Nambawan Super opens plaza

By DALE LUMA
NAMBAWAN Super Ltd opened its K400 million plaza in downtown Port Moresby yesterday and is expecting a K50 million return annually.
Overall, it estimates to earn K1.5 billion over the next 10 years from the complex which consists of world-class living apartments, penthouse and offices and entertainment and recreational areas.
Nambawan board chairman Anthony Smare said the plaza was now the leading working and living complex in the country and probably the Pacific.
“It’s been four years since the project was launched and finally we have what you see, which is the country’s number one office, service apartments and super luxury apartments,” Smare said.
He said the complex would bring an average return of K50 million kina a year and about K1.5 billion over the next 10 years.
The chairman said some of the country’s wealthiest people would be paying rent and living in the apartments and the money would go directly to Nambawan Super Ltd members.
The plaza was built in a venture with Lamana and is 90 per cent owned by members of Nambawan, according to Smare.
The luxury and service apartment blocks will be managed by the Intercontinental Hotels Group and expected to be full to capacity by the end of the year or early next year.
As part of its investment strategy, Nambawan is looking to make big investments that would bring in big returns to its members.
“The objective of Nambawan Super is to grow and protect funds for our members.
“We are doing it by building marquee building projects,” Smare said.
“We are creating a future of wealth for our members when they retire.”
He said property made up about 14 per cent of its portfolio and it had made the decision some years ago to move away from single-type buildings and apartment blocks and into precincts.
“We are a big now that we can’t make K50 million investments in a property. We have to make big investments.
“Like this one, it is K400 million and we have other projects coming up.
“When you talk about precincts, it’s a stand-alone city of its own where you have offices, hotel apartments and residential apartments,” he said.
“You put them together and they become their own ecosystem where everything can be done.
“We see that concept as a smart concept.”