This week, Nambawan Super achieved an important milestone in its Nine-Mile project as Prime Minister, James Marape presented to NSL deputy chairwoman, Dame Meg Taylor, a land title.
The title was for the final portion of four land parcels owned by the Fund in trust for its more than 208,000 members.
The Minister for Lands & Physical Planning, John Rosso, coordinated a small ceremony to recognise the efforts of all stakeholders involved to secure the final lease for NSL’s Nine-Mile land holdings.
Upon receiving the land title, Dame Meg thanked Prime Minister Marape and the State for recognising NSL’s struggle to reclaim the land and for their efforts in ensuring all four portions were returned to NSL as the rightful owner.
She thanked Minister Rosso, Governor Powes Parkop and Member John Kaupa for their ongoing support of Nambawan Super’s reclamation of the additional land Portions 2156, 2157 and 2159 – all of which are key assets in their long-term investment strategy to generate wealth for their members.
Dame Meg said: “Securing Portion 2158, which was the final outstanding lease, enables the Fund to progress the Nine-Mile land portions with certainty on the ownership. “This next phase will see us continue to work with the Department of Lands & Physical Planning (DLPP), and relevant State agencies, to begin developing the land.
“With the land secured, Nambawan Super can now progress to making investment decisions and determining what is feasible and meets our fiduciary and prudential standards. “In line with these standards, this investment needs to be capable of producing an economic return for the Fund and all its members, including those members not immediately able to access this particular housing scheme.
“We are grateful that Minister Rosso agreed to a Memorandum of Understanding (MoU) in 2021 to secure NSL’s ownership of Portion 2158,” Dame Taylor recounted.
“We thank Minister Rosso for also being the first State Minister to directly recognise and support NSL’s propriety rights to secure its land holdings.”
The MoU outlined how NSL and the DLPP intended to work collaboratively, and it set the framework to encourage a wider partnership in the future that will include relevant State agencies to assist in delivering possible housing solutions and major civil works through the Nine-Mile development project.
NSL’s primary mandate is to grow its members’ retirement savings through returns from investments, however, NSL has also been exploring options to help members access more affordable housing as this has been a growing issue for members in recent years.