Pictured is the Rokolo Clan of Irupara Village in the Central Province, the first ever recipients of a Customary Land Title issued in the province. Photo source: lands.gov.pg Only about 5% of land in Papua New Guinea belongs to the State, the remaining 95% of the land therefore belongs to customary landowners across the country. With the increasing number of tangible developments around PNG, the percentage of State owned land is set to increase meaning a lot more customary land owners will eventually be dispossessed. In an article in the Post Courier in August this year, Barney Orere explains this issue and the steps to be taken to protect one’s interest in customary land. Bringing You Up to SpeedPapua New Guineans have a very strong connection to the land which is the foundation of our many customary traditions and beliefs, even to this day the land customarily owned provides means of daily survival for those living in rural areas. Without getting too entangled in legal jargon, but in order to protect this interest, those bringing our country towards Independence ensured that our right to our land be protected in the Constitution. Hence, Section 53 of the Constitution provides that any possession or interest in any property cannot be acquired unless it is by agreement or by compulsory acquisition. Compulsorily acquisition only occurs where the land is needed for public purpose or for a reason that is reasonably justifiable in a democratic society.To enter into agreement whilst using customary land as collateral, it must be done so through an Incorporated Land Group (ILG) the process being made available for by the Incorporated Land Groups Amendment Act 2009 and the Land Registration Amendment Act 2009. Why Register Customary Land Groups?The further the State develops infrastructure, there would be a larger need for land to be acquired for public purposes. “The aim is to give prominence to landowners so they can participate in Vision 2050 by leasing their land and benefit from royalties. In that way land lying idle is put to gainful use.Land may only be acquired by the State, in accordance Section 53, where there has been just compensation paid for the land. The significant difference is that where land is compulsorily acquired, just compensation need only to be paid once. Where it is entered into by agreement, it means there has been discussions between the State and an ILG, where the ILG has leased the land to State for a certain period. When the period comes an end, the lease may be extended, meaning another payment is to be made to the ILG. The benefit of this as well is the flexibility in dealing with the land; it not only needs to be leased to the land, but corporations as well.Eda Tano Haus, Department of Lands & Physical Planning Located between Aopi Centre and Lamana Hotel, Waigani Photo source: lands.gov.pg How to Protect Your Land?Orere explains that before the need for compulsory acquisition catches up to customary land owners, they must take the proactive step to register the clan and its ownership over the land. “First you must visit the Incorporated Land Group Division and after you’ve been issued a registration certificate over your customary land, the next stop is the Customary Land Registration Division – to facilitate your land title. The processes have been accommodated by the amendments to the law to help you, the customary landowner, to do this.”, Orere says. As a further measure of protection, customary land is owned by clans and cannot be sold by individuals. One must get consent from all members to engage in its registration and subsequent business dealings. What Are the Risks Involved?“Once your customary land is registered, you can use your title as collateral to enter into the gainful activity, either through business or with the State through leasing arrangement.”, Orere remarked. Therefore, the risk involved from entering into certain activity are the same as any other commercial transaction.  A recent issue which became apparent was that agreements being entered into was not done voluntarily or with the consent of clan members which led declaring of all Special Agriculture Business Leases (SABL’s) illegal in March earlier this year. Further issues include the problems such as businesses taking advantage of the land an exploiting it for purposes unintended. In such cases, the Courts have been willing to intervene to nullify certain contracts and hold those responsible. Should You Register Customary Land?Simply put, yes. All customary landowners, whether apportionment large or small, should look to have their customarily owned land registered through an ILG because given the structure of our legal system, the State may acquire it despite objections. Director for the Customary Land Registration at the DLPP remarked “The momentum is slowly picking up to register customary land. People want to retain their bond with the land and through leasing arrangement benefit by making use of the land this way.”The only way to ensure that an interest is kept in the land and the future generations of the clans can benefit from the land will be to register the land. Thus, although possession may be given up, royalties may continue to be acquired. Sign Up Here to Get Latest News!

Papua New Guinea’s property market has been turbulent since the LNG boom just a few short years ago.  Whilst this is often regarded as doom and gloom in many countries, there is a bright light at the end of tunnel for PNG.  Firstly, the affordable housing shortage is being addressed, particularly by private sector and secondly, now is an excellent time to buy according to the latest “Hausples Sentiment Survey” indicating a general feeling for property prices to increase.For this reason, Hausples.com.pg is hosting the first exhibition dedicated exclusively to Real Estate Industry: ‘The Hausples Show’. The show offers agents, developers and those related to the property industry, the chance to exhibit to a large local and international audience of buyers, renters and investors. The event is free for the public to attend and Hausples expects thousands of visitors over the two-day event, which is to be held at the Sir John Guise Indoor Arena in Waigani (opposite Vision City). There will be over thirty booths, with leading agents and property developers showcasing their latest offerings. These include Edai Town, Kennedy Estate, Northlakes, Rhode’s Napa Napa and PBF’s new development in Bomana and Zenith’s Duran Farm.The show will also contain a broad range of exhibitors related to real estate, making it a one stop shop for property hunters. Exhibitors include finance companies, insurance, pay TV, internet providers,  kit home providers and many more. Leading PNG companies supporting and attending include ClickTV, Bank of South Pacific, Transpacific Assurance, whilst exhibitors include Nambawan Super, Advantage PNG, Akzo Nobel, Lightspeed Internet, PNG Forestry Products and more.Attendees will also have the chance to learn real estate industry trends, tips and tricks from a range of expert speakers during seminars running throughout the two days. Seminar topics include 2017 / 2018 real estate market predictions, navigating the purchase of a property from a legal and accounting perspective, and how to negotiate the best finance on a property purchase.Tom Snelling, the General Manager of Hausples, says:“Hausples.com.pg is incredibly excited to bring the whole of the PNG real estate industry under one roof. For the first time, the buying and renting public will be able to conveniently explore the full range of