NCDC City Manager Mr Bernard Kipit confirmed the financing arrangement for the construction of the K40 million Sir Hubert Murray Stadium through part sale of the Sea Park land for K35 million, while the shortfall of K5 million will be met through BSP financing.
Mr Kipit said that we have to be innovative in delivering much needed infrastructure for the City and particularly the incomplete stadium at the City Centre.
NCDC took over the incomplete Stadium and the contract with Curtain Bros; and executed new terms to resume the Stadium construction at the cost of K40 million. This will see the completion of the stadium with the fully fitted western grand stand, car parking, fencing and other ancillary works to enable the stadium to be fully operational, Mr Kipit added.
The buyer of the sea park land, Sea Park Development Limited, believed to be owned by an Australian based Chinese businessman Wilson Xue, will be required to invest at least K500 million under a covenant to transform the area. This is required to protect the investment around the Ela Beach and APEC Haus to convert the area as APEC Legacy precinct. City Manager also confirmed that the buyer has already made deposit of K7 million to seal the deal in addition to paying stamp duty of K1.75 million.
Mr Kipit said the second part of the sea park land that houses APEC Haus will remain owned by NCDC.
“Although we lost 4.19 ha of the land for the Stadium, NCDC is getting compensated with ownership of a new land in the water front known as Portion 2848 and in the process of securing ownership of another two parcels of land on the water front that will see NCDC’s stake increasing by about 8 folds,” Mr Kipit added.
“NCDC will soon unveil the plan for the second phase of Ela beach and how it intends to deliver the plan. We will announce it when the title is received,” City Manager said.
The stadium will be delivered fully completed before APEC.
City Manager assured the City Residents that Ela Beach precinct will be the master piece of infrastructure in our thrust of modernising the Port Moresby; and will be a hub for recreational and social activities and create true city vibe; day and night.