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.

Production Studio for Yaqara

An Australian company, Beach Hut Media, says that a F$450 million movie production studio could begin operations in Fiji as early as April 2007. The studio will be located at Yaqara Studio City.

The company said that while it will be not as big as something like Warner Brothers Studio, it will contribute to Fiji's economy by bringing it much needed investment and employment. Registered in Fiji as Beach Hut Media Fiji, the company said it will attempt to employ as much local talent as possible. The company has been impressed with the talent shown by students of the FIT School of Art, Culture & Design.

Beach Hut Media Fiji will look at introducing producers from overseas markets to invest in Fiji and get films produced here. The first part of the project will see about 25 feature films produced in Fiji.

The company will be bringing in US-based script writers into the country this month.

Westpac Interest Rates (Updated 1.3.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 12.49%;
• Residential Property Loan : Variable Rate - 12.25%;
• Investment Loan : Variable Rate - 12.25%;
• Retail Term Deposits : 6 to less than 9 months - 4.60%, 9 months to less than 1 year - 4.25%, 1 year to less than 1.5 Years - 5.45%, 1.5 years to less than 2 Years - 6.00%, 2 years to less than 3 Years - 4.50%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Colonial National Bank Interest Rates (Updated 1.3.07)

Schedule of interest rates released by Colonial National Bank are as follows :

• Business Banking Base Rate - 11.95%;
• Residential Property Loan : Variable Rate - 12.25%, 1 Year Fixed Rate - 10.40%, 1.5 Years Fixed Interest Rate - 11.00%;
• Investment Loan : Variable Rate - 12.25%, 1 Year Fixed Rate - 10.40%, 1.5 Years Fixed Interest Rate - 11.00%;
• Retail Term Deposits : 9 months - 6.00%, 1 year - 7.00%, 1.5 Years - 6.00%, 2 Years - 4.50%, 3 Years - 4.50%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

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.

Flour Mills of Fiji records a loss

Flour Mills of Fiji (FMF), a company listed on the South Pacific Stock Exchange, has recorded a loss of F$1.2 million for the six months ended 31 December, 2006. For the same period the previous year, the company had recorded a profit of F$1.3 million.

The loss has been attributed to increases in wheat prices - an ingredient used in making flour and other products that the company makes. Increases in fuel and freight costs, electricity charges and borrowing cost also contributed to the negative growth.

No dividends has been declared for the period.

The company is working in increase in the price of flour, restructuring and cost control as measures to improve its performance for the next six months.

Note : Readers who require investment advice can contact our company, Gilbert & Samuels Company Limited, for assistance. Our contacts are : e-mail gilbert@connect.com.fj or telephone (679) 3396427.

Banks make more investments and the need for more competition

Banks in Fiji are markedly making more investments into the country with the opening of a branch by Colonial National Bank at Namaka, Nadi, an outlet by Westpac at the University of the South Pacific and with ANZ's million dollar acquisition of a bank at Guam.

With record profits registered by the two largest banks, ANZ and Westpac, for the financial year ended 30 September 2006, this has put them in good stead to be able to make more investment into the economy.

However, with high interest margins and spreads, there is still scope for more competition with the market presumably able to accommodate one or two large players who can help drive competition.