property options available in PNG, plus learn critical insights into the future of PNG’s real estate sector from leading authorities. Based on the 2017 PNG Real Estate Sentiment Survey, we know that the majority of Papua New Guineans and expats believe the PNG real estate market will grow quickly over the coming years. In fact, of the 2,000+ people we surveyed, most believe that now is a good time to buy or rent and more than 50% of people intend to purchase over the next 12 months. This pent up demand gives us confidence that the show will be a huge success and we have already received thousands of free registrations.” Then he added:“Due to the strong demand have chosen the Sir John Guise Indoor Arena as an ideal location with easy access and ample parking. We are also providing free wifi Internet thanks to our friends at Lightspeed Internet and a range of fantastic lucky door prizes including a TV production and airtime package from PNG TV worth over K10,000. I encourage all those who are thinking of attending to register today” Click Here to Register for Free! To reserve a booth to exhibit your services at the 2017 or 2018 PNG Real Estate show please contact Hausples at: [email protected]

photo credit: visiteasttimor.com Land cannot be considered a commodity in Papua New Guinea. It cannot be priced because of several factors such as ecological, cultural, and social duplication. This is according to Dr. Tim Anderson, a senior lecturer for political economy at the prestigious University of Sydney – basing it off of his “Framework for assessing Compensation for the wrongful loss of customary land.”Does everyone have the same definition of commodity?Dr. Anderson explained that the problem was merely a matter of semantics. This is rooted on cultural differences not only between the West and Melanesia, but also within Melanesia itself.To illustrate, Dr. Anderson told an anecdote from around 15 years ago in Timor Leste. He recalls a western-trained economist being sent out to assess the value of land there. He says, “They went and asked people, ‘when was the last time you sold some land around here?’ They asked and got an answer. No. So, they returned and told the Asian Development Bank that the value of the land in Timor Leste was nothing.”He continues, “The problem is if we keep on the inevitably very true line that land is invaluable and cannot be modified then we are not talking the same language as the big powers who always talks about money.” Is land really not a commodity in Papua New Guinea?Mark Kelep who is the former auditor-general brought up several questions that rose from Dr. Anderson’s stance. Kelep asks, “How do you qualify being associated with the land and being basically pushed out in urban areas?” He also asks, “How do you address the model presented by Dr. Anderson?”He clarifies, “Land is not a commodity. But what goes on it or is in it is a commodity of either extraction or for commercial purposes. I think we need to ensure that we understand that land is not a commodity,” Mr Kelep said.How can this be addressed?Dr. Anderson hopes that by releasing his framework that a dialogue would start the ball rolling and set talks into motion to first standardize the definition, and then set a standard for putting value to land.He explains, “What we are trying to do with this project is to try and get some sense of value of production at least to put correct value on the output as the value of land is separate from the land produces. That’s the first step we have to take, acknowledge that fact that land has a calculable value.”Whatever the case is, determining the value of the land will greatly help the economy of Papua New Guinea because there will be a set standard as to evaluating not only the cost of land but also because this will deter any unfair dealings with locals. And this initiative may be just the thing to help the country step towards that scenario.

Just recently, University of Sydney’s Senior Lecturer in Political Economy Dr. Tim Anderson gave his presentation on the “Framework for Assessing Compensation for The Wrongful Loss of Customary Land.” One of the things he argued was that there was a lack of concrete processes in determining the financial value of land in the country. However, it may not just be a lack of process that’s serving as a roadblock. It may also be the lack of laws that protect the rights of landowners – especially for customary land.So, what are the implications that may arise from this? What actions can be done to resolve this gap? Experts in the field weigh in. Setting the backdropWhile Dr. Anderson says that land is not a commodity in the country, Act Now Programme Manager Efrey Dademo mentions that there are commodities that can be derived from customary land. In a conference last 22nd of May 2017, she explains, “The wellbeing and livelihood of our people is directly linked and central to our customary land and the economic value that it possesses.”Dademo continues, “Our people’s resilience to the financial and food crisis in the world is because of the fact that they still have their land in their aid at this time on which they are planting cash crops and food to consume and sell, fuel for cooking, building materials for housing and other livelihood necessities.”This is something that Dr. Anderson agrees with as well. He said in his presentation that Customary land can be a source of greater economic returns. Identifying the problemDr. Anderson states that the reason why the greater economic returns are not being received is because the government trades these land for special agricultural business leases. He mentions that a little over 5 million hectares have already been leased out to corporations. In turn, customary landowners are dispossessed of their properties.Dr. Anderson adds that “In 2013, the government was made aware through a Commission of Inquiry (COI 2013) that these leases were unlawful for failure to follow proper process under the Land Act and, in particular, for their failure to ensure the free prior and informed consent of customary landowners.” Addressing the DilemmaThe problem with the current setup of Papua New Guinea is not that there is a lack of law for customary land. The problem is that there is an absence of law to address customary land issues, thereby leaving customary landowners defenseless. This is according to a recentarticle from The National.This lack of provision for already existing laws at the moment to be used to do the opposite of what it was intended to do. Communal Land Law Foundation principal adviser Mali Voi states, “Currently, our legal system is using the English common laws that do not capture the interest of our traditional or customary land issues.”Voi adds that this allows preference to foreigners rather than the country’s people. He explains, “The current laws are used to dispossess us as we’ve been dominated by foreigners and we are basically helping the foreigners rather than helping our own people.”Dademo echoes this and says that the government was “persuaded by outside interests  with the focus to promote unrestrained economic growth and export earnings in the false hope that this should improve lives of the majority of the people.”This has been an ongoing issue for years now, but there are those in the government itself who are also trying to change the current situation by proposing amendments to the current law regarding land. Now, whether this tension dissipates or not is only a question of how these efforts to change the system will make a difference to the current government’s decision.

