On Tuesday, 29 March, Nambawan Super achieved an important milestone in its 9-mile project as Minister for Lands & Physical Planning Hon. John Rosso presented to Nambawan Super Limited (NSL) Deputy Chairwoman Dame Meg Taylor, the land Title for the final Portion of four land parcels owned by the Fund in trust for its more than 208,000 members.
A small ceremony was coordinated by Minister Hon. Rosso to recognise the efforts of all stakeholders involved to secure the final lease for NSL’s 9-mile land holdings.
Upon receiving the land Title Dame Taylor thanked Minister Hon. Rosso, Prime Minister Hon. James Marape and the State for recognising NSL’s struggle to reclaim the land and for their efforts in ensuring all four Portions were returned to NSL as the rightful owner.
She also thanked Minister Hon. Rosso, Governor Hon. Powes Parkop and Member Hon. John Kaupa for their ongoing support of Nambawan Super’s reclamation of the additional land Portions 2156, 2157 and 2159 all of which are key assets in our long-term investment strategy to generate wealth for our members.
Dame Taylor said, “securing Portion 2158, which was the final outstanding lease, enables the Fund to progress the 9-mile land Portions with certainty on the ownership.”
“This next phase will see us continue to work with the Department of Lands & Physical Planning (DLPP), and relevant State Agencies to begin developing the land,” Dame Taylor added.
“With the land secured, Nambawan Super can now progress to making investment decisions and determining what is feasible and meets our fiduciary and prudential standards.”
“In line with these standards, this investment needs to be capable of producing an economic return for the Fund and all its members including those members not immediately able to access this particular housing scheme.”
“We are grateful that Minister Hon. Rosso agreed to a Memorandum of Understanding (MoU) in 2021 to secure NSL’s ownership of Portion 2158,” Dame Taylor recounted.
“We thank Minister Hon. Rosso, for also being the first State Minister to directly recognise and support NSL’s propriety rights to secure its land holdings.”
The MoU outlined how NSL and the DLPP intended to work collaboratively, and it set the framework to encourage a wider partnership in the future that will include relevant State Agencies, to assist in delivering possible housing solutions and major civil works through the 9-mile development project.
NSL’s primary mandate is to grow its members’ retirement savings through returns from investments, however, NSL has also been exploring options to help members access more affordable housing as this has been a growing issue for members in recent years.
“We would also like to acknowledge the efforts of Prime Minister Hon. Marape and the Government in initiating and passing the Strata Title Bill last week”, Dame Taylor continued.
“NSL will be a beneficiary of this new legislation as a major property developer and we are looking forward utilising these new options in our investment and development plans.”
Nambawan Super is proud to have been serving members for the last 60 years and aims to continue building better futures for many more years to come. With more than K8.8 billion in Funds Under Management, NSL is the biggest and oldest Super Fund that continues to contribute to the growth of PNG.