NATIONAL HOUSING ESTATES LTD PO Box 1055 | PORT MORESBY | NCD | PNG

|7TH

Floor| Pacific Place | Musgrave Street| Down -Town Port Moresby | Phone 3214231 |

Fax 3212923 | wwwnhelpngcom| adminnhelpngcom |

Gobuta Street Estate Opening ndash 5th September 2015

Press Release

The National Housing Estate Limited (NHEL) and its project partner Berkeley Capital today officially opened the first new

joint venture housing project called ldquoGobuta Street Estaterdquo located at Tokarara in the National Capital District

The opening marks the completion of civil works including perimeter fencing guard house and other site preparations

and also marks the commencement of the final stage of actual construction of 48 houses

Work on the 32 hectare project began in April this year Berkeley Capital the project contractor and managers of the

K35 million Gobuta Estate has expressed confidence that the project will be completed and delivered within record time

in April of 2016 Berkeley has offices in Hong Kong Singapore Malaysia Brisbane Cairns and has ventured into PNG six

years ago but this project marks the first major project undertaken in the country with NHEL

The houses will be built using the same Australian standards with the highest quality materials but are affordable to PNG

purchases with the sale price between k500000-K600000 per house as landhouse package

About 85 of the houses have already been presold to PNG owners

NHEL Executive Chairman Kevin Ahipum has encouraged interested homebuyers to pursue existing BSP first time home

buyer facility or any other commercial banks to obtain finance for the remaining houses

Mr Ahipum said the property will have a body corporate to maintain and manage the integrity of the 48 houses-

meaning there will be no abandoned cars left on the roadside nor any unauthorized extension of houses

Meanwhile Mr Ahipum has expressed his sincere gratitude to Berkeley Capital and all the key stakeholders that

contributed to the success of the project thus far

Today also marks Mr Ahipumrsquos first year at the helm of NHEL and he has expressed satisfaction that one of the key

projects initiated under his management is now on the final stage of completion

The other key projects are the k800 million Gabutu Place Project to be developed by the Korean Consortiums following

the granting of the development license last week and the K3 million Ombudsman Housing at Gerehu 382 to be

completed within two months

Mr Ahipum also commended the residents and community of Gobuta or ldquoFour Cornerrdquo especially the youths for their

corporation thus far

Mr Ahipum added that as part of the NHELrsquos gratitude to the community and youths he has committed to provide

funding for the upkeep and maintenance of the sporting field as a token of appreciation and giving something back to

them

ldquoFour Corner has been neglected and forgotten because of its location at the fringes of the suburb but not anymore

This will all change as of today This new development will add a new landscape to this part of Tokarara As a token of

our appreciation to the community I will ensure the field is given the facelift that you can be proud of ldquo

Berkeley Capital Group Managing Director and project manager Lauchlan Leishman said that the speed and success of

the project to date has delighted him

ldquoThe success of the project has given Berkeley Capital the trust and confidence that the partnership with NHEL is on the

right footing and this will go a long way in delivering more quality but affordable houses for many more PNG home

owners in the years to comerdquo Leishman said

ldquoI believe todayrsquos occasion can only confirm what will be a positive and rewarding relationship ahead for both of our

organizationsrdquo

NATIONAL HOUSING ESTATES LTD PO Box 1055 | PORT MORESBY | NCD | PNG

|7TH

Floor| Pacific Place | Musgrave Street| Down -Town Port Moresby | Phone 3214231 |

Fax 3212923 | wwwnhelpngcom| adminnhelpngcom |

Berkeley Capital The Berkeley Capital Group of Companies is a Hong Kong based independent group providing truly comprehensive advice on Property

Development Construction Project Management Investment amp Financing Berkeley has offices in Hong Kong Papau New Guinea Malaysia United States of America Australia amp British Virgin Islands including Kuala Lumpur Port Moresby Cairns Port Douglas and Los Angeles The current Group Managing Director is Lauchlan Leishman Jnr Visit wwwberkeleycapitalasiacomcorporateadvisory | Tel +852 3125 7664 |FAX +603

2117 5243 | Email infoberkeleycapitalasiacom