One of the most positive aspects of the Papua New Guinea economy is the growth of the real estate sector. With the recent emergence of real estate as a valuable asset for locals,  many citizens are looking at insuring their properties.Trans Pacific Assurance Limited has been one of the first insurance companies in Papua New Guinea to identify  citizens’ need to secure their major asset and has now serviced a large base of satisfied clients. Who is Trans Pacific Assurance Limited?“At Trans Pacific Assurance, we know the importance of insurance, and we want to spread this knowledge across Papua New Guinea. You need o be prepared for a fire or even an accident, which is why we offer insurance that covers home, car, business and a whole host of other areas. Whatever your needs, the friendly, helpful team at Trans Pacific Assurance are on hand to guide you throguh the ins and outs of insurance.” – TPAL Team Do I really need home insurance?In short, yes. Our homes protect our families and provide a space to call our own. This is why homes are more than just another piece of property and deserve the best protection possible.Home insurance can and will be the safety net that ensures your belongings, savings and property are protected against a range of potential issues. This includes burglary, fire and liability claims.Your home’s four walls might be just building material, but it represents your family and future. As such, it’s best to protect this vital asset with the appropriate home insurance. Other benefits of insuranceInsurance isn’t just limited to your home. The team at Trans Pacific Assurance can provide a range of insurance solutions to meet your needs. This includes:Motor vehicle insurance – Do you have a vehicle that you use to take the kids to school or to get to work? If so, motor vehicle insurance can give you protection from theft, accidents and potential hazards that you’ll encounter out on the road.Medical insurance – Illness and injury can force you and your family to visit the doctor or hospital at any point. With the right level of medical insurance, we can take care of the majority of the costs involved, including surgery and emergency evacuation.Business insurance – Have a growing business? Protect your contents, assets and income with business insurance that can be tailored to the size and scope of your operations.Accidental death protection – Although accidental deaths are rare, this event can have a severe impact on your family. Accidental death protection provides financial support through this tough time. Why choose Trans Pacific Assurance?“At Trans Pacific Assurance, we are part of your community and understand your responsibilities. This is why we go the extra mile for our customers, finding the best solution and value-for-money option for you.”We won’t talk to you in boring insurance jargon – our goal is set out everything in plain English and ensure you can play an active role in the insurance process. This fresh and innovative thinking allows us to tailor policies to you and your family. – TPAL TeamIf you would like to learn more about insurance, feel free to fill out the form below to contact TPAL today.Name*Telephone*Email*Province*Comments

Port Moresby, 31st May, 2017 | Bank South Pacific (BSP) has reduced its standard Housing Loan Rates by 1% from 8.45% pa to 7.45% pa. The interest rate for the Housing Loan products will be effective from 1 June, 2017. BSP offers two main Home Loan Products; the BSP Standard Home Loan and the First Home Ownership Scheme (FHOS) loan. The interest rate on the FHOS loans will remain at 4% pa.“The reduced interest rates on home loan was made with due consideration to the market demand, especially with medium income earners,” said BSP Group CEO, Robin Fleming.Mr Fleming said, “The demand for housing and home ownership remains high in the market, with increased interest expressed for information and direction on how to obtain home loans with the Bank. BSP continues to take steps to improve the lives of Papua New Guineans. We believe that, with the reduction of the interest rates, it will benefit more people.”While there has been interest, BSP continues to encourage potential home buyers to have a plan, set goals and start saving for your home equity. The equity requirement under BSP Home Loan is 20% while the FHOS requires 10% equity with special conditions that apply.Customers who fall outside of the First Home Ownership Scheme (FHOS) can still take advantage of the reduced interest rates and obtain a standard housing loan for a term of 40 years.Mr Fleming further stated that BSP has also continued to promote a financial inclusion for all customers. This has seen the increase of the number of Fee Free accounts opened, for Kids Savings and Sumatin Accounts. It has also promoted a savings culture by eliminating fees for the Plus Saver Account, which attracts interest rates paid to customer’s savings.For information on BSP Home Loans or the First Home Ownership Scheme Loan Product, contact us via our First Home Ownership Form!

There is a desire when constructing infrastructure in Papua New Guinea to have it be within reasonable costs, together with topnotch materials and output that will last for years. But this has not been the case for the past five years. That’s according to outgoing president of the Papua New Guinea Institute of Engineers, Ila Mari. Image from: Monier PNG FB Page and pnglife.blogspot.comCounting the previous costDuring the 2017 two-day convention on Innovation and Sustainability in Port Moresby last month, Mari raised a few concerns. She mentions, “It is true to say there has been a lot of development happening over the last five years than the last 15 years but at enormous costs.”Mari then proceeds to point out several developments as evidences of her claim.  One of them is the South Pacific Games Facilities that proved costly, and yet had a poor output quality. She also pointed out that the Government buildings rehabilitation have been completed at double the estimated cost. Marin even pointed out that the National Capital Districts roads were designed and constructed at double or triple the estimated cost. Focusing in on present abilitiesMari stated engineers – architects, mechanical, civil, mining, petroleum, and so forth – were all here to make sure that development costs for infrastructure were at a reasonable rate and that they were constructed using high-quality materials.Mari says both innovation and sustainability are crucial for any developmental initiative being implemented within the country. She qualifies, “Thus, it is important to save costs and look at priority areas that would additionally emerge as assets to generate revenue that contributes toward the economy.” She adds, “Engineers are now challenged to have a better look at the current development in order to contribute creatively.” Correcting it for the futureShe also gives a reminder that better usage of assets or resources will conserve time and money in the long run. So, better planning for the construction of road infrastructures and buildings in the country is also essential. She mentions that “with the current leadership, the upcoming engineers should focus on how to go about addressing such developmental issues before taking a step forward.”Mari also urged engineers and construction professionals to develop innovative cost-control systems in various areas in the field to ascertain that the procurement procedures were not abused. She said, “The engineers were encouraged to look ahead to ensure proper material costs and placements be according to procedures and within reasonable frameworks.”So, while there has been tremendous progress, there is much more growth to be had in the country for this particular sector. And it takes initiative from different individuals and professionals who have been trained and who have the passion to create a more sustainable developmental environment for both investors and customers.

Click to download the full report  Hausples.com.pg, Papua New Guinea’s leading real estate portal, is excited to share the results of the 2017 Real Estate Consumer Sentiment Survey. The survey sheds light on crucial information vital for property industry professionals such as Government authorities, developers, investors, insurers, financial institutions, personal home hunters, and real estate agents. The survey was distributed over various digital and physical channels to over 2,000 respondents in both Papua New Guinea and globally; this is likely the most comprehensive real estate survey in PNG history. Most respondents were citizens of Papua New Guinea, coming in at roughly 91% of the total, whilst international respondents came from a diverse range of countries including Australia, America, China, Philippines, and Malaysia.Survey respondents were reasonably evenly split between males and females and ~70% of respondents were over the age of 30. The most prevalent professions of respondents were government (19%), banking and finance (13%), oil and mining (13%) and real estate and construction (6%). Most respondents lived with a partner (husband or wife). Hausples.com.pg believes the demographics of the survey represent a highly accurate snapshot of Papua New Guinea society and the sample size of over 2,000 people provides statistical accuracy of over 97%. Survey questions were divided between the rental and sales markets, financial literacy and the real estate industry generally.In terms of the rental market, ~45% of respondents are considering renting a property over the next 2 months, confirming that demand for rental housing is incredibly high. Perhaps surprisingly, nearly 40% of those seeking rental accommodation have a preference for condos/apartments, with the next most popular property type being PNG-style houses (timber framed, high set buildings). Roughly 45% of respondents are prepared to spend over k2,000 per month renting and 40% consider that renting is either somewhat affordable through to very affordable. This should give apartment developers in the capitals continued confidence of ongoing demand throughout the price spectrum, but particularly for affordable styles of housing.   