ENB savings society completes K1.2mil property

By ROSELYN ELLISON
THE East New Britain Savings and Loans Society’s (ENBSL) new residential split duplex property was constructed at a cost of K1.2 million, says the deputy chairman of the board of directors Jack Namaliu. He clarified that the source of funding for the project was through a combination of prudent financial decisions from the ENBSL and no government funding was used for this venture.
Namaliu told The National on Friday during the opening of the duplex property at Kenabot that they reinvested rental income generated from ENBSL Haus office spaces while
simultaneously capitalising on other financial investments.
“I am delighted to announce that this initiative is entirely debt-free, ensuring that all future renovations and improvements for this property will be self-sustained and also all rental incomes of this residential property and five commercial properties (offices) will directly impact our profits.”
Namaliu gave the rundown of the expenses and funding used for this project which was
categorised into four phases and with phase one in 2019 with major earthworks and ground-levelling at a cost of K27,000.
Phase two saw the fencing erected along the property perimeter along with retaining walls built at a cost of K234,000.
Phase three of the development was disrupted due to Coronavirus pandemic in 2020, subsequently phase three was completed in 2022 with a concrete foundation built below ground level to withstand earthquakes and tremors that are common in the province which cost K80,000.
Phase four of the project saw ENBSL spend K881,000 to construct the split-level units and in November last year, the project was completed bringing ENBSL’s total investment to K1.2 million.
Namaliu said the property valuation is set at a market value of K1.4 million – while the land is valued at K240,000 and the building is valued at K1.2 million.