Fund banks on projects

 NAMBAWAN Super Ltd (NSL) has a number of multi million kina property investments in Port Moresby and Lae, which it expects to be completed this year, chairman Anthony Smare says.

“The building next to Vulupindi Haus, once completed, would be valued at around K100 million,” he said. 

“We own 55 per cent of Holiday Inn. We expect this year for the completion of Holiday Inn Express with 199 units.

“The completion of Old Parliament Haus (OPH1) comes at a cost of K110 million. We expect its value to rise after tenancy.

“We have made a decision to proceed with OPH 2; it will be a 13 storey-tower residential, 54 serviced apartments and 2000 square metres of retail, café and bars. 

“We think it will become the centre point of business in Papua New Guinea. 

“Last year we have commenced a heavy refurbishment of Vele Rumana in Lae; the cost will be around K37 million and we expect valuation to be around K50 million upon completion.

“We’ve seen last year the completion of Holiday Inn Suites, 86 apartments, which are now all fully tenanted. The bottling plant that is owned by Paradise Foods in Lae, Nambawan Super owned 85 per cent of Paradise Foods. 

“We have seen a tremendous growth in our of the beverage market as a result we are very happy with our investments in Paradise Foods.”

Smare said Nambawan Super Ltd had set aside K90 million in reserves in case of challenges caused by economic conditions in the next 12 months.