A Head agreement, a legal document for an agreement between partners in the project, was signed today for the Duran Housing Project.
The agreement was signed between the investor, China State Construction Engineering Corporation Limited, and the developer and witnessed by the state.
This agreement was signed at the project site at Duran Farm just outside Port Moresby.
The 8 mile community gathered to welcome the Chinese investors.
Arriving a few minutes later was Housing Minister, Paul Isikiel, who has been pushing for this project that is close to its development stage. He was accompanied by the Managing Director of National Housing Corporation .
Minister Isikiel said housing is one of government’s priority areas.
Duran Farm will be sub-divided into three thousand allotments of which, two thousand will have houses built while the remaining one thousand will cater for apartments.
This project is a joint venture between the National Housing Estate Limited, the China State Engineering Construction, and Niule number 16.
More than one thousand people will be engaged to help construct two thousand houses at Duran Farm.
In an interview with EMTV, the investor said it had considered all risks involved before deciding on this investment. It said the project may expect minimum expertise from China to be involved.
Even though not giving an exact total of how much it plans on investing in PNG through this project, the investor gave an estimate of what each phase would cost.
The Lands Board Chairman, who was present today, clarified that the title for this piece of land was released through a recent lands board meeting.
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