PNG-based firm to put money into real estate

By GYNNIE KERO
A Papua New Guinea-based firm NPL Development Ltd says it will continue to invest in real estate in the country as the “market is healthy”.
Managing director Jimmy Poh told The National the firm’s second investment in a K90 million apartment called Touaguba Hill Paradise was yet to be completed, however, 85 per cent of the 113 units had been sold.
NPL’s first investment was another apartment called Ela Beach Paradise which comprised of 32 units.
Construction of Touaguba Hill Paradise started in June 2016.
It will have 113 units, basement parking and a 25-metre swimming pool, among other facilities.
Poh said Touaguba Hill Paradise would be completed in the next six months.
He said his company had faith in PNG despite the current tough economic times.
“Current economic situation is not really having an effect as property market, though not good now, is still picking up,” Poh said.
“Market is healthy – that’s why people are buying properties.
“What we (NPL) foresee: Market will pick up after 2019 when major projects like Frieda, Wafi-Golpu go online.
“We will invest in another apartment and office complex this year after completing the Touaguba Hill Paradise.
“We will continue to invest in the property market.
“The Touaguba Hill Paradise’s exterior is 75 per cent complete and interior is 55 per cent complete.
“It will have a big swimming pool, 25m, because it will have 100 units and a lot of people will be staying there.
“Eighty per cent of the 113 units have been sold or 87 units have been sold.
“Price is K900,000 to K2.2 million depending on the size of the units.”