by Jacob Niru – EM TV, Port Moresby
Housing is a major problem for public servants in the city and many companies are preparing to help reduce the burden.
Irish Land PNG Limited Managing Director, Watuk Tan Jim, revealed this in Port Moresby yesterday during the launching of its housing project called Gerehu Heights.
At the end of Gerehu Stage Six, Irish Land PNG Limited launched their new housing project called Gerehu Heights. Managing Director Watuk Tan Jim says the project is a significant initiative of the company to provide Papua New Guineans quality homes and improve living standards.
Secretary for Finance Dr Ken Negangan, who was the keynote speaker, acknowledged the company’s interest and investment in the country.
He says the project is significant and the first of its’ kind in PNG.
Mr Negangan says housing is a big agenda for the government and thanked the developing partners for their assistance. He encouraged all Papua New Guineans to borrow the K200 million set aside by the government to afford homes at a four per cent interest rate.
According to the managing director, the project has four phases; each will contain 50-70 houses. The first phase is expected to be completed by the end of 2016.
Mr Jim says it’s exciting to invest in Papua New Guinea given the economic climate.
He said the homes will be of two different types; the single home, which will be priced at K600,000, and the double for K3 million.
He said Irish Land PNG Limited will be committed to laws and government policies while working with local communities. Mr Jim says the investment is a long-term initiative.
Meanwhile, the Department of Finance will be the first partners to afford the homes for its workers.