With the government’s call to provide more affordable housing to cater for the growing number of people in major towns and cities in Papua New Guinea, a leading property developer is determined to develop and lease houses at very affordable prices to meet housing demand in Port Moresby.
Glory Development Ltd is a locally established property developer based in Port Moresby. It focuses on developing and leasing out new quality homes that meet the life-style needs of the PNG tenants.
According to marketing manager Claire Lee, Glory Development Ltd is looking at developing and leasing out 500 residential units. There are different types of affordable housing catered for middle to high income earners and are made of durable building materials like concrete blocks, ceramic floor tile and aluminium sliding windows.
Skyview estate development is divided into different phases. The first phase of the project was already constructed. It has four models including link houses, stand-alone high and low-set houses, stand-alone double storey luxury houses to suit different market needs. All the link houses come with standard amenities such as bathroom basin with cabinet, shower screen, kitchen sink, kitchen cabinet with benchtop and solar heater water system.
There are eight link houses in a portion so we have a total of 112 link houses, of which 13 link houses are currently available for lease. Prices of the residential properties range from K400 000 – K700 000 depending on the quality.
“We want to help our clients that really need a house. We are offering 10 per cent of the total cost of a unit to secure the property.
“All our units are for sale. Any client wishing to purchase one of the units can pay 10 per cent of the total price of a unit as upfront payment and secure the unit. Once all payments are done, we can formally release the property to the buyer. Market prices depend on the sizes and qualities of the units we have. Our units are of very high quality and they are ideal for corporate clients as our main target market. However, we do not necessarily restrict our properties only to corporate clients. Any client with sound budgets and good behaviors can buy the units,” Lee said.
It was revealed that apart from constructing the residential homes, Glory Development Ltd will develop a mini town of at 7-Mile’s Skyview Estate.
This means all recreational facilities, commercial centres including a market and ATM (automatic teller machine) will be installed, schools and a clinic will be built with other life entertaining services to cater for those who will be buying and occupying the residential houses.
Meanwhile, the Glory Development Ltd hinted that it would work closely with the commercial banks to help facilitate the FHOS for any local clients wanting to own a house.
“Any PNG client wishing to own a new house through the Government’s housing scheme will have to pay 10 per cent equity to reserve a house so we can send it to the Bank South Pacific (BSP) to further process their loans,” Lee said. Lee said once the loans were approved and processed by BSP, clients can occupy one of the new houses. Under the FHOS, the Government in 2013 made available K200 million with the Bank South Pacific (BSP) for people to borrow and develop their own houses.
The BSP criteria in implementing the policy include a minimum loan amount of K200 000, up to 40 years term of loan, fixed interest at 4% per annum, establishment fee of 1% of loan value, 10% equity, evidence of work and state lease title.
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