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Port Moresby is developing at an amazing speed. So quick is the development, the usual property developments both residential and commercial that was seen in suburbs like Town and Boroko are now spreading onto Waigani.
With these developments taking place, the average working class house hunter may be drifted further away from the city to find something affordable (if they’re lucky).
Current property owners in Waigani on the other hand can expect their property prices to further increase.
So what are the likely factors or activities that might contribute to further property price increases in Waigani.
One of the biggest commercial developments currently taking place has to be Waigani Central. Located adjacent to the current Waigani Stop n Shop centre on the site previously the base for POM Transport, this new development will consist of a huge supermarket plus various other retail outlets from fashion, hardware and fast food.
The shopping complex was expected to be completed last month with the opening on 1 March 2014 however that has not appeared to be the case.
Further down the road from Waigani Central is Holiday Inn’s expansion. The expansion appears to be much bigger than the current Holiday Inn building and with major events like Pacific Games in 2015 and APEC meeting in 2018 the expansion is likely to cater for this expected increase.
That’s not the hotel being built in Waigani. Even further down the road and adjacent to the Vision City Mall, the RH Group of Companies have embarked on another major project to construct a 5 star hotel.
The project valued at K380 million is expected to feature 438 luxurious guest rooms and suites including 66 dual key apartments. It will cater for short, medium and long term stays and will feature a secure walkway to the extended Vision City Mega Mall. A podium floor will sit on top of the building, containing a roof-top garden, health club facilities, with a lagoon-style designer swimming pool.
Lamana Group of Companies too have been just as busy expanding its Lamana Hotel. With 5 new executive penthouses and a further 18 hotel rooms, a conference room, restaurant and a swimming pool competition for hotel rooms in Waigani will surely be on the rise.
The Government too is embarking on its own projects for the Pacific Games in 2015. Most of the activities for the Pacific Games will be held around Waigani which means that there is expected to be an improvement in infrastructure in and around Waigani.
Unfortunately, those looking to purchase residential properties may either hold off their purchase, dig deeper or be pushed to look beyond Waigani as there is likely to be a surge in residential property prices.
What is happening now in Waigani appears to be what was happening in Town and Boroko several years ago. The LNG project was the driving factor behind the surge in developments and property prices. It is difficult to suggest that the same can be said of Waigani but these recent developments might just be a case of increased business activity in the city coupled with major events just around the corner.
