The recent influx of people and investment into the National Capital District (NCD) has sent demand for housing through the roof, changing the area’s social and economic climate in ways that have severely tested the regulatory framework that currently governs the construction and real estate sector.
How can the local construction industry benefit from increasing competition in order to bring its standards to international levels?
Roused by an adrenaline shot from the $19bn Papua New Guinea liquid natural gas (LNG) project that kicked the country’s construction sector into overdrive from 2009, the industry must now prove it has the staying power to sail smooth in the years after the boom, when the sector made up as much as one-fifth of real GDP.
How would you assess Papua New Guinea’s investment climate when compared to the wider region?
From 2008 to 2012, the construction sector posted average real annual growth of 20.4%. The value of construction projects in 2013 was estimated at $1.4bn, up from the $1.2bn in 2012, $984m in 2011 and $744m in 2010. A host of big-ticket items are listed in the 2014 budget, including $577m to construct and maintain roads and bridges; $152m to finish facilities for the 2015 Pacific Games; $25m...
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