Another sign of confidence in Fiji : USA begins Embassy construction

In another sign of confidence in Fiji's future, the United States of America begins construction of a F$30 million complex to house its Embassy and staff in Fiji.

The ground breaking ceremony for the complex to be built at Tamavua, Suva, was held on Saturday, 9 June 2007. Present at the ground-breaking were the Suva Lord Mayor, the Fijian chief of Tamavua village and the US Ambassador to Fiji.

The location of the proposed US Embassy is just further up from where the Australian High Commission is located along Princes Road, Suva.

The US Government plans to complete construction of the complex in two years.

The US Ambassador said that the construction is a sign of the US' ongoing commitment to Fiji and the Pacific Islands region.

The complex will 4,600 square meters of office space and housing for American and local employees which will be a state-of-the-art facility built according to American and Fijian designs and set in a lush garden.

Commercial rental rates in Suva to go down?

With the abundance of office and commercial space coming up over the next few months, and the downturn in demand for them (given the economic slowdown that Fiji faces), one would expect commercial rental rates in Suva to go down over the next few months.

One of the multi-storey buildings to be completed, Kadavu House, does not have its occupancy plans confirmed as yet, although there were commitments to have the Public Service Commission occupy the building.

With the Morris Hedstroms Tower and the Tappoo City complex coming up over the next few months to a year, there will be an oversupply of commercial and office space in the capital.

With the oversupply and inadequate demand, we should expect prices (commercial and office rental rates) to go down over the next few months.

The Mid City Complex - a make over for some older parts of Suva

Given the current depressed state of the economy, some developers are pushing ahead with their developments in Suva. One of these new developments saw the opening in recent weeks of the new Mid City Complex at the corner of Cumming Street and Waimanu Road. Read the article in the Fiji Times, Saturday, 2 June 2007, on the new complex in the centre of Suva here. Other buildings coming up include the Morris Hedstroms/Carpenters Fiji complex (where the old MH used to be) and the Tappoos City Complex (running from in front of the old Metropole Hotel to where the current Tappoos building is).

Government considering merger of Housing Authority and Public Rental Board

Government is considering whether to merge its two low cost housing institutions, the Housing Authority and the Public Rental Board. An independent study to further evaluate this proposal is to be commissioned by Government after finalising an appropriate terms of reference.

Given the wage and salary earning structure of small developing countries such as Fiji, there appears to be scope for development of institutions that provide low cost housing.

Read more of Government's plans in the following article taken from the Fiji Times, Saturday, 12 May 2007.


"State studies merger of housing bodies, Saturday, May 12, 2007

The roles of the two housing institutions could be redefined under a study being undertaken by the interim Government.

The Ministry of Social Welfare and Housing is looking at the roles of the Public Rental Board and the Housing Authority.

Interim Minister for Housing and Social Welfare Adi Lafitu Malani said there was a need to find out if the institutions were providing affordable housing.

"We are re-looking at the functions of the Housing Authority and PRB in regards to responsible social housing," she said.

"We need to confirm whether they (HA and PRB) are fulfiling their initial objective of providing affordable housing or if there is a need to redefine their objectives."

Housing Authority chief executive officer and former PRB board member Alipate Naiorosui said Cabinet had approved the merger of the two institutions in principle.

"An independent study will have to conducted first," he said "We have been kept in the loop and have assisted the ministry in the terms of reference.

"The ministry was finalising the advertisements so the tender for the study should go out soon."
Mr Naiorosui said the merger could be beneficial for people.

"As CEO housing, I fully support this initiative because it will bring about many benefits for our customers," he said.

"This is nothing new and is done overseas.

"In New Zealand and Singapore such institutions have been merged.

"HA and PRB were separated in 1989, after a World Bank study recommended it."

Mr Naiorosui said the merger would be difficult but good.

"There is a huge demand for low-cost housing and this could be planned well under one roof because we will one data base," he said. "It's not easy but we will assistance from other stakeholders."

Adi Laufitu highlighted problems faced by her ministry in dealing with stakeholders."

F$300 million development at Nausori Town

A F$300 million property development project is planned for Nausori, the town next to Suva here the airport is located.

"The Haven" project will see the development of international class residential homes, terrace houses and apartments, a premium hotel, 12-storey office complexes for professional and corporate organisations and a contemporary 4-storey retail shopping complex.

Other facilities to be incorporated include an amusement water park, an entertainment centre, restaurants and state-of-the-art communication services.

The project is to be managed by international residential developer, Executive Development Properties.

