|More skyscrapers are being built in Port Moresby|
Under the public private partnership arrangement, the Korean Palace Construction Ltd and National Housing Estate Ltd through the Korea Niugini Housing Limited will undertake the project valued.
The construction of the 15-storey houses and the shopping center is to carried out at Gabutu in the Moresby South electorate.
NHEL executive chairman Kevin Ahipum and KPCL chief executive officer Iron C Jeong said Housing and Urban Development Minister Paul Isikiel and Lands and Physical Planning Minister Benny Allen would launch the project on Wednesday with the transfer of land title to KNHL.
“Our aim is to assist the Government as a real estate agent to provide quality and affordable accommodation to the people of PNG and visitors,” Ahipum said.
“This actually will be our second project. The first one is the construction of 48 housing units currently underway at Tokarara.” Ahipum said the buildings would have 1000 residential apartments, office facilities, standard security surveillance installments, hotels, car parks and other services.
He said people living at Gabutu would have to be relocated for the project.