Property purchase is now an extremely high priority for Papua New Guineans, with over half of respondents (55%) stating an intention to purchase over the next 12 months. Sentiment toward housing is also extremely buoyant with 61% of people believing that now is a good time to buy a home. This is despite (or perhaps even the result of) a highly prevalent belief that property prices have increased over the last 12 months (67% of people). As distinct from renters, purchasers clearly prefer PNG and Western style houses (30%+ and 28% respectively), with condos being preferred by just 7% of respondents. Port Moresby is by far the most popular locale for property hunters, with 80%+ respondents seeking to buy in or around the Capital, followed by Lae, East New Britain and Madang.     Purchasing power and financial literacy are also rapidly improving, indicating that steps taken by both the Government and private enterprise, such as the First Home Ownership Loan Scheme, are having a positive effect. Whilst 70% of home hunters intend to spend less than K500,000 on their next home, a substantial proportion (20%+) will spend between K500,000 – K1 million, and 10% will spend K1 million or more. 85% of people are prepared to contribute a deposit of 10% or more toward their purchase and 77% indicated that they will fully insure their future home.These results confirm very positive sentiment toward home ownership, the prospects for the real estate market and rapidly increasing financial literacy. Those in the real estate, construction and financial services sectors should be encouraged by these results. However, whilst there is clearly substantial demand for housing, supply clearly remains highly constrained. This is evidenced in respondent’s primary concern for the real estate industry as “land tenure and the availability freehold land” (over 60% of respondents). Indicating that Papua New Guineans are well aware of the complexities of the country’s customary land tenure system and the pressure this places on the availability of land for purchase. Hausples.com.pg notes the Government’s efforts to increase the availability of land for purchase, particularly in the affordable spectrum. There are between 5,000 – 6,000 new homes forecasted to be built in Port Moresby over the next 18 months, with up to 50,000 additional homes slated to be build by 2020. These comprise major government initiatives such as the National Housing Commission’s mega-development at Duran Farm which will comprise 44,000 dwellings (standalone 2-3 bedroom houses). There are also some other smaller private developments such as Mediterranean Apartments (48 units comprising bedsit and 2 – 3 bedroom homes), Community Housing Limited’s proposed development at 9 Mile (160 stand alone 3 bedroom houses), and larger developments such as Edai Town which comprises 300 homes (2 – 3 bedroom homes).This increased supply, when coupled with novel housing initiatives such as the First Home Ownership Loan Scheme and the National Superannuation Fund’s Housing Advance Scheme are excellent positive steps in allowing ordinary Papua New Guineans to purchase a home. It is extremely encouraging to see the present efforts to address the housing shortage. These efforts are clearly increasing people’s positivity toward homeownership, education with respect to financial literacy, and general sentiment toward PNG’s property market. All of these factors bode well for the future of PNG’s real estate market and people’s prospects for living in a home.Hausples.com.pg hopes that Government authorities, those in the real estate and construction sphere and the financial services sector will use the data contained 2017 Real Estate Sentiment Survey constructively and to the advancement of the Papua New Guinea’s real estate market. Click to download the full report

Ela Beach is Port Moresby’s primary public beach. It houses the country’s whitest sands, beautiful waters, and a range of various recreational facilities like beach volleyball and basketball courts, a boardwalk, an amphitheater, and a few kiosks. Or at least that’s what it was. Now it’s playing host to a rather controversial development that foreshadows significant changes in the landscape that has once defined Port Moresby. And whether that change – a proposed four-lane road and a beach extension – is good or bad depends on who you ask. All that glitters is not goldThe underlying issue is not with the project itself, as many perceive it. The real problem with the construction of the development, at least for most of the city residents, is the fact that the project will involve cutting the old Casuarina trees that have decorated the landmark for decades, trees that have been part of countless family stories passed down from generation to generation. For some of these people, removing them means removing a part of the country’s history.Many are also already crying foul and asking if the government could have done more research in order to continue construction without having to cut the trees down.Understanding the ColorsThe government was quick to respond to the allegations and have made it clear that they are doing all they can to save as much of the trees as possible. NCD Governor, Powes Parkop said, “We understood that the older trees were part of the Ela beach heritage and are working hard to save those which can be saved.”He clarifies that the ones being cut down are merely trees that have reached their life expectancy. This will be a difficult dilemma in the future should the dead trees become a threat to public safety.Parkop stressed, “Our interest is to serve our people as best as possible. Ela Beach is the only major park we have in Port Moresby and we are looking forward to making it bigger, better and more serviceable for our residents.” He also urges the residents to not focus on what will be lost, but instead to focus on what can be gained.Setting the ContrastWith the loss of the abovementioned facilities, the residents will gain a larger beach area, a new two-way road, and even a new Sea Park not far off into the beach. These will add to the APEC Meeting Hall which is set to become one of the most iconic buildings in PNG. This, the government hopes, will propel the country into the global main stage.In total, the government will be spending K55 million for the redevelopment of Ela Beach and another K45 for the Sea Park. Both projects are expected to reach completion in 2018, right before the APEC Summit starts.With both arguments valid and both sides taking the initiative to fight for their own causes, what remains constant and agreeable is the fact that everyone just wants to paint a better future for Ela Beach and PNG as a whole. And while it looks uncertain for now, it will soon be revealed just how much everyone can benefit from the bigger picture. For now, we can just give the artist some recommendations and trust that the final product will be one that everyone can enjoy.

Papua New Guinea is becoming an increasingly interesting investment location for business and industry expansion. But it’s also becoming a breeding ground for many emerging startups that come from various industries and sectors. So, it is typical for these businesses and individuals to expand their physical work space as they expand their network. How do you Find the Perfect Office Space?Great work spaces need to address the needs of the business or organization. Its characteristics include a safe and convenient location, a reasonable price, good infrastructure, and a decent work area. But getting these things on your own doesn’t come easy or cheap – especially if you’re just starting out. Strategically located in Stanley Esplanade, Harbourside West Tower Serviced Offices offers easy access to just that.There are also dining options at Harbourside itself, like Duffy, Tandoor on the Harbour, The Naked Fish on the Pier, and The Pier Drinking Consultants, and Sogno – So, whether you are looking for a quick bite, coffee, or a fine dining experience to woo your clients, Harbourside is the perfect place for this.What Range of Office Spaces Does Harbourside West Tower Serviced Offices Have?More than the convenient location, Harbourside West Tower Serviced Offices also offers a wide variety of fully-equipped and fully-furnished office spaces that cater to the needs of different business models – from a 5 sqm one-person private unit that costs K4,576 a month, all the way to a 70 sqm fully-equipped 12-person office for just K23,100 a month.Other options include a 8.8 sqm 2 to 3-person office for K7,436 a month, a 36 sqm 4-person office for K11,880 a month, a 46 sqm 7-person office for K15,180 a month, a 43 sqm 6-person office for K12,613.33 a month, a 45 sqm 6-person office  for K13,200 a month, a 54 sqm 7-person office for K17,820 a month, and a 50 sqm 8-person office for K10,982.40 a month.If you’re looking for something more cost efficient, another feature that Harbourside West Tower Serviced Offices offers is its K60 hot desk seats that essentially allows budding entrepreneurs and freelancers to get a space of their own on a shared office environment to easily veer away from the rush of the central business district. What Makes Harbourside West Tower Serviced Offices So Special?All the units here are accompanied with a great view of the Fairfax Harbour or the Central Business District and can be leased for both short or long-term purposes. This means flexible rental arrangements that can be done on a monthly, weekly, daily, or even on an hourly basis.Each unit also comes equipped with a set of modern and high quality desks, chairs, and filing cabinets. Renting a unit also allows businesses to use shared facilities such as the fridge, microwave, kitchen, and the breakout area. The rent is inclusive of utilities such as washrooms, water, electricity, general office cleaning once a week, 24-hour security, and competent support staff.Harbourside West Tower Serviced Offices does not claim to be able to run your business for you, but it offers you the ability to take charge and help you run your office space and environment. With your own fully-furnished work space and a fully-trained support staff, all you’ll ever need to do is to turn your business into a success! So, when work starts becoming a hassle more than an asset and it slowly becomes your life, it’s worth checking to see if you can live that work life more efficiently at the Harbourside West Tower Serviced Offices!Click Here to See all the Harbourside Offices AvailableorClick Here to Contact Harbourside!

