By Godwin Eki – EMTV News, Port Moresby
Six hundred hectares of land in Port Moresby will be developed and turned into a proper modern suburb by Nanyang Group of Chinese investors, who are expected to build six to eight thousand homes for North Lakes Estate. The project is said to provide affordable housing for the growing population of the city.
The cost of the investment is twenty-five million kina but the entire infrastructure development over an eighteen-year period would cost about four hundred and fifty to five hundred million kina to do all infrastructure work – this includes roads, electricity, water and sewerage systems and recreational areas for residents, let alone homes for the buyers.
CEO of Century 21 Real Estate, Jeffery Kennedy, says the 600 hectares of land purchased by the investor will build about 6000 to 8000 potential homes.
Mr Kennedy says the prize of the houses will range between 280 to 320 thousand, which is the price for a town house. A standalone house would go for 350 to 400 thousand and double stories for 700 thousand which has three bed rooms down stairs and three upstairs.
President of Port Moresby Chamber of Commerce, Rio Fiocco, has urged Governor Parkop to look more into public private partnerships, where the Government subsidises the land, the large superannuation funds and bank provide funding and private developer to build the roads and infrastructure.
Fiocco says the population of Port Moresby city will continue to grow and therefore planning ahead for the future must start now. During the launching, Governor Parkop commented that land rates in Port Moresby will be cut down by NCD as part of its contributions towards the project.
First home buyers and interested individuals wanting to find out more about North Lake Estate can consult with Century 21 Real Estate for more information.