Nambawan Plaza Precinct open

The Nambawan Plaza Precinct will deliver around K1.5 billion to Nambawan Super Limited members in the next 30 years.

This was revealed during the official opening of the second stage of the precinct in Port Moresby this morning.

The second stage of the K400 million investment was opened by current and long serving members of the fund alongside NSL Chairman, Anthony Smare, and CEO, Paul Sayer, in Port Moresby this morning.

The Stage Two completion brings to fruition a four year construction of the Nambawan Plaza Precinct which began with the leasing out of Deloitte Haus in 2016.

The fully completed Nambawan Plaza Precinct consists of an office, residential, entertainment and retail complex with green areas for outdoor entertainment and recreation.

NSL Chairman, Anthony Smare, said the Precinct is the best in PNG and possibly the Pacific.

“Nambawan Super Plaza is a joint venture with Lamana Development, it is 90 percent owned by Nambawan Super members, it is the best office, apartment and luxury apartment block in the country and probably the Pacific,” said Smare.

NSL anticipates to make on average K50 million in revenue from the Precinct annually, and a projected revenue stream of K1.5 billion in the next 30 years.

Smare said this is money that will go into the pockets of humble Papua New Guineans who own these world class properties.

“I think it is a point and twist that when the CEOs and Ambassadors, and some of the country’s wealthiest people take up residence in those beautiful apartment block, they will be paying rent to some of the most humble workers that hold this country up. The teachers, nurses, policemen and women, members of the CI, members of the Central Bank, and those members of our private sector.”

Human resource manager of the Royal PNG Constabulary, Chief Inspector Paul Unupite, has been a contributing member for 35 years.

He said he is happy to see a visible translation of contributors’ funds in such an investment.

“This is a very good return for our savings, our hard earned cash that is with Nambawan Super so it is not a waste, it is an investment for every one of us in PNG, especially the public sector employees.

Smare said the office and apartments are expected to be fully leased out by the second half of next year.

Cedric Patjole