Sir Hubert Murray Stadium finally set for completion in November
29 May, 2018, 3:00 pm
PORT MORESBY – The Sir Hubert Murray Stadium will be completed before the APEC Summit in November, after K35 million ($F22.33m) was allocated through the sale of the sea park land and a further K5m ($F3.19m) through BSP financing.
NCDC city manager Bernard Kipit confirmed the financing arrangement for the construction of K40 million Sir Hubert Murray Stadium through part sale of the sea park land for K35 million, while the shortfall of K5 million will be met through BSP financing.
Kipit said we have to be innovative in delivering much needed infrastructure for the City and particularly the incomplete stadium at the City Centre.
NCDC took over the incomplete stadium and the contract with Curtain Bros; and executed new terms to resume the stadium construction at the cost of K40 million. This will see the completion of the stadium with the fully fitted western grand stand, car parking, fencing and other ancillary works to enable the stadium to be fully operational,Kipit said.
The buyer of the sea park land, Sea Park Development Limited, believed to be owned by an Australian based Chinese businessman Wilson Xue, will be required to invest at least K500 million (us$153 million) under a covenant to transform the area. This is required to protect the investment around the Ela Beach and APEC Haus to convert the area into an APEC legacy precinct.
Kipit confirmed that the buyer has already made a deposit of K7 million ($F4.46) to seal the deal in addition to paying stamp duty of K1.75 million ($F1.11m). He said the second part of the sea park land that houses APEC Haus will remain owned by NCDC. NCDC will soon unveil the plan for the second phase of Ela beach and how it intends to deliver the plan.