Press Releases19 November 2020
Steamships continues CBD development plans with purchase of Burns Haus
The purchase of Burns Haus from Nambawan Super has given Steamships an opportunity to build on its investments in the Port Moresby Central Business District, and allows it to pursue a longer term plan for a connected, mixed use Downtown precinct.
“The transaction makes perfect sense”, explained Steamships General Manager Corporate Affairs, David Toua, at a handover ceremony with Nambawan Super’s CEO Mr Paul Sayer and Deputy Chief Investment Officer, David Kitchnoge. “Our long term plans align with the NCD Governor’s vision of a smart city. The purchase and improvement plans for Burns Haus reinforces the transformation of Downtown into a commercial mixed-used hub where you can walk freely and safely from the Grand Papua Hotel or OPH to Harbourside, via Downtown Plaza and Burns Haus”.
The ambitious concept will see a well-planned precinct consisting of a wide range of inter-connected business and leisure amenities, offering residents of the nation’s capital an integrated lifestyle choice, combining work and leisure, all within a safe and secure Downtown environment.
“The precinct is still in the concept and development stages”, continued Toua, “but as you can see with the current construction of Harbourside South, and now the purchase of Burns Haus, there is a commitment to a progressive and well planned CBD where both businesses and communities can thrive.”.
Mr. Toua concluded his remarks by thanking Nambawan Super for the purchase opportunity. “Both our organisations have substantial property investments, and share a commitment to a well organised city centre. As I mentioned this deal makes perfect sense…to all parties involved”.
Nambawan Super also commended the transaction. “Our priority at Nambawan is to capture value for our members, and that is done through a well-planned strategy of investment and divestment,” Mr Sayer said. “The sale of Burns Haus at this time, fits within that strategy, and given the plans they have for development of the CBD, we are happy with this sale to Steamships. We continue to maintain a strong portfolio in Downtown and look forward to working together with Steamships and other downtown landlords and developers to enhance the overall value of the precinct.”.
Level 5, Harbourside West, Stanley Esplanade
P.O. Box 1
National Capital District
Papua New Guinea
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