A portion of Papua New Guinea’s population is now trying to recover after extreme floods recently devastated their properties. Homes were submerged alongside gardens, crops, and even livestock. Other than that, surrounding roads also seemed to have lay to waste as the storm subsided. This has called into question the construction quality of infrastructure.Image Source: emtv.com.pg What happens after a calamity?The typical recovery scenario one might find in Papua New Guinea after tragedies such as this is the quick attempts at reparation of damaged properties. But the government has recently been finding it much more difficult to move forward due to the ludicrous amount of requests they receive for compensation. And while this may potentially help alleviate the situation of affected citizens, it has been the subject to alleged abuse.Works Minister Francis Awesa recalls that just recently, the people at Guo in Chimbu requested a payment amounting to K1 million before they were allowed to repair a portion of the national highway. This is something the government is not taking lightly.Awesa explains, “This Government and the Works Department will not entertain these unnecessary and ridiculous compensation claims, which are an impediment to Papua New Guinea’s development, growth and prosperity.” He continues, “That is why the O’Neill Government will introduce new laws with tougher penalties for people who try to hold the country to ransom with their demands for compensation.What else is the government doing about the “compensation mentality”?Awesa describes the O’Neill administration to have delivered more bridges and roads than any former government administration. But more than that, he says that it also is currently developing higher grade infrastructures that is less prone to damage by extreme weather and climate conditions. He said, “For the first time, this Government is delivering climate-resilient infrastructure to withstand extreme weather conditions that pose a grave danger to our roads and bridges.”What developments are actually lined up?Part of these planned infrastructure developments is the Bridge Replacement for Improved Rural Access Project where old one-lane bailey bridges are being replaced by new concrete ones throughout the country. The project will see the construction of a series of bridges that include the recently opened Laloki Bridge at the National Capital District. It will be the first 4-lane bridge in the country.Other constructed bridges include the Brown River bridge and the Angabanga bridge which was built in a span of 18 months by the China Harbour Engineering Company through a loan from the Asian Development Bank. Seven other bridges are also set to rise along the Magi highways in Central and Hiritano.The rolling out of a second package of developments will also happen in East and West Sepik, Madang, and West New Britain soon. Works Secretary David Wereh mentioned that the construction of the three new bridges is a testament to the focus of the department to create structures that reflect high engineering standards. Wereh states that the the department had currently bypassed its 800-meter construction target for bridge structures.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: onepng.comPlaying a huge part as a factor affecting growth and as an indicator of it, infrastructure is easily an essential element that affects people’s way of life in Papua New Guinea. It offers accessibility, comfort, convenience, and opportunities. But is the end result of building PNG infrastructure really all fine and dandy?Building BridgesLand and property prices in Siviri and Kerema may see a sudden change, following the completion and launching of the K-Bay footbridge last September 16, 2016.  The bridge cost K350,000  and was built by the Mesaivo Clan Land Owners. It was funded through the SSG Funds by the Gulf Provincial Technical Services. This project will allow locals to conveniently move from one town proper to another in order to access healthcare, proper education, and markets. Gulf Governor Havila Kavo – who attended the opening – warns though that the Siviri people who had been affected by the unusually high tides should relocate to another area. This bridge may be one of the steps for residents to slowly and easily do that.The opening of the 100-meter long K-Bay footbridge last Friday was also attended by the Mayor of Kerema Town, Jack Narrie, and Gabriel Ikamu who is the ward councilor of Siviri.Houses Built on Air?While the construction and completion of the K-Bay footbridge has brought new opportunities for locals and tourists who wish to visit Siviri and Kerema, another PNG infrastructure is causing an alarm – not because of the infrastructure itself, but developments surrounding it. Concerns regarding the Jackson International Airport in Port Moresby is now increasing, particularly because of the houses that have been popping up in and around it.According to the Civil Aviation Authority, not only is this in breach of existing policies, but it’s also dangerous for people living in these housing developments who can potentially be victims of aircrafts crashing through their property. The CAA also adds that these housing projects have not gotten any sort of approval. Some of these houses have even been built along flight paths and are causing problems as they serve as obstacles for aircrafts trying to leave and land on the airport. Any more of these developments and the runways may be rendered unusable.Korean HydropowerResidential and commercial properties are soon to enjoy the taste of hydropower as Papua New Guinea’s Works and Implementation Development Department closed in on investor Korea Southern Power or KOSPO through a signed memorandum of understanding. This is especially significant since only 10 percent of the total population have access to energy.Through this project, the government aims to increase this figure to 70 percent by the end of 2030.Linking the GapExpecting to generate around K4.3 billion, construction of roads that connect 9-Mile, Gerehu, and Hanuabada started back in 2012. According to the NCDC deputy city manager of regulatory services, Kenneth Atasoa, this will open up zoned land for businesses and commercial use. In total, there will be around 4,000 allotments that would be available. He explains that this will also open up the land which individuals and developers can utilize for development projects, including residential housing and buildings. He says “The roads have enabled rapid development and there are vast commercial opportunities to be made use of (from which) businesses and residents can benefit.”Heaps of upcoming and completed infrastructural developments are causing changes in the real estate sector, most especially in the residential and commercial market. But whether the long-term plan for PNG’s citizens will reach completion as well has yet to be fully realized and seen.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: indopacificimages.comThe landscape of the National Capital District in Papua New Guinea has shifted in the few years of development it has gone through. And it seems like surrounding areas are about to experience the same treatment while the government pushes for a more progressive and modern appeal.Parceled-off land in the outskirts are being structured to accommodate more commercial and prime residential real estate developments. But in order to more efficiently utilize resources, the government will be looking towards every direction for potential issues and opportunities. Reading the CompassAs developers close in on the National Capital District, the area’s developments continue to sprawl outward for its expansion. In Moresby East and West, hills have become construction grounds and the horizon has turned into a vision of what is to come.  Although arrangements have been put forward such as the lease-lease-back or build operate and transfer (BOT), the only problem that the National Capital District Commission is worried about are the customary lands that may serve as a roadblock for faster expansion of the city. Despite this, ongoing talks are being made with the customary landowners to streamline the process.Meanwhile in the figurative south, Downtown Port Moresby has seen rapid expansion and growth in the past decade. The once drab and impoverished lands have been transformed into glass-laden structures with foundations of concrete and steel. Without sufficient buildable land, the previous years also saw a vertical expansion in the downtown area – especially in the shoreline.  