Kumul Consolidated Holdings (KCH) has signed a memorandum of understanding (MoU) with Hong Kong property developer Shin Kong Pacific Investment Limited (SKPIL).
The MoU is to explore the construction and development of a five star hotel property consisting of up to 500 rooms. These will be classified into different categories and coupled with various facilities, including function rooms, a convention area, gym, spa, restaurants and shops.
Management of the proposed hotel will be undertaken by a highly reputable global hotel operator.
SKPIL is a division of Shin Kong Investment Co. Ltd, the experienced real estate developer in Asia, especially focusing on Japan and Taiwan and now expanding into emerging markets. The proposed development in Port Moresby is part of the company’s overseas property investment plan, which has seen the company investing in properties in Tokyo and Osaka.
KCH managing director, Garry Hersey, said: “SKPIL is a subsidiary of the Shin Kong Investment Co. Ltd property group and as such, an experienced partner for KCH in this venture. Our next step will be to locate a viable project site.
“While access to the airport and main roads is a critical factor, we are also seeking a site that can take best advantage of Port Moresby’s natural beauty.
“We are expecting the first stage of the development to be ready for APEC in 2018, and we will work with public-private partnerships to achieve our goals, bringing immediate benefits to the local economy.”
SKPIL president, Ching-Cheng Tseng, said: “SKPIL views Papua New Guinea as an excellent investment opportunity. We have great faith in the PNG economy, its people and government. We welcome Kumul Consolidated Holdings, representing the interests of the State as a partner in this project.”
Project spokesman Antonio Solomon Cheng has commended KCH for signing the MoU with SKPIL to develop this world class hotel resort facility. The decision to invest took some time in coming for a global giant like SKPIL, but was facilitated by its confidence in the management of the PNG economy by the government.
“I am confident this world class facility will assist in marketing PNG to the world as a favourable business and investment destination starting initially with APEC 2018 which will access its facilities,” said Cheng.