This was the message by National Research Institute Director, Dr Charles Yala, during a seminar presentation by housing developer, South Pacific Homes.
Dr Yala said a house became an asset only when you had the title to the land and built a home with proper infrastructure and utilities.
“If you are going to be talking about housing as an asset then the land must be properly planned, they must have all the infrastructure, water, sewerage, and toilet.
“Then there must be a title, and the building must be approved by a building board. Only then your house becomes an asset and a shelter so while you are sleeping the house is accumulating in value over time.”
Dr Yala pointed out that as a think-thank organization, the NRI was facilitating a forum for the Government and the private sector to address the issue of affordable housing.
He said since 2007, the NRI Secretariat and the Treasury Department had embarked on finding ways to make land and the properties sector play a dominant role in the economy.
“We here at the institute are very clear with (the) Treasury Department, to promote the private sector to play an active role in the housing and land market,” said Dr Yala.
Today’s presentation by South Pacific Homes was delivered by director Peter Tapiolas, who introduced examples of their ‘steel reinforced concrete’, built homes.
They are specifically designed to suit the hot climate of PNG while also being immune to threats such as fires and earthquakes, and has a potential lifespan of 100 years.
With a starting price range beginning at K200, 000, Tapiolas says their range of homes can be built within 4 months, and all using resources from PNG.
South Pacific homes is an enterprise between PNG Construction giant Curtain Bros and Australian company Parkside Group.