This has paved the way for the Waterfront commercial zone. This is a major factor that is driving more investments into the capital.Walking on WaterRight now, the multimillion Kina Koki Fish Market structure is suspended on steel struts above the sea as it awaits completion. It is an NCDC project that is aimed to provide long-term benefits to the economy and to the fishing communities of both Koki Point and the Vabukori villages.The project will be constructed alongside a service station with amenities like docks for boats and toilets. This is going to be under a public private partnership with the Oil Search Limited company.Pride of the LandConstruction will go full throttle as the government places particular importance on design. Another shoreline development that will be a testament to this is the upcoming APEC Haus that was launched by the Prime minister Peter O’Neill. It will lay host to the 2018 APEC Summit and will connected to Ela Beach through a land bridge.The APEC Haus will be built on reclaimed land and will take the shape of a Lagatoi Sail that resembles the symbol used in the NCD and Central Province flags. The Lagatoi was an integral craft that was part of lives and culture of the people in the coastal Central area.Similar to the Koki Fish Market, the APEC Haus will be built in partnership with the Oil Search Limited company as well using a National Executive Credit approved tax credit scheme. Once done, it is believed that The APEC Haus will be the Sydney Opera House of Papua New Guinea.”With an increasing demand for new land to build on, the government is seeking to not only expand and discover new land but also to grow its economic competency. At this rate, we may see a whole new Papua New Guinea  few years from now.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: abc.net.auCustomary landowners may be perplexed and intimidated with the system of registering their land as Incorporated Land Groups through the Voluntary Customary Land Registration. These might be due to either worries of the underlying costs or the complexity of the process itself. But this also might be a good long-term investment.RequirementsRegistering land as an Incorporated Land Group isn’t as complicated as some might think. Application only requires a few forms to be filled out with the assistance of the Provincial Customary Lands Officer and endorsed by Provincial Land Advisor. First of these forms is the Application for Recognition as an Incorporated Land Group. This must be submitted along with the Records of Meeting Decision Form, Certificate on Adoption of Constitution, List of Membership with Birth Certificates, List of Property, Constitution of the Land Group, and a sketch map of all the customary land owned by the group.This is the part of the process where positions for the Incorporated Land Group and designations are clarified and noted for future use.CostsIn addition to the forms, the Department of Land & Physical Planning requires applicants to shoulder the payment for publication fees in the national Gazette and Media. Some costs for the application process such as surveying are determined by market forces. So, costs vary from one application to another sometimes. But as more and more people become familiar with setting up and registering an Incorporated Land Group, fees may lower and become competitive.BenefitsThe process of registering Incorporated Land Groups under the Voluntary Customary Land Group is distinct and is specifically made for registering customary land and incorporating landowning groups. It’s one of the only mechanisms to unlock customary land and opening it to economic growth without having to sacrifice ownership.Acting Executive Director for the Office of Customary Land Development explains that “the ILG/VCLR processes are designed to eradicate land grabbing and pursue natural justice by granting formal recognition to land under customary ownership through incorporated landowning groups.”Changes in Incorporated Land GroupParliamentarians are busy promoting the registration under the ILGs and informing their constituents that a new act will be implemented at the strike of February 17, 2017. ILG groups will need to advertise in the media and renew their ILG certificates. If there are no objections, the ILG will be renewed and will be bound to the new act.Getting to know something new may be a daunting task, but it can sometimes be worth the effort as well. So, if the ILG registration process seems difficult at the moment, it may be worth noting that there may be something valuable buried beneath the clutter you can use for the future. It just takes a bit of patience.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: vsa.org.nzVarious housing projects and policies have been popping up in the real estate sector of Papua New Guinea. For instance, the National Gaming Control Board has issued the first ever housing policy that aims to distribute shares from 20 land leases to loyal employees.The Government of Papua New Guinea has also been partnering with local and international developers to construct low-cost housing in the form of Duran Farm. Just recently, plans on creating a new housing development for low-income earners have surfaced again. House Blessing Archbishop Francesco Panfilo – in an Islands region mayors conference in Kokopo – recently talked about the plans of the Archdiocese of Rabaul in East New Britain to develop a housing project for employees in Kokopo. Panfilo says, “We foresee the project to develop into three to four stages with the hope that at the end, we may have about 250 houses.” The project will be located behind the Kokopo sports field.Even though this will be a large scale project like this, Panfilo clarifies that there is still a need to preserve the landscapes, infrastructure, and common areas in order to maintain the familiar feeling of being home even in a city setting. The Archdiocese will also be financing additional infrastructure developments that will regulate drainages, water, roads, and electricity.Huge PotentialWith the primary goal to guard the welfare of his community, Panfilo explains in a recent awarding that “PNG is a developing country but there are so many opportunities.” And these opportunities require us to nurture different resources. But above anything, the housing projects are aimed towards nurturing one of the most important resources. Panfilo says that “there is the human resource, which is the best resource of PNG, particularly the children and the youth.”Doing It All Over AgainThis isn’t the first time the Archdiocese of Rabaul got involved in a project like this. In 2013, their Project Office development was completed. It has since assisted education providers, health providers, women, and youth groups that are under their care to carry out various activities. The project’s office is located at Vunapope, just opposite the Radio Peter ToRot Station.With the Archdiocese or Rabaul taking on a vital role in the betterment of the lives of PNG citizens and other organizations providing alternatives to alleviate poverty in their own circles of influence, could the economy of PNG soon receive a significantly bigger boost in order to get into the radar of the international market? No matter the case, if the plans push through, 250 low-income earners will have a good opportunity to get a roof above their head without breaking the bank.