Govt endorses real estate firm

THE government has given its full endorsement for the newly established State real estate, National Housing Estate Ltd (NHEL), company executive chairman John Dege says.
Dege said in a statement in Port Moresby yesterday that his appointment to head the board of the company was jointly made by Finance Minister James Marape and Housing and Urbanisation Minister Paul Ezekiel, who each control 50% of the company on behalf of the state.
Dege has a wealth of business and private sector experience under his belt.
He said it was a mammoth challenge yet it was exciting and he looked forward to taking the NHEL forward.
The board comprised qualified professionals with many years of experience between them.
“I thank the ministers for Finance James Marape and Housing and Urbanisation Paul Ezekiel for the confidence they have in me and my team of professionals on the board and we will deliver for the government of Papua New Guinea,” he said.
The full NHEL board is Dr Ken Ngangan (president of the Certified Practicing Accountants of PNG), Kennedy Wemin (chief executive of the Melanesian Trustee Services), Assoc Prof Dr John Witne (representing the PNG Institute of Engineers), Luke Kerepe (for PNG Law Society), Stanley Alphonse (PNG Ports Corporation Ltd chief executive for the chamber of commerce), Ken Aiapum (for the government) and Michael Barobe (for the PNG Institute of Human Resources).
The government has approved K7.3 million establish the NHEL to deliver affordable up-market properties for middle income earners.
The NHEL has already acquired 54 prime properties from the National Housing Corporation and is in the process of acquiring another 500 properties to be commercialised.
The Gerehu stage 3B2 property developed by the NHC, in partnership with the Lands Department, has been transferred to the NHEL.
Other properties acquired by NHEL include the Tokarara Flats, Hohola hostel, Toaguba girls hostel, Kamadec hostel, 3-Mile hostel, Konedobu, Paga Hill apartments, Saraga, 5-Mile, Manu flats, 4-Mile apartment.
The NHEL also is progressing to a major project next year and is a major proponent in the Paga hill development project undertaken by the Paga Hill Development Company (PNG) Ltd.