Nasfund’s changing landscape

THE National Superannuation Fund (Nasfund) Harbour City precinct is not your ordinary precinct but a “transformational vision for the future, taking on a shape and form that can be seen as a reflection of the funds evolving values and cultures”.
A statement from the fund said: “While its physical environment is not the sole determinant of our behaviour in society, it certainly influences and constrains our actions through the interactive effects of environment, values and behaviour.
“As we progress from the rural way of life into the modern-day, our social values and social norms can progress equally as a result of improving our surrounding nature of work and living environment.
“However, progress can only arrive when the state of inertia is moved and the status quo challenged.

“The Harbour City represents that and a breath of new life into the city.”
To gain a better understanding of how the Harbour City’s environment impacts its residents, one has to examine the work of Nasfund and Curtain Brothers.
“The impetus for the implementation of this ideal urban development project was the LNG project and commercial expansion of the economy.
“It was the beginning of the age of Port Moresby, and an opportune time to ride the wave of the booming economic activity and the construction flurry that was coming online.
“Thus was born the concept and eventual realisation of the Harbour City, which saw Nasfund injecting K90 million into its construction.”
It was then the largest development project undertaken by a PNG organisation.
In 2009, Harbour City’s first commercial building was ANZ Haus.
It was followed by the construction of Ravalian Haus, The Edge Apartments, Solwara Apartments, car park, BSP Haus and PWC Haus.
“The quality commercial spaces drew immediate tenancy interest from companies in various industries, including banking institutions, multinational conglomerates, diplomatic missions, accounting firms and law firms.”
In 2016, the increasing value of the precinct enticed Nasfund to reach an agreement with Harbour City Development Ltd (HCDL) to acquire their interest in Malagan Ltd (BSP Haus), Car Park Ltd and Gewani Ltd (PWC Haus).
“This was a vital acquisition for the fund and equally for the contributing membership base as Nasfund looked to continuously add value to its property portfolio with high-quality commercial buildings.
“The correlative result of high occupancies within the commercial spaces was the increased tenancies in the residential apartments in the precinct, most notably, The Edge Apartments.”
Late last year, Nasfund acquired HCDL’s remaining shares in The Edge Ltd.
“(This year), we continue to see an expansion of this precinct which was once covered in a body of water before the landfilling commenced.
“Across the retail shopping centre, the popular Stop ‘N’ Shop, and surrounding eatery establishments, stands an aesthetically appealing six-story commercial building with an adjoining car park owned by East New Britain Development Corporation.
“Next to it is the new American Embassy currently under construction.

“And to complement the commercial complexes is the Peninsula Apartments, owned by Curtain Brothers.
“This healthy combination of retail, commercial and residential spaces gives you a buzzing hub of economic activity and an indication for the need for progressive work and living lifestyle all in one zone.
“The realisation of Harbour City gives one an idea of what Port Moresby can be.
It indicates the need to diversify the city and create additional commercial hubs.
“It can be an influencer in determining urban development policies, a stimulant for civic idealism and pride.
“We find ourselves in a progressive era, and with a collective effort, we can develop solutions for our infrastructure problems such as road congestion and substandard housing.”