29 Jul 2003

PNG announces ambitious low cost housing scheme by Malaysian investors

6:01 pm on 29 July 2003

Plans for one of Papua New Guinea's most ambitious low cost housing programmes were announced yesterday under a 14.7 million US dollar scheme that will be funded and built by Malaysian investors.

In an investment programme that could involve 44 million to 58 million US dollars, the Malaysian group, Jastac Sdn Bhd, will also spearhead the construction of a Commodity House in Waigani and further develop the Central City project.

Petroleum and Energy Minister Sir Moi Avei signed in his capacity as chairman of the Central City Project Steering Committee.

Sir Moi says a group of Malaysian investors would seek offshore financing to build 2,300 low cost houses, including a thousand new homes in Port Moresby.

He says that under the new program, low cost houses would also be built in Lae, Rabaul, Madang, Mt Hagen and other regional centres.

These initiatives are part of the Somare government's move to stimulate the economy through greater foreign investment.