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Eyebrows were raised after the announcement of a change in housing benefits for 2017. But the government was quick to come to its defense and explain that the uproar is nothing but a product of a misunderstanding. This is a sentiment that was explained by Treasury Secretary Dairi Vele during a conference with media outlets. Sorting out SpeculationSecretary Vele noted that what the changes were clearly stated in the documentation of the budget. He explains that the scope of the change included only those with an accommodation cost of K3,000 a week. He says that “the amendment will not affect low-to-medium income accommodation rates.”This entails that there will be no increase in tax liability for families in the low and medium income tax brackets. The increase will instead be shouldered by those in the higher to highest income tax brackets. He clarifies, “There has been an increase in rates for the highest end of the market and will not affect ‘ordinary workers’ as has been claimed.” He says that “the policy is clear in maintaining the existing level of taxation for tax payers in the low-to-middle cost employer provided housing.”Vele also urges everyone to establish the facts first. He states, “I call on commentators to seek clarification from Treasury or IRC before before self-promoting themselves through false news.” And because of the recent outcry against the changes made on the housing benefits, Vele says that a new mechanism has been initiated by both the IRC and the Treasury to provide clear and factual information through a government website. He adds that clarifications can also be made through a dedicated phone line. Details of both mechanisms have yet to be announced.All is FairOne key directive was given to the secretary by the treasurer and Prime Minister. The 2017 budget should maintain a fair system that would help improve the economy. Vele explains,“You do not stimulate economic activity by imposing costs on the workers and our growing middle class, you need to make it easier to stimulate further consumer spending.” He continues, “This shifts the burden of these costs away from the lower and middle income brackets, towards higher income brackets where the higher earners are better able to absorb the costs.He also explains that this is a step to make real estate affordable for those earning lower income. Vele says that “the changes were made to better reflect the current market rental values so the ordinary income earners can afford housing.”Treasury Minister Patrick Pruaitc seconds the sentiments of Vele. In a separate occasion, “This change will only affect high income earners who are provided with expensive accommodation and it will raise around K6 million annually.” He adds that this is fair because people receiving housing allowance in the form of cash are taxed using marginal rates.Pruaitc also says that “the 2017 budget only extended taxes that have been implemented since 2011 to include two new categories that encompass very high housing rentals.”2017 will be a new year and this clarification may finally allow for a more peaceful transition towards a more stable mechanism. Not everyone will be happy, but this may just be the necessary step towards a much better economy.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: finchannel.comThe real estate and land markets in Papua New Guinea are slowly gaining traction as new developments both in policies and construction begin to commence. These includes both factors for future changes and ones that are currently underway. But what exact impact do these developments have for businesses inside the said industries for citizens and non-citizens? A closer examination might help. Land Use Regulation ReformA partner at Leahy Lewin Lowing Sullivan, John Leahy – on his viewpoint for the Oxford Business Group – weighs in on the amendments being proposed by the Minister of Lands and Physical Planning, Mr. Benny Allan. Allan is seeking for a reform on foreign ownership, special agriculture business lease abolition, and a Land Board restructuring. Leahy mentions that there remains to be concerns with these proposed changes.Take for example the appeal to restructure the Land Board where Allan aims to remove administrative and political interference. While this has been a welcomed proposal, Leahy explains that businesses remain concerned that there won’t be enough independence with the proposed board members that will be coming from the Lands Department. There is a fear that a strong presence might cancel out or even hurt the objective. But Leahy says that suggestions have also been made by the business community to address this issue.A compromise is also in order for the special agriculture business leases (SABL) as businesses would prefer the policy to stay the same, except for a few minor changes in the Land Act, section 102 to restrict issuance to incorporated land groups. Allan also aims to limit the State lease issuance to just the citizens of PNG.Though there may be a few minor revisions that may prove helpful to further strengthen the real estate sector, the proposal has already been laid out. And whether this will bring about improvements in the sector depends on whether or not they will be approved. Road SealingHaving been sealed a couple of times before, the East Cape Road in Milne Bay is once again being sealed – this time, by nominally State-owned Chinese construction company COVEC. In the ground breaking of the project, Hon. Douglas Tomuriesa, Kiriwina Goodenough MP, says that the government has been spending funds for reconstruction projects each year. And each year, funds that could have gone through different sectors like tourism, health, and education go through for the rebuilding of these infrastructure.As a result of this, Hon. Tomuriesa challenges the construction company to ensure quality and strength to make the reconstruction last. He says, “This is not the first time this road has been sealed; this will be the second or the third time, it will be sealed and I hope the construction company ensures the road lasts.”This is a challenge COVEC is willing to take. A representative from the company, Brian Hu, mentions that they are confident in delivering the government’s desired outcome in two years. Hu explains that their experience and their connection to the country is one of their assets. He said, “We are a foreign company but all our employees reside in the country, and we have been in PNG for 21 years.”This development will also be in partnership with the World Bank which has funded the sealing of the Alotau to East Cape Road in Milne Bay. Ben David who is a representative of the Australian Government says, “This project is a reflection of the long term friendship without our two countries.” The whole project for the 51-kilometer road costs an estimated $29 million and is expected to benefit both the directly affected areas and the surrounding areas in Milne Bay. Charles Abel, Alotau MP, explains that the project will potentially increase economic activities in the area, especially the Alotau people.Both the ongoing development in policy and infrastructure aims for a better economic standing. But more than a better economic outlook, there are also people in between all of these developments that may or may not benefit from them directly. What is important though is that there is already a dialogue and an initiative by the government and big organizations to help not only bring stability but also convenience for its citizens in PNG.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Image Source: emtv.com.pgThe Papua New Guinea real estate sector has seen its fair share of ups and downs. But a couple of new activities in the market may be able to help stabilise its continuous growth and contribute to the PNG economy.Building Structures and Building LivesOther than the prominent use of customary land titles in Papua New Guinea, there is also an abundance of land titles that are owned by the State which have high probabilities of being turned into development areas for the benefit of the PNG economy, through commercial investments. This is exactly what will happen to a 5-hectare piece of land that was acquired back in the 1970s by the State. The project will be called the Sepik Plains Special Economic Zone at Yangoru-Saussia.This is according to the Prime Minister of Papua New Guinea himself, Peter O’Neill, on his speech during his visit to East Sepik recently with the Trade and Commerce Minister, Richard Maru. He adds that this specific project will create more employment and investment opportunities in terms of commercial investments and for small businesses. He continues to say that this will also “change the lives of many people and bring social and economic benefits to the people.”Some of these benefits will come from the different entities that will soon rise within the borders of the special economic zone such as the Yangoru Water and Power Supply, and the Sepik Chicken Grain and Cocoa Innovation Project. Other sets of infrastructure are also hinted to rise inside the zone but have not been finalized yet. This is also great news for a subsidiary of the LR Group, Innovative Agro Industry Limited, as they have been the primary group that had been pushing the government to do this project for quite some time now. Quality Products for Quality BusinessesMeanwhile, the government and other businesses interested in the special economic zone should not have any difficulties in terms of construction anymore as there are now even more sophisticated materials and accessories like the fire shield paints that are currently widely available for purchase and usage. This increase in supply and improvement in the