Retirement fund presents 1st house keys under home scheme

THE Comrade Trustees Services Ltd (CTSL) Defence home ownership scheme project got off the ground when it presented a three-bedroom house to a retired PNG Defence Force personnel yesterday.
CTSL through its subsidiary Toea Homes Ltd, built 30 houses initially as the first stage of the project, at the Toea Homes Estate just outside the Taurama Barracks in the National Capital District (NCD).
Retired Lt-Col Ron Hosea, who served 35 years, is the first to receive the keys to one of the houses which he bought through the housing scheme.
PNGDF Commander Maj-Gen Gilbert Toropo said housing was a need for retired soldiers and the housing scheme was a key project.
“I have seen many of our servicemen leave the force with uncertainty of where they are going to live after serving,” he said.
“It is a painful thing to see because they worked very hard together protecting the boarders and some even fought together in Bougainville.
“It was a conscious decision to release some of the State land that PNGDF had so we could make affordable homes available for those in the force and when they leave the force they can have a place to stay.
“The Comrade Trustees Services Ltd has come on board and without its assistance, we would have not seen this project off the ground.”
CTSL acting chief executive officer and corporate services manager Matthew Kamaka said the housing scheme would benefit both home owners of the scheme and general members of the fund.
“The value created through this project has gone back into the fund and we were able to declare better interest credit rates for the members in the past three years.
“All the houses are reserved for sale at a price range of K300,000 to K500,000, depending on the land area and the house type.
“Of the 30 houses in phase one of stage one, eight are yet to be earmarked.
“The second phase of stage one will begin next year with 128 houses. “ A total of 600 allotments are to be further developed in stage two, including the Taurama commercial precint.
Other centre including Lae and Wewak will be the next areas of development.