Housing project for super fund members
launched

By ZARA KANU
THE Nambawan Super Ltd last week launched a major housing project at the Malolo Estate at 8 Mile, where it is undertaking one of its biggest housing schemes ever for its members.
This is the biggest home ownership scheme ever undertaken in Port Moresby in 20 years with nambawan super owning a total of 218 allotments within the 8 Mile subdivision ready for development.
Nambawan Super chairman Sir Nagora Bogan said: “We acknowledge that this is not the total solution as we believe all stakeholders have a role to play in providing decent housing for workers in PNG.
“The blocks on site will tell you what size house will be built and there are some commercial plans we want to put in place where it is cool and suitable to the conditions,”, he said.
Already, two of the allotments have display homes built from concrete and timber with designs that are “friendly” and ideal for tropical conditions in relation to the material used and their upkeep and maintenance.
There are a range of two, three and four bedroom houses going at prices of which will range between K200,000 and K400 000 fully furnished.
The initial plan for Nambawan Super is to build 220 blocks by mid next year.
According to Sir Bogan “there is a very high demand for these houses with the expression of interest well over 100,000.
“This is very good for the market because you are working entirely with demand and not at your own accord,” he said.
Nambawan super will help its members with equity financing from their own superannuation contributions and as members, they can secure up to 90% financing from the Kina Home Loans and Bank South Pacific.
Nambawan super is also planning to begin work on 340ha of land it owns at 9 Mile where up to 4,000 allotments will be available for its members to acquire.
The housing area is expected to have commercial, educational and social amenities.