By GYNNIE KERO
THE construction of a 113-unit apartments, valued at K90 million, starts today at the Touaguba Hill in Port Moresby.
The managing director of the PNG-based firm NPL Development Ltd, Jimmy Poh said the Touaguba Hill Paradise was expected to provide jobs for locals during the construction phase.
The company plans to build the project over a two-year period and to hand it over to its clients by June 2018.
The Touaguba Hill Paradise will comprise three apartment buildings with nine levels including basement parking.
Poh said this would be one of the biggest developments in Port Moresby and strategically located at the highest point of Touaguba Hill.
The project site offers the best view of Ela Beach, Koki Bay and Harbour City.
At the ground-breaking yesterday, National Capital District Governor Powes Parkop praised the company for investing in PNG.
Parkop said the investment of K90 million into the economy was a massive expression of confidence at this time.
“I welcome this investment. Touaguba Hill is a prime land, it will be a bonus in terms of the image of our city,” Parkop said.
“Our city can only become better if we attract investment and that means making it clean, beautiful, peaceful, getting rid of bad habits like violence, spitting here and there – that will give confidence to investors like NPL.”
Poh, responding to a query from The National on the investment climate in PNG given current tough economic times, said: “We are always confident about this country. We are here for around 20 years. So although the country is having a very tight cash flow we are confident the Government will overcome this situation in coming years.”
He said funding for the Touaguba Hill Paradise would be sourced internally from the company’s partners.
“Funding for the project will come from all three shareholders (in NPL Development Ltd). We are not sourcing any funding.”
By GYNNIE KERO