By Meleasie Goviro – EMTV News, Port Moresby
A portion of the Sea Park Land has been sold at the price of K35 million to finance the construction of the Sir Hubert Murray Stadium. In a statement released by the NCDC City Manager Bernard Kipit, the stadium will cost K40 million to construct. He says the shortfall of K5 million will be met through BSP financing.
Mr Kipit disclosed in his statement that the buyer of the Sea Park land, Sea Park Development Limited, is believed to be owned by an Australian based Chinese businessman Wilson Xue, “who will be required to invest at least K500 million under a covenant to transform the area. He said “This is required to protect the investment around the Ela Beach and APEC Haus to convert the area as APEC Legacy precinct.”
The City Governor was not available this week to expand on the details of this “covenant”. He confirmed that the buyer has already made a deposit of K7 million to seal the deal in addition to paying a stamp duty of K1.75 million. Mr Kipit said NCDC took over the incomplete stadium and the contract with Curtain Brothers; New terms have been executed by NCDC 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.
Mr Kipit said the second portion of the Sea Park land that houses APEC Haus will remain as NCDC’s land. He stated that while PNG has lost part of the Sea Park land, NCDC has been promised Portion 2848 in the waterfront to make up for it.
“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”
He says NCDC is also in the process of securing another two parcels of land on the water front that will see NCDC’s stake increasing by about 8 folds. He added that NCDC would soon unveil plans for the second phase of Ela Beach and how it intends to deliver the plan.
“We will announce it when the title is received” he said
The City manager is confident that the stadium will be “fully completed” before APEC. He assures city residents that Ela Beach precinct will be the master piece of infrastructure in NCDC’s push to modernise Port Moresby.
“It will be a hub for recreational and social activities and create a true city vibe; day and night” Mr Kipit concluded.