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PNG's Wafi-Golpu Mine to lift market

Staff Reporter | 5:23 AM |
Aavailability of land is one of the contributing factors to high real estate prices.
REIA president Mike Quinn said as a result land availability is one significant factor that continues to put upward pressure on property prices.
He said the increase of the availability of land will require development of traditional land that remains largely unproductive.
“There is a huge traditional land tenure model that is now available with traditional landowners looking with ownership of their land.
“With the development of the ILG system we are hopeful that the new government will work with the revitalised Lands Department.
New policies and the cashed up banking sector and improving the economy and lay the foundations for the urban and rural development this will better urbanisation of the existing un-utilised land resources,” he said.
Mr Quinn said availability of land in Port Moresby has been for residential development.
For instance, Edai Town, Kennedy Estate and the Duran Farm project has also been a development currently unfolding and will likely benefit by greater private sector arrangement in this planning and marketing, he added.
“Morobe province has significant projects happening in Hidden Valley and the Ramu Valley and enjoyed the significant boost from the ExxonMobil LNG project.
“However Lae has seen a significant downturn in demand on values of property commencing 2015 and there has been a steady decline until mid 2017 and prices seem to remain flat.
“From the positive side the Wafi Golpu mine is tracking in the possible stage including are other projects that are going to provide stimulus in 2018.
The continued work on the Markham highway up to Yalu with extensions to Nadzab, construction of Angau and Wafi, these projects will put the Lae market on par,” Mr Quinn said. Post Courier