Papua New Guinea (CU)_The capital of Papua New Guinea is experiencing a construction boom this year, with numerous housing and business complexes planned.
With more housing developments planned, Port Moresby property buyers may be in for a nice time starting this year.
Tom Snelling, the General Manager of Hausples, tells PNG Duran Farm, a project to provide affordable housing for the National Housing Commission, is now moving forward after a Memorandum of Understanding with five developers was signed last December.
‘Another 2200 houses will be coming onto the market over the next few years with the Tuhava Town development at Napanapa.’
At the K7 million development at 8 Mile, according to Snelling, there would be roughly 2000 allotments with houses costing between K200,000 and K500,000.
The Tuhava Town development at Napanapa will add another 2200 homes to the market over the following few years, with prices ranging from K299,000 to K550,000.
‘All houses are built with steel frames using modern materials. Tuhava Town is a community-based projects which has a pool, bar, restaurant and beach front [among other facilities], and will have its own shops,’ Snelling says.
The region is safe and convenient as it is surrounded by retail establishments and residential areas on the Napanapa Road, 30 minutes’ drive from Port Moresby.
Property in the Valkyrie Estate at 8 Mile has already sold out; phase two is scheduled to open in the second quarter of this year.
The K480,000 two-bedroom high-set house on a 396 square meter land is popular with tiny PNG families. K575,000 will buy a three-bedroom high-set house on a 36 square meter land.
