Lae, the industrial hub of Papua New Guinea (PNG) and the first port of call into massive PNGLNG project in the Highlands, is seeing an economic boom according to the president of the Lae Chamber of Commerce, Allan McLay.
Several major economy building projects are under way, which McLay believes will further boost the economy of Morobe Province, which plays host to Lae city.
In an email response to fastbusiness, McLay says;
“Needless to say, there are some significant developments taking place in Lae at the moment. The Vele Rumana building (the blue skyscraper) is having a total refurbishment and refit. This is being done by Northbuild, a relevantly new building construction company. They are also a fair way to finishing the new BSP building on Markham Road.”
McLay also told fastbusiness that Lae Builders had been contracted to build a new office and showroom complex for Remington nearly opposite the BSP Building.
He notes the future plan of Lae city.
“There is a plan to construct a further fish factory at Malahang. There are other plans to develop a supermarket and shopping complex on the old airstrip.’’
He said that the joint venture commitment of PNG Government and the Australian Government to build a new K650 million Angau Hospital was now in the planning stage.
“There are the ever developing constructions of residences, Flats and Units being erected all around the City. There has been no slowdown of the property developments and rental rates are still on the increase, which is contrary to the trend in the NCD” Mclay notes.