Services firm expands into affordable housing

ANITUA has entered Papua New Guinea’s housing market through a partnership with Amode Rapid Construction Services Australia to build houses at Port Moresby’s 7 Mile Housing Estate.
Services firm expands into affordable housing Services firm expands into affordable housing Services firm expands into affordable housing Services firm expands into affordable housing Services firm expands into affordable housing

Affordable home ownership is an important issue in the country, with the government calling on the business community in February to help house their employees, and boost productivity.

"We urge the business community to know that this is not only for public sector employees but for every citizen in the country [and] we encourage the private sector to participate, because if you look after your employees they will look after your business," PNG Prime Minister Peter O'Neill said.

PNG banks have also joined the effort, with the Bank of South Pacific reporting overwhelming interest from Papua New Guineans wishing to take out home loans under the First Home Ownership Scheme.

The Bank of South Pacfic said 25 loans had already been approved amounting to K8.4 million ($A3.9 million).

Amode 7 Mile Estate sales and Marketing general manager Phil Arcadiou said: "It's not just a case of ‘location, location, location' that has the Moresby property market excited, but the affordability and quality of the homes under construction."

Stage one of the estate is located near Jacksons International Airport on the Hubert Murray Highway, and close to shopping centres, schools and the CBD.

The dwellings are built to Australian standards, with steel frames, aluminium skirting boards and door jambs, and fibre cement floors and walls.

Security will have a "round-the-clock presence", with only one exit and entrance to the estate.

The majority of domiciles are three-bedroom homes priced at K440,000, with four-bedroom options for K499,990. Prices already include GST and title to the land.

The 7 Mile estate already has two compounds with two and three-bedroom houses to accommodate corporate workers, with the former commanding a lease of K1200 per week and the latter, K1500 per week.

During an inspection visit by Anitua directors last month, executive director Colin Vale said: "It is exciting to see the Anitua Group expand into the Port Moresby real estate business [and] it is also rewarding to know that as a 100% PNG owned company we are helping PNG people fulfil their dream of home ownership by providing affordable and high quality family homes".

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