Behind the new NPF building complex
MEMBERS of the National Provide Fund (NPF) have raised eyebrows following recent turn out of occupants in NPF’s newly built apartment in Honiara.
The new residential property investment is expected to bring forth investment returns of up to 9% based on market values.
According to NPF’s Assistant Manager Michael Wate, the middle class residential apartment has so far seen great potential in the markets and has received 90% of its maximum occupying capacity since its official opening in July.
The apartments have a total capacity of 24 rooms small, medium and large at separate rental rates per month.
As part of NPF’s expectations and projections the new apartments are expected to add $8 million to their current property investment portfolio.
Mr Wate said that so far out of the 24 rooms put out for rent in the building, 21 rooms have already been occupied mostly be expatriates.
With regards to rental costs Mr Wate said values are discrete with small rooms carrying a rental value of $24,000 per month, standard size rooms at $30,000 per month and large rooms at $36,000 per month.
Despite the projections, Mr Wate also recognised the fall of property value in the country since RAMSI started to exit and therefore stressed that NPF has been aware and therefore came up with the idea of middle class apartments.