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Business |
Nambawan Super mulls 5,000 homes
for members
By BIBIAN BARRENG
NAMBAWAN Super has
plans to construct 5,000 houses at Eight Mile in Port Moresby on
a 340ha of land following the concern of the increasing number
of its members residing in settlements or within crowded
households.
Fund’s managing director Leon Buskens revealed this during a
two-day human resources and payroll officers’ conference in Port
Moresby.
He noted that the fund will be assisting its members through
housing schemes where they had already undertaken a pilot
project at Garden Hills in Port Moresby with 25 houses.
Manager for member benefits Joseph Pupua, in yesterday’s
presentation on housing advance scheme, said the fund’s previous
housing scheme prior to 2003 was done away with due to poor
management.
However, a submission was later made to the Bank of Papua New
Guinea to have the housing advance scheme reintroduced into the
fund’s benefits.
The housing advance is one of the benefits provided to Nambawan
Super members to enable them to buy existing homes or construct
new ones.
Mr Pupua stressed that the housing advance scheme, “is a benefit
and not an entitlement.”
He noted that the housing scheme came under two main categories
which are:
lBuilding on customary land; or
lPurchasing/building on State land
The advanced financing is one to be repaid with an additional 2%
on the normal 6% contribution totalling up to 8% of the member’s
fortnightly salary to Nambawan Super.
Thus, the 2% will be used to offset the amount advanced.
 
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