Defence Force starts housing project

Business

The Defence Force Fund will make houses affordable for members, with 30 houses planned to be completed by June, according to the fund’s trustee.
The construction of houses for member of the Defence Force Retirement Benefit Fund (DFRBF) started this year, said Comrade Trustee Services Limited chief executive John Auna.
He said the fund had invested K30 million on its Toea Homes Home Ownership Scheme to build 550 houses, a service station and a shopping centre outside the Taurama Barracks in Port Moresby.
The service station and shopping centre are commercial investments of the fund.
“The housing scheme is only open to members of the fund, the fund is exclusively for members of the Defence Force,” Anua said.
He said three applicants have been approved. The members have to serve for more than five years before they can apply for a house under the scheme, which has a loan arrangement with Bank South Pacific.
The scheme also allows for members’ children or relatives to contribute and qualify for the housing scheme.
The main challenge is to make the house affordable for its members. Anua said they have been reviewing the design and construction to see where they can save cost.
“How much we spend has an impact on the price of the house. The total cost ideally should be at a level where our members can afford,” he said.
He said members will have the option of either a low or high-post house of either five, four or three bedrooms from the two contracted builders.
The fund is looking at building 1000 houses in total at Taurama.
“There are plans to use the same model to build houses in Lae outside Igam Barracks” Anua said.