Steamships and Tininga Group of Companies have inked a deal worth K200 million to propel Phase II of the Wonye Dobel development project in September 2023.
This venture, involving the Duckworth family of Tininga, is identified by Steamships as a strategic area for growth and opportunity within the region.
The existing mixed-use development already boasts the presence of BSP Financial Group, set to open its doors shortly. Phase II of Wonye Dobel is slated to be a retail-centric expansion, featuring supermarkets, restaurants, homeware, and retail stores, along with government and financial agencies. The Steamships Property Division, Pacific Palms Property, is currently spearheading the project.
The Wonye Dobel joint venture is among several mixed-use development initiatives currently managed by Steamships. Recently, the company unveiled plans for expansion in Port Moresby at the Business Advantage investment conference.
Portside Business Park, envisioned as the future industrial and commercial hub for Port Moresby, is currently in talks with the government for zoning as a Special Economic Zone to attract businesses focused on in-country manufacturing and downstream processing.
Additionally, Steamships is on the brink of unveiling Harbourside South, the latest addition to the Harbourside Precinct in Downtown, Port Moresby. This development offers A-grade retail and office space and is home to the Marriott Executive Apartments.
Rupert Bray, Managing Director of Steamships, is set to travel to Hong Kong this month to support the Prime Minister and National Government in the PNG-Asia Investment Conference. The aim is to encourage foreign direct investment in Papua New Guinea across both resource and non-resource sectors.
On October 16th & 17th, 2023, Papua New Guinea will take centre stage at the inaugural Papua New Guinea–Asia Investment Conference in Hong Kong, organized by the PNG Chamber of Mines and Petroleum with support of, and in partnership with the PNG Government.
Rupert Bray stated, "We encourage more international investors and development partners to come into PNG, with synergies opportunities, to work with Steamships as their partner of choice. The Company has a strong financial balance sheet and a history of joint ventures with landowners and provincial governments, particularly in these larger investments, which we are starting to see and are well-positioned to execute."