Rangeview (IFC-37478)

Countries
  • Papua New Guinea
Where the impacts of the investment may be experienced.
Specific Location
Waigani district of Port Moresby
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 30, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Constantinou Group
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 6, 2017

Disclosed by Bank Sep 27, 2017


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Project Description
Lamana Development Limited (“LDL” or “the company”) is developing a new multi-purpose shopping / commercial and residential complex in Port Moresby, Papua New Guinea at Waigani (the “Project”). LDL is establishing a new greenfield company to implement the project. The Project company is acquiring the rights under a long term lease from NCDC to a 5.4 ha greenfield site, and plans to build and then lease a mixed use retail / commercial and residential development, to be branded as Rangeview. This will entail construction and operation of (i) a commercial and retail building (two/threestorey) with net lettable retail area of approximately 10,500 square meters, and (ii) 88 townhouse apartments (one/two-storey). Construction will be carried out by LDL as lead contractor, an experienced developer with a strong track-record of developing projects in PNG and other Pacific islands. Once complete, the Rangeview development is expected to be managed by a local property management company.
Investment Description
  • International Finance Corporation (IFC)
The project sponsor is Lamana Development Limited, a local private property developer. Other shareholders in the project include Numbawan Super Fund (superannuation fund), and the National Capital District Commission (“NCDC”, the local government authority for Port Moresby).
Contact Information
Lamana Development Limited Simon Brendling Business Development Manager +675 323 2333 simon@lamana.com.pg PO Box 495, Waigani, Port Moresby ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/