By Delly Waigeno – EM TV News, Port Moresby
The government has embarked on a major real-estate project that will see ten multi-level buildings built along the Konebada area, near Port Moresby.
Valued at eight hundred million kina, the Gabutu Palace Project is said to change the real-estate landscape in the nation’s capital, and the country.
A public private partnership with Korean partners, the project is flagged to be complete by 2018, in preparation for the APEC Summit.
Government officials, Korean partners and other stakeholders in the multi-million kina Gabutu Palace Project were present for the launch of the master plan.
Executive Chairman of the Natioal Housing Estate, Kevin Ahipum, is confident of the project that will see 10 massive 15-storey buildings built with residential units of various sizes. These ocean-view units will be put up for sale with prices ranging from K700,000 each.
The Gabutu Palace Project is a public-private-partnership with a private Korean Company, Korea Palace Construction Limited. The Joint Venture Company is the Korean Niugini Housing Limited, which is made of 60% the Korean Company, and 40% National Housing Estate Limited.
Minister for Finance and shareholder of the National Housing Estate, James Marape, commended the Lands Minister and Lands Department for freeing up the Konebada land area. He is excited about the direct foreign investment that’s being encouraged.
He said the project is an important economic activity that will generate sustainable income into the future for the economy.
The housing project is valued at K800 million. It has Security & Energy Plans, Electricity and Water System plans and will be quite high tech as well. All construction and security systems will have 3 years warranty. Architecture of the project is by Samoo Architects, a subsidy of Samsung, and the 7th largest Architectural companies in the world.