Builder slams high cost of home rent

Business, Normal

The National, Monday February 17th, 2014


THE high rate of rental in major centres such as Port Moresby is ‘eating away’ peoples’ savings, International Housing Concept (IHC) chairman Sig Nordal said.

The company is piloting a housing project in Eastern Highlands with a registration fee of K3,000.

Nordal said the K3,000 fees covers drawings and processing of the application and becomes a part of the purchasing price of the house. 

Nordal said price range of homes offered under this project ranged from K129,000 for a two bedroom and up.

“An interested applicant can either pay for a home through bank loans or IHC will finance the houses through bi-weekly payroll deductions.

“The repayment time is 20 years, but the applicant can pay or refinance or payoff the house at any time without penalty.

“The purpose of this project is to provide houses for all Papua New Guineans.

“Under the housing scheme, people can own a house a fortnightly payment of K800 and we believe that people will agree that these are very attractive terms in the current rental market,” he added.