSA) for the PNG liquefied natural gas (LNG) project in Kokopo at the weekend basically paves the way for the unprecedented building boom in the country to continue at a high level.
Building commentator George Tipping predicts that a much-larger building and property boom is the likely scenario if the Exxon Mobil LNG project is confirmed.
“Despite the internal impediments of higher interest rates, inflation, hesitation by some PNG investors due to the global economic conditions (GEC), slow NCDC and utility service providers approvals, it is my prediction that the current building and property boom will continue at a high level of activity, particularly for large projects,” he wrote in The National recently.
“How long will this boom last? That is the hard question to answer.
“My crystal ball suggests we have another three to four years before the boom slows to more-manageable levels.
“However, if the Exxon Mobil LNG project is confirmed, then we will have a scenario of a much larger building and property boom making the current boom seem small by comparison.”
One of the major players in the current building and property boom, especially in Port Moresby, is Steamships.
On the rear of the old Papuan Hotel site downtown, we can see the major high rise project for Steamships Properties (Fletcher Morobe) and we have seen the activities on the former Hornibrook site at Gordons also for Steamships (HG Constructions).
At Four-Mile, opposite Stargazers, Steamships has finished clearing up a piece of land and has started work on a major commercial development.
Steamships Property is renowned as one of the largest and most-dynamic property developers in PNG.
The company specialises in providing residential, commercial and industrial property, across the country.
From high covenant apartment accommodation in the heart of Port Moresby to commercial and industrial blocks near the Lae Port, Steamships Property has a substantial and diverse property portfolio.
This is certainly growing.

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