The Nambawan Plaza Precinct is just one example of the premium property developments not only transforming Port Moresby but bringing financial benefits to working Papua New Guineans.

Martini area in OPH Tower

Papua New Guinea, in particular its capital city Port Moresby, has experienced a significant increase in the demand for housing and office space, brought on by a number of resource developments and associated activities including the PNG LNG Project and most recently, Papua LNG.

A 2018 survey by PwC, released this year, with global and local chief executive officers (CEOs) from a number of industries found CEOs views were mixed, with 30 per cent of global CEOs expecting a decline in global economic growth, while 35 per cent of PNG CEOs very confident of growth prospects.

Nambawan Super, PNG’s largest and most successful superannuation fund, is working to make sound investment decisions amongst a period of unclear global economic sentiments

Paul Sayer, the fund’s Chief Executive Officer, says the challenging economic conditions in PNG drove the fund to look for new opportunities to strengthen its investments, aimed at delivering strong, long-term returns to members. And in response to the growing need for medium to long term property leases, the fund invested in the construction of a mixed used development project – Nambawan Plaza Precinct.

The Precinct includes office, dining, retail and residential – 90 per cent of which is owned by Nambawan Super members through the fund.

OPH Tower at night

‘We are expecting the precinct to return K50 million a year, money that will go directly to our members. That’s police men and women, nurses, teachers – public servants and our private sector contributors from across the country who will now directly benefit from this prestigious new building.”

The penthouses feature 14 luxuriously finished and furnished apartments, ranging in size from 250m²–765m², with sweeping views of Fairfax Harbour. Residents will have access to a fully equipped gym and lap pool, and secure basement car parking, with additional storage.

Two other buildings make up the precinct: Deloitte Haus was opened in 2016 and is mainly office space spread over 11 floors, with access to four levels of secure underground car parking; and Crowne Plaza Apartments which consists of 54 two-and three-bedroom serviced apartments managed by InterContinental Hotels Group.

A bedroom in OPH Tower

Benefits from the project started well before the opening of the Precinct, in terms of the employment opportunities that were generated during construction, and training delivered. At the height of the construction, 600 Papua New Guineans were employed on the project. Due to the complexity of the buildings’ designs, and the level of luxury and prestige that was achieved, there was opportunity for many of those people to receive up-skilling.

Many of these people have also been engaged on another of Nambawan Super’s property development projects, Rangeview Precinct. This will include two commercial buildings with 280 car parks, and 88 townhouses with 140 car parks. Total development cost of the project is K296m and it is expected to be completed in late 2020

Advertiser:  Nambawan Super Website: www.nambawansuper.com.pg Email:  marketing@nambawansuper.com.pg Phone: 1599