Superfund looking to buy land for members

THE standard affordable housing for an average worker in Papua New Guinea is between K250,000 and K300,000, according to a superfund.
Comrade Trustee Services Ltd (CTSL) statutory manager Sitiveni Weleilakeba said they were negotiating with other superfunds to purchase 128 allotments of land in Port Moresby for their members.
Toea Homes Ltd, which is a subsidiary of CTSL, manages this and has 158 lots fully serviced with all the necessary utilities in place at Taurama.
“These allotments have individual titles, 30 lots with homes have been sold, thus, the balance of 128 allotments,” Weleilakeba said.
He said all these are phase one of the scheme.
“Once we complete the liquidation process we are now embarking on, we will move to focus of phase 2, which will comprise with 225 allotments, with allotment size 450 square metres in Taurama,” he said.
“We have already started work on this project beginning with a fresh survey and once liquation process is completed in phase 1, we will commence civil works required on site.”
CTSL is a superfund for the PNG Defence Force.
“We, at CTSL, are fortunate that we have the backing of the commander of the PNG Defence Force, whose aim is to provide to the men and women in uniform affordable housing,” Weleilakeba said.
“This year, we are in the process of transferring two large tracks of land from the PNGDF for the purpose of developing them into housing estates.”
He said this included 112 hectares of land near Igam Barracks in Lae and Portion 675 next to phase 1 in Taurama which is approximately 80 hectares including areas already developed.