Five years ago, Mus Palang an electrician and a real estate developer built a set of units in Nawae Block – an area plagued with a high rate of drug and alcohol abuse.
|Units at Nawae Block|
Much of the real estate industry growth, in the last 10 years, has been driven by the resource sector. However, in the last five years, that growth – in Lae at least – has plateaued with the end of the construction phase in the LNG project in Hela Province. Low gold prices in the last nine months has also set a major mining project in the Wau-Bulolo area back by at least two years.