PORT MORESBY - PNG
  • Various Pricing
  • Available : 1
  • Location : PNG - Port Moresby - Waigaini
  • Quantity :

PORT MORESBY - PNG - DEVELOPMENT SITE

Priced at $35M - 25% Contracard

Project Scope
The proposed project is to be developed through Hotcom
Developments Ltd, and a Government approved and registered
PNG architectural and engineering company, Future World
Design PNG, as the joint venture body who deals directly with
the Government.
The new development will begin with a rezoning of the land to
create a new mixed use development. Security will be a priority
with the creation of a compound and associated high fencing
and gates. Two stages of development are envisaged.
Our proposal provides for a
comprehensive masterplan for the whole site including
both stages. The concept design phase has been divided into the two stages of work which provides flexibility to the
client to focus in more detail on stage 1, or if preferred to provide concepts for both stages. The buildings for each
stage will include:
Stage 1.
• Underground car parking with an exit out under the John Guise overpass highway so the civil infrastructure will
circle round under and out towards Waigaini or underneath out on Kookaburra Drive.
• A Mono-rail with stops at International and Domestic airports then travel along and stopping inside the site at
the lookout tower.
PORT MORESBY - PAPUA NEW GUINEA
• Lookout tower, with restaurant, similar in design to the Seattle SpaceNeedle which will become a major tourist attraction
• A Hotel which overlaps, and links to, the mono-rail stop.
• One 12 to15 level Office tower specific for Government departments (to be confirmed). The Offices cannot be higher than
the lookout tower.
• One accommodation high rise Apartment building holding no more or less than 100 units. Each unit to be eq: in size with 4
bedrooms, lounge / kitchen / laundry and balcony. The service lifts to be designed so that fire stairways wrap around the lift
service. These will be restricted compounds – not open to general public access,with all car accommodation located
underground.
• Security and workers accommodation compound consisting of 100 container type single bed units to house cleaners, security,
maintenance, and centre management staff. It is in this area that the major water, sewage an power infrastructure works
should be located.
• Infrastructure is not to be reliant on existing energy systems.
Stage 2.
• A Casino located within the lookout tower for adult passport holder entry
• A Shopping Centre with links to the tower / hotel. The upper level will be set aside for a medical centre and
professional suites for lawyers, engineers and accountants, again with all car parking underneath.
• Two 12 to15 level Office towers specific for Government departments (to beconfirmed). The Offices cannot be higher than
the lookout tower.
• Two accommodation high rise Apartment buildings each holding no more or less than 100 units. Each unit to be equal in size
with 4 bedrooms, lounge / kitchen / laundry and balcony. The service lifts to be designed so that fire stairways wrap around
the lift service. These will be restricted compounds – not open to general public access,with all car accommodation located
underground.
The development proposal for POM Central, Port Moresby will have a ‘wow factor’ to clearly demonstrate to the government and the
funders the great potential that this site development has. The economic and community benefit that arises from this investment will
be significant and its value to the government will be clear such that an approval to proceed to the next stage is achieved. When
completed, this project will become the PNG Government’s first Sovereign Wealth Fund asset. The concept to shift key government
departments out of old building structures and become more centralised in modern commercial complexes will not only save money for
the government, but demonstrate to visitors that Papua New Guinea is developing with a sophisticated contemporary approach.
There is an old valuation available at PGK72M and that current assumptions are PGK105M, this is approximately AUD$50M. The current
Australian owner and his local business partner will retain 15% each or a total of 30% equity AUD$15 million owners remain in equity.
The remaining 70% equity, AUD$35M is available for sale with the seller accepting AUD$35M, 25% Contracard Trade Dollars, T
$8,750,000.00 plus 75% cash, AUD$26,250,000.00
The price is fixed under this arrangement - The new investors will have an option to buy out the 30% ownership of the founders against
the completed new valuation and full development approval. The owners who will retain 30% equity will use funds from this transaction
to pay for:
Conceptual Architectural: AUD$930,435
Engineering: AUD$947,000
Cost plan quantity surveying: AUD$39,930
Partial Recovery of the previous design and engineering works.
Related legal, rezoning and minor related outlays
New bank accepted valuations and feasibility
Meeting with current Prime Minister in 2020 demonstrated positive commitment subject to the presentation of what has been
considered acceptable for a BOT (Build Operate Transfer) arrangement that would allow many key government departments to transfer
out of old inefficient buildings into new highly efficient commercial buildings - the site is one of the last sites of its size in Wagaini and is
located on along the main entrance ways into Port Moresby and only 1.2klm from the Port Moresby capital international airport
It is projected that this development approved site with national government BOT would be in the range of AUD$250M -
AUD$300M - This property is projected to become a sovereign wealth asset for the Government of Papua New Guinea.

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