Saturday, April 30, 2011

Nambawan Super and Joint Venture Partner to build replica of former House of Assembly

Project signboard
Works begins on the old House of Assembly
Nambawan Super

Nambawan Super limited is the major shareholder (65%) in a join venture with the Lamana Group that will construct a replica of the Old House of Assembly building which, when completed, will be transferred
to the National Museum and Art Gallery as was approved and directed by the National Executive Council in January 2007.
We have had a number of successful joint ventures with the Lamana Group, which has delivered positive returns and value to the Fund. Nambawan Super, as a responsible corporate citizen, is pleased to be
part of a final win-win solution to rebuild a significant piece of our nation's democratic history.
There have been many attempts in the past that have not materialised for various reasons.
Attempts to achieve that objective failed even though considerable funds were raised and assigned to the project.
The neglect continued and the building became more derelict to the extent that a demolition order was issued in June 2005.
Just over a year later, in July 2006, a notice for eviction and demolition was published
A press statement back in April of 2006 created the seeds of an idea which would see the old House of Assembly reborn as a memorial and a museum dedicated to the birth of democracy in PNG.
That statement related to the disappearance of K300, 000 raised for the renovation of the old house.
Not a toea was spent, the report said.
That article highlighted the sad state for the old House of Assembly.
Since it was ravaged by fire, many former staff or their relatives along with new squatters converged on the property and demolition were notices issued by National Capital District Commission.
It didn't take long to find a win-win solution but it did take quite a while to get the necessary agreements to the idea and for it to then pass the various stages to obtain full approval and go ahead by the
National Executive Council in 2007.
The extensive internal due diligence process that followed also took time to ensure probity by Nambawan Super.
In fact, it has taken five years, but at last there is now action happening with clearance of the site with builders now mobilising on site to start work.
We have spent close to Kl million in land rent payments to the state and in getting the site ready for improvement.
We are pleased to be able to play a significant role in restoring a place of our modern history where the birth of our democracy took place.
This will be a historic place where many of our citizens, our children and visitors can visit, reflect and hopefully be inspired.
As a significant national project, the process will be inclusive and will involve consultations with all key stakeholders including the trustees and management of the National Museum for technical details in the internal reconstruction of the House of Assembly.
We will be developing the rest of the land for commercial development.
Nambawan Super has taken the opportunity to be leading the project and acknowledge that it will be in PNG hands with our members benefiting both in the commercial terms and for restoring back a major part of
our nation's history.

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