The PNG Defence Force has made 112 hectares available at the Igam junction for Toea Homes to start the construction of over 1,300 houses.
CTSL statutory manager, Sitiveni Wileilakeba, said the project will generate K1.5 billion of economic activity.
“And on average, about 1,000 people will be employed in the project per annum for a period of five years,” he stated during the groundbreaking ceremony yesterday.
“In terms of financing, the project will require 1.2 billion dollar worth of financing to those who are able to get mortgage financing.
“So this project’s contribution is not only to the economy of Lae but to the banks as well and to the construction industry is quite huge.
“Our focus here is to benefit our members. We work for the members; I work for the members to make sure they get a genuine return in investments.”