Property owners Wai Tri Holdings Limited Chairman Martin Neweng (R) receives the keys to the duplex house from contractor Derian Limited Director Gwapit Manga (L), with stakeholders and partners looking on.
Wai Tri Holdings Limited, together with the Ok Tedi Development Foundation (OTDF), formalised the signing of the Contract of Sale and completed the Title Transfer for a newly constructed duplex property on Cook Street in Kiunga. The occasion brought together representatives from OTDF, Wai Tri Holdings LTD, Derian LTD, and other key stakeholders to mark an important step in strengthening long‑term investment opportunities for the Wai Tri Trust and its beneficiaries.
Mr. Gwapit Manga, Director and Representative of Derian Ltd, officially welcomed the delegations and expressed sincere appreciation to the Wai Tri Holdings Board for their commitment to securing the property. He acknowledged the dedicated efforts of the Derian Ltd construction team, who worked tirelessly to complete the duplex, and extended special thanks to Okau Electrical Contractor for their excellent work on the electrical installation. Mr. Manga noted that the successful completion of the contract and title transfer ceremony was the result of extensive discussions and coordination facilitated by the OTDF Business Development Team.
OTDF Trust Administration Manager, Mr. Johanis Saferius, reiterated the significance of the acquisition, describing it as a meaningful addition to Wai Tri Holdings’ growing portfolio. “This is the second property acquired by the company I note that the first investment in Port Moresby is already fully tenanted and performing well, reflecting the Board’s clear investment vision. Mr. Saferius expressed gratitude to all partners involved and said he looked forward to seeing the duplex generate sustainable benefits for the Wai Tri Holdings LTD and its stakeholders.
Acting OTDF CEO, Mr Andrew Mari, underscored the strategic significance of the acquisition in light of the recently approved life extension of the Ok Tedi Mine, which secures a further eight years of operational certainty and investment recovery opportunity. He said that this extension provides a critical window for the CMCA entities to strengthen their asset base and enhance long-term financial performance.
Mr Mari emphasised the importance of diversification, observing that a substantial portion of the current investments remain directly or indirectly linked to Ok Tedi operations. He stated that pursuing a broader investment portfolio, both within and beyond Western Province will be essential to strengthening long-term financial resilience and sustainability.
At the same time, he reaffirmed OTDF’s commitment to reinvesting in key centres such as Kiunga and Daru to stimulate local enterprise development, create employment opportunities, and deliver tangible socio-economic benefits to communities.
Mr Mari also conveyed his appreciation to Derian Ltd for its agreement to the negotiated settlement price of PGK 1.1 million and acknowledged Kuria Lawyers for their professional guidance and continued support in facilitating Wai Tri Holdings’ property transactions. The ceremony program featured the official signing of the Contract of Sale, execution of Title Transfer documents, and a formal exchange of documents. Legal Representative Mr. Andrew Kuria of Kuria Lawyers provided a summary of the contract before the signing took place. To commemorate the occasion, Wai Tri Holdings Chairman, Mr. Martin Neweng, presented special gifts to the Director of Derian Ltd as a gesture of appreciation for the successful completion and handover of the duplex property. He thanked all stakeholders involved for their professionalism and cooperation throughout the process.
The acquisition of the Cook Street duplex marks another positive step for Wai Tri Holdings as it strengthens its presence in property investment and continues to build long‑term value for its beneficiaries.
