In a one-of-a-kind deal, two of Papua New Guinea’s most trusted real estate companies — a developer and a builder — have joined forces to provide affordable housing. Their joint project will feature more than 140 lots of land located in Bomana, on the outskirts of Port Moresby.
The Glory Group of Companies (GGC) is currently celebrating over 14 years in business, specializing in medium to high-end housing developments, which they continue to do. As owners of vast plots of land, pairing with the country’s leading steel supplier and kit home builder, Atlas Steel, to offer affordable housing seemed like a great opportunity.
“We have a considerable number of fully serviced (power, water, sewerage provisions) lots at Bomana available for sale and we had received solid interest from dozens of Papua New Guineans wanting to purchase it,” said Glory Group’s Director, Lee.
“The partnership with Atlas Steel addresses this growing demand for more economical homes with fully-serviced land,” he continued. “While Glory Group manufactures high-quality homes for clients, our market feedback indicated a growing demand for lower entry pricing. This is where Atlas Steel comes in with their modular homes which are within our clients’ budgets in relation to their loan eligibility.”
The agreement offers affordable housing to hundreds of citizens and the chance for companies to house its employees. It also ensures new residents will live in accessible homes in Bomana Portion 3281, only eight miles outside the capital of Port Moresby.
“The majority of land in Port Moresby does not have provisions for water, electricity, and sewerage which can be a challenge for potential homeowners,” said Lee. “With our partnership, prospective clients now have a solution for a land and home package which makes it easier to obtain a bank loan.”
Although the homes are affordable, customization is possible if the buyer wishes to upgrade. Also, the builders are offering a low-price guarantee for the first four months that the homes are on the market.
Financing is being provided by Panel Banker, the largest bank in Papua New Guinea, with a First Home-Ownership-Scheme (FHOS) mortgage available at 4% for 40 years up to K400,000.00
A model show home is available for immediate viewing at Atlas Steel’s expansive display center on Cameron Road. All Atlas Steel homes are made from premium New Zealand Steel which is used for framing and sheeting. Additionally, Atlas steel homes feature aluminum windows, steel stairs with handrails, and all steel connection bolts, and fasteners.
Steel-made structures are low maintenance, fire-resistant, strong, and termite-free. They offer increased durability and lifespans compared to timber-based structures.
In nearly 15 years of business, GGC has prided itself on building safe, responsible, and eco-friendly homes and buildings. It currently has several mid-priced to luxury sector projects underway in the Port Moresby area. These include the following:
Grand Eden Stage 1
Grand Eden Stage 1 is a newly established residential development with proximity to urban amenities.
The Junction 8, Midleton, The King Plaza
The Junction 8, Midleton, The King Plaza are mixed-use developments, uniquely suited to business owners to run their retail business or as offices.
Skyview Estate
Skyview Estate is a residential development with panoramic views located just outside the city center.
Ela Vista
Ela Vista a beachfront apartment complex in town.
Glory Garden
Glory Garden, a mixed-use gated community located at 8 Mile in the National Capital District.