technology of the products are expected to address an upcoming increase in demand for better quality materials due to the continuous growth of the PNG economy.All of these new and innovative products had just been exhibited and showcased at the Lamana Hotel last Wednesday by the Papua New Guinea Institute of Architects and their respective partners through a trade show that was put together exclusively for the community of architects who are based in the country. Unlike the other products that are currently available in stores and through other suppliers though, these materials are set specifically for the tropical climate and for the particular needs of the Papua New Guinean market.These materials come mainly from an Australian-based construction supply company, Pacific Islands International. They are a family-run business from Townsville that focuses on providing different building materials and products for the Pacific Island Nations like Papua New Guinea. The said products will be available through the local distributor Badili Hardware which also already has a wide range of building supplies for both residential and commercial properties.Although the event was exclusively organized for the architecture community in Papua New Guinea who was able to see everything first-hand during the event, this will also be beneficial for locals and expats who now have the assurance that top of the line and technologically-advanced materials can be sourced within the country, through a trusted distributor and from a trusted supplier. This lowers the long-term costs for building new investment properties that are required to follow certain guidelines and regulations such as apartment complexes, condominiums, commercial and industrial spaces. This will help immensely for future projects that will be similar to the Sepik Plains Special Economic Zone at Yangoru-Saussia. The ImplicationsAs more and more developments and initiatives begin to surface from the government and the private sector, a manifestation of opportunities begin to come to light as well. And since Papua New Guinea is considered to be one of the emerging markets internationally, these are definitely welcomed changes that will affect how the country is perceived in a global scale. This may one day soon also lead to policy changes that will improve how business transactions are made both in the retail and real estate sector.Though not without its own set of controversies and troubles, this is definitely a great time for the country because its initiatives are focused towards the direction of financial growth and stability. This means that there are more provisions for anyone who is already thinking about starting their investment journey, and there is more complexity for those who are looking to diversify their investment portfolio.Whatever the case, after taking all the risks into consideration, this can be a good time to make your move into the country and be part of the growth. Prices are low and potential returns are high. There is also no shortage of resources. Depending on your evaluation, it is never too soon to start thinking about your future gain. Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

One of the components to the growth of Papua New Guinea are the project pipeline and the attractive investment opportunities for investors in the PNG real estate sector. This is according to the Oxford Business Group’s “The Report: Papua New Guinea 2016.” The Oxford Business Group is an international research, consultancy and publishing firm.The report included interviews with Frank Kramer, CEO of Kramer Ausenco; Gudmundur Fridriksson, the CEO of Paga Hill Estate; and Dominic Avenell, Managing Director of Avenell Engineering Systems. From the Principles of PhysicsThe report delves what the government is doing to build PNG’s potential after its biggest liquefied natural gas development came on-stream. The report states, “Building on the momentum generated by the successful launch of the Papua New Guinea Liquefied Natural Gas project, the government continues to take the lead in stimulating construction activity in PNG, with various opportunities across the board from ports and road projects to a range of residential and commercial developments open to both domestic and foreign companies for participation and investment.”These projects include the upgrade of the East Cape Road on Milne Bay and the Duran Housing Project. Proper PNG Real Estate ManagementA fall in GDP growth rate is likely to create a few hurdles but will not be enough to deter a moment of economic transition. Andrew Jeffreys – Oxford Business Group Chief Executive Officer – explains that their “debate showed that prudent decisions taken in a timely fashion, an enhanced business environment, and a wealth of untapped resources should provide the country with solid foundations as it enters a new phase of economic development.”The report states that “with only 3% of land available to the government to build on and develop, the real estate sector in Papua New Guinea operates in a unique environment. Despite the majority of land being under customary ownership, with ownership rights held by extended family groups, there are still a number of opportunities for foreign investors and development in the sector.” Another One for the CountryPaulius Kuncinas, Oxford Business Group managing editor for Asia, explained that the opening of Papua New Guinea’s first major Liquefied Natural Gas project can be considered a precedent to future foreign and local projects. He states that it may only be a matter of time before we see new activity in the market.Want to stay updated about recent real estate trends and new developments announcement?Sign up to our newsletter!

Real estate has been one of the main focuses of the Papua New Guinean government, both to offset homelessness brought about by poverty and to improve the economic growth. Many projects have been done to do this such as the housing project launched by the National Gaming Control Board for their loyal employees.Another initiative has been around for quite some time now and drawing significant attention from developers and PNG citizens – the First Home Ownership Scheme (FHOS) by Bank South Pacific.Image Source: Skerah.comA Step Towards Better Housing ConditionsSince its inception, the First Home Ownership Scheme aimed to provide flexible loan terms for first home buyers. In total, Bank South Pacific has loaned an amount of K160 million already.Recently, Maggi Kupp Kuli – a loyal BSP customer – moved into a house she bought through the said program. She will only pay an interest rate of 4 percent. First home buyers can loan up to K400,000 through a repayment plan that can extend to 40 years for only 10 percent equity. Maggie said, “It is with great satisfaction I have my own house, a place to rest, no more rentals and moving from house to house.”With the First Home Ownership Scheme, BSP customers can build and purchase a house on land that’s on a state lease. They can purchase a house that’s less than 6 months old if it’s on a land under a state lease.   A Catalyst for GrowthAfter its early stages, the First Home Ownership Scheme has proven to be a great success. BSP General Manager, Paul Thornton, says that “The FHOS is now considered a catalyst for growth in the housing market. The market has been attractive to property developers who started building homes and offering them for sale in and around Port Moresby.”Not without its setbacks, Thornton adds that “while there are many constraints to affordable home ownership equally, there is a concerted effort being made by both the private sector and Government to overcome these constraints.”Concerns over how loans can remain flexible, Thornton clarifies that “In relation to the BSP and the Government of PNG’s First Home Owners scheme, it is also important to understand that BSP has not been given a grant of K200 million to lend to First Home Owners.  Rather, the National Government has placed funds with BSP to allow the Bank to reduce its cost of funds and offer a Home Loan Product with low interest rate, longer repayment terms and special eligibility requirements.” Eligibility for LoansPeople interested in getting a loan through the First Home Ownership Scheme should be a citizen of PNG and a first-time home buyer. They should also provide proof of 10 percent equity. Applicants are also required to be an employee of the private sector or in public service. They need to also have a regular source of income.Click Here to Inquire about the First Home Ownership Scheme!