Construction & Real Estate
From The Report: Papua New Guinea 2019
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Papua New Guinea’s hosting of the 2018 APEC Leaders’ Summit proved to be something of a catalyst for the construction sector. Although the authorities had to mitigate the shortage of high-end hotels in the capital city by hiring cruise liners to accommodate international delegates attending the event, a host of construction projects were launched to meet the other infrastructure needs of the summit. Similarly, while the completion of PNG’s flagship liquefied natural gas project, PNG LNG, in 2014 ended the boom witnessed in the real estate sector, the momentum provided by increased construction activity between 2008 and 2014 continues to support the market. The commercial real estate sector in the capital Port Moresby has undertaken some notable projects in recent years. Meanwhile, a number of housing projects are under way, and a culture of homeownership has taken hold. This chapter also contains an interview with Ken Richardson, General Manager, Strickland Real Estate.