Note : Investors that require assistance for obtaining loan financing for their investment and development projects in Fiji can use our company, Gilbert & Samuels Company Limited. Pls contact us on e-mail gilbert@connect.com.fj or telephone numbers (679) 3396427 or (679) 9921427 for further information.

Savusavu Freehold Beachfront Land for Sale

A large freehold beach-front land is available for sale at Savusavu, Vanua Levu. The land is on the west coast of Savusavu Bay and runs inland right from the white sandy beach. It is accessible from the Wailevu West Coast Road. The area is not as developed as the east coast from Savusavu town where foreign investors have already bought properties.

Other current developments at Savusavu include Koro Sun Resort.

Owner's plans, Land details, Price

The owner wishes to either develop a resort on the land or to sell it off if the purchase offer is good. Details of this land are as follows :

Title : CT No. 3631
Land : "Natoavou" (part of)
Area : 181.3 acres
Price : US$5 million (negotiable)

Some photos of the land are posted here.

Similar freehold land in the Savusavu area are currently selling at between US$100,000.00 and US$125,000.00 per quarter acre lot.

For enquiries, pls e-mail gilbert@connect.com.fj or call telephones (679) 3396427 or (679) 9921427.

Looking for property owners who want to dispose off their properties

Fiji has seen a number of senior executives being terminated as a result of investigations being carried out by the Interim Government. These senior executives, who usually own more than one property, will find it hard to meet their loan repayments. With the need to protect their reputation and avoid public embarrassment, they will want to hold back on these properties for as long as possible. However, it may be good to sell off the property for a reasonable price before the bank moves in to foreclose. If you are in such a situation, I can assist you with finding a buyer for your property. I am looking at properties that are being sold at a discount (i.e. less than valuation to meet loan debt and for a quick sale). If you fall in this category and want to talk, e-mail me on gilbert@connect.com.fj or call telephone (679) 3396427 or (679) 9921427. If you know of a friend or family member who might need this service, pls forward our contacts to them.

Links taken off

We have taken off the links at the right hand side of this blog for Properties on Mortgagee Sale/Foreclosure in Fiji. Instead, you can now subscribe to our Yahoo Group FijiSale by entering your e-mail address and clicking on the "Join now" button at the top of this blog. Make use of our new service and join our Yahoo Group now.

Subscribe to our Yahoo Group

Subscribe to our Yahoo Group which lists properties on mortgagee sale/foreclosure in Fiji. With the economy slowing and the continued environment of high interest rates, more and more properties will come to market. This provides an opportunity to buy properties at a good price (at mostly below their valuation). If you wish to obtain more information on a specific property or get assistance to place a tender as well as financing for your purchase, drop us an e-mail at gilbert@connect.com.fj or call telephone (679) 3396427. We will be happy to help you. Fill in your e-mail address in the form at the top of this blog to subscribe to our Yahoo Group.

Properties on Mortgagee Sale in Fiji

Check out our new service through links at the right hand side of this blog. With the new services, we will be bringing you advertisements of properties (residential and commercial) that are on mortgagee sale/foreclosure in Fiji. With the slowing of the economy and high interest rates, more properties will be on the market. If you are interested with a particular property, e-mail us on gilbert@connect.com.fj or call telephone (679) 3396427. We can assist you by getting you more information on the property and also arrange financing.

Land sales involving foreign buyers back

Foreign buyers may now buy and sell land and property in Fiji again after the military halted land title transfers for a fortnight late last year. The Interim Government has now reinstated the ability to freely buy and sell land and property in Fiji. The freeze late last year had sent worrying signals to foreign investors who wanted to buy property in Fiji.

In the meantime, banks in Fiji remain tight with liquidity and there may be some problems with seeking domestic financing for investment projects.

Our company, Gilbert & Samuels Company Limited, has access to other financiers who may be able to assist if foreign investors meet their requirements. If you require this assistance, contact our company by e-mail gilbert@connect.com.fj or telephone (679) 3396427.

Cement prices up

For investors considering investing into property, please note that cement prices are up 3% after an approval by the Commerce Commission last December. The increase sees the price of bagged cement rise from F$198 to F$203.94 per tonne. Fiji Industries, a subsidiary of the Fijian Holdings Limited group of companies, is the major producer of cement in Fiji.

For information on prices in general, refer to the Reserve Bank of Fiji website, www.rbf.gov.fj, for commentary on the Consumer Price Index (CPI). The Bureau of Statistics would also have data on the CPI.