IPBC SIGNS MOU WITH ANGLICAN CHURCH TO DEVELOP PRIME REAL ESTATE

The IPBC yesterday has signed a Memorandum of Understanding (MOU) with the Anglican Church of Papua New Guinea for the formation of a joint venture to develop prime real estate in the Central Business District (CBD) of Port Moresby.
The site is immediately adjacent to the Grand Papua Hotel and the vision is to construct an iconic landmark building similar in theory to the Petronas Twin Towers in Kuala Lumpur, Malaysia.
The proposed joint venture has been titled the Twin Tower Joint Venture Project and it will see the development of what is currently vacant land in the CBD of Port Moresby.
The development is part of the future vision of Port Moresby, which includes the IPBC Port Relocation Project that will see the relocation of the existing port facilities to Motukea by 2018.
The MOU is the first step towards the landmark development. It was signed yesterday for and on behalf of the IPBC by Managing Director Wasantha Kumarasiri and Mr Erastus Kamburi, Chief Legal Officer, IPBC; and for and on behalf of the Anglican Church of PNG by Archbishop Clyde Igara and Mr John Francis Kaupa, Member of the Provincial Board of Trustees.
The signing was also witnessed by Hon. Ben Micah, Minister for Public Enterprises and State Investments.