K150m plan for top apartments

 A COMPANY has invested K150 million into its Seaview International Garden project in Port Moresby to build high-rise apartments and villas.

Developer Jinyn Development Ltd held a ground-breaking ceremony on the 15,000 square meters of land on a hill next to the Sir Hubert Murray Highway in Badili on Tuesday.

The project is to develop a residential area for high-end residents because there was a shortage of accommodation in the city for executives and managers. 

The company’s resident director and finance manager Rick Li said they would construct 13 buildings, each with their own units, in three stages.

The first three apartment buildings will have 12 units each.

“If you come and buy a unit, you’re paying some management fees for us to run day-to-day cleaning of car parks, swimming pool facilities, gym and security,” Li said.

“If you rent from us, you will be paying portions, depending on the size of the unit, you pay different management fees there.”

The expected returns from the purchases of the properties are estimated at K300 million per year.

Betty Sun, the company’s sales consultant, said the first stage of construction would include three 12-unit apartments.

The second stage will include a villa and town house with 56 units in total. The third stage will have 30-unit apartments.

The construction of the apartments, villas and the landscaping will be done by the company’s sub- contractor, China Railway Construction Group (CRCG).

It is expected to be completed in the middle of 2015.

The first stage of the construction is expected to be completed within one year.