Experts to speak on Edai home ownership

IMPROVING staff retention by motivating employees through home ownership assistance is a subject that will be addressed by three businessmen in Port Moresby on May 31.
Experts to speak on Edai home ownership Experts to speak on Edai home ownership Experts to speak on Edai home ownership Experts to speak on Edai home ownership Experts to speak on Edai home ownership

Edai Town units like these start at about K357,000

Staff Reporter

The speakers are Kym Yong (Edai Town Development), Steve Burke (Inland Revenue Commission) and Kili Tambua (Bank South Pacific).
 
The Port Moresby Chamber of Commerce and Industry says the EDAI Town Development, in conjunction with IRC and BSP, will illustrate the benefits of home ownership assistance by employers that will motivate and win employee loyalty and increase staff retention.
 
"This win-win framework will be of interest to employers and employees," POMCCI said.
 
In 2014 the national government made a strong commitment in a joint initiative with the Bank of South Pacific to facilitate home ownership for the Papua New Guinea workforce, both public and private.
 
This resulted in the introduction of the special BSP FHOS (first home ownership scheme) that offers commercial funding of 90% of the value of a new property on state Lease at an interest rate of 4% per annum over 40 years.
 
"The BSP FHOS loan plus available tax benefits to both employers and employees have made home ownership a reality.
 
"Employers can now assist their employees shift from paying expensive rentals to home ownership."
 
EDAI Town is situated along the north-west growth corridor of Port Moresby. The good road network makes this a seven-minute drive to the new port and 20 minutes to Harbour City and Waigani UPNG.
 
EDAI Town is a holistic planned satellite township that can accommodate 10,000 people. 
 
"This mixed development comprising residential, commercial and industrial real estate and is setting the standard for planned townships in Papua New Guinea. EDAI Town promotes affordable home ownership and provides a range of assistance to minimise stress encountered on the path to home ownership," POMCCI said.
 
Kym Yong is an accountant with extensive experience in finance, information technology, construction, and project management. Yong's experience in Papua New Guinea since the 1990s has been valuable in driving the development of EDAI Town.
   
Burke has more than 27 years' experience working in Papua New Guinea in a wide variety of roles within the IRC and is considered to be the IRC's most eminent expert in relation to source tax issues, including salary or wages tax. Burke is the officer designated by the commissioner general to provide advice on granting of approval for citizen first-time homebuyer schemes. 
 
Tambua has extensive experience in the banking industry and has been with BSP for more than 20 years. Tambua has an MBA from the University of Papua New Guinea and has attended the INSEAD School of Business in Paris.  
 
The breakfast talks will take place at the Royal Papua Yacht Club from 7am to 9am and costs are K90 for POMCCI members and K100 for non-members.
 
Book through Idau Arua on 72 000 000 (extension 0678) or email  frontdesk@pomcci.com

 

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