The project, which was launched today in Lae, will ensure that PNG Defence Force personnel have a home to go to once they retire from service.
A groundbreaking ceremony for the K900 million ‘Destination Igam’ project was held today outside Igam Barracks.
Facilitated by Comrade Trustee Services, statutory manager, Sitiveni Weleilakeba, described the event as a dream-come-true for PNG Defence Force Commander, Major General Gilbert Toropo, and retired colonel, Paul Mai.
Weleilakeba said the project will mirror current works at Taurama in Port Moresby, adding the 112 hectare site, which will accommodate over 1,300 residential allotments, will take 3 to 4 years to develop.
“It will have facilities like the shopping mall; we have about 29 commercial allotments in this project to allow us to build a mall, a service station and all the shopping that you require in a subdivision,” he stated.
“Furthermore, one of the key attributes of this subdivision is the safety issue. We will be fencing the whole subdivision to give our members, who will purchase the lots, and members of the public, an air of safety.
“As you are all aware, behind the subdivision is a military barracks that can support you in times of problems.”
Weleilakeba said the lots will be presold to ensure that they have enough money to do the development.
The project is estimated to generate K1.5 billion in gross domestic product for the national government, with a 34 percent return anticipated for CTSL.
“Toea Homes will be the golden plate that will always help the members to get a better crediting rate compared to others,” said Weleilakeba.
“In 3 to 5 years, we are looking at double-digit growth in terms of crediting rate.”
Major General Toropo said this is a unique opportunity for their members to benefit through the home ownership scheme.
“Firstly, as the chief of defence force, I have witnessed so many of our service men and women leave the gates of the defence force and find it very challenging and difficult to survive outside,” he stated. “And so, one of my visions was to create affordable homes for our servicemen while they are in the force so they can own affordable homes.”
Lae MP and Lands Minister, John Rosso, applauded the partnership, saying money will go back into the pockets of Lae residents.
“Yes, first priority bai yupla ol ami baim, and then ol narapla lain tu ol kontribiut lo fand, ol tu bai ol gat opportunity lo baim tu,” he stated. “Bat bikpla samting em, em putim roof over heads for the average person.”