By ANTOINETTE POIVI
NAMBAWAN Super Limited (NSL) opened its commercial building the Moki Business Park (MBP) yesterday in Waigani, Port Moresby.
NSL chief executive officer Paul Sayer said while working to collect rentals from existing buildings, they saw through the completion and delivery of some property investments like Rangeview that represented an investment of over K290 million.
“Moki Business Park, a PNG-owned investment, represents over K129 million,” Sayer said.
He said the project not only enhanced their property portfolio but also contributed to the economy.
“The fund had the courage to make this significant investment in the midst of the Coronavirus, a time when others refrained from taking risks,”Sayer said.
He said their forecast was for inflation to continue to climb, both locally and globally, affecting businesses and consumers, and some countries would enter recession.
He said the returns from their investments in the banking sector would continue to be impacted due to the 45 per cent corporate banking tax introduced at the start oflast year.
“But as the corporate trustee of more then 228,000 Papua New Guineans, NSL will continue to work to mitigate these and other adverse effects to ensure that we are protecting the investments and savings of our members,” he said.
Sayer added that in the long term, they would continue to carefully and strategically deploy funds into investments, utilising a strong diversified investment strategy that aimed to de-risk the fund and protect its members’ superannuation while producing good returns over long the term.
“We will also work to ensure our members are No. 1 by continuing to protect their interests, including continuing to pursue the Nine-Mile Bushwara land, development projects like Rangeview and Moki will provide jobs, housing opportunities and infrastructure improvement.”
NSL chairman Reginald Monagi added that the park had plans in place to accommodate automated teller machines and a cafeteria with ample parking space.
“The park is expected to return a significant revenue stream once fully tenanted.
“The money will go directly to our members as part of their annual interest rate,” Monagi said.
He said NSL had invested K130 million into the development of the project, with the total value of the Moki Business Park worth over K290 million.
