Insurer urges Fijians to double check policy

Twenty houses and the community hall totally destroyed by Tropical Cyclone Yasa at Tiliva in Bua Lomanikoro. Picture: SUPPLIED/Jovesa Vulasigavaki

Tower Insurance Fiji has urged Fijians to double check their insurance and prepare their homes for bad weather.

Tower Insurance Fiji general manager Veilawa Rereiwasaliwa says now is the time for people to sit down and understand what they’re covered for and take steps to protect their home and belongings.

“We know that during bad weather, one of the main causes of injury and property damage is flying debris, so things you can do to protect your home includes trimming trees and branches and storing away loose objects like outdoor furniture and barbecues.” Mr Rereiwasaliwa said.

“It’s also a good idea to review your insurance to make sure you know what you’re covered for and that any requirements are met, like having current cyclone certification for your home.” He said the most important thing after the bad weather had passed was to stay safe.

“It’s smart to get prepared before bad weather arrives by keeping things like tarpaulins, batteries, a portable radio and plenty of drinkable water and tinned food in a safe and secure location.

“Customers should make their safety a priority and call local emergency services if needed. Once this is taken care of, you can then assess and take photos of the damage and contact your insurer.”

Mr Rereiwasaliwa said the online claim form which they launched would allow customers to lodge their claims quickly and easily without having to travel on flooded or damaged roads.

“If customers are thinking about taking out cyclone cover, Tower’s policies have a seven-day standdown period which means that cyclone cover will only be provided if the cyclone occurs seven days after the date that your policy started. Any cyclone damage that occurs during this seven-day waiting period will unfortunately not be covered.”

Credit: The Fiji Times

Date: 22/12/2020

Authorities warn Fijians to take precautions

DIRECTOR NDMO VASITI SOKO

The National Disaster Management Office is advising people to seek shelter now if they believe that their homes are not safe.

Director NDMO Vasiti Soko says given the severity of TC Yasa, Fijians should not take any risks.

Soko also confirms that the Emergency Operations Centre has been activated and is operating on a 24 hour basis.

This includes all Divisional Commissioners offices.

Date: 16/12/2020

Credit: FBC

FNPF to shore up mortgage re-payments from March

New laws are being introduced to protect Fijians homes from being seized by banks for the inability to pay loans by accessing their Fiji National Provident Fund accounts.

The COVID-19 Response Home Loan Bill has been tabled in parliament to be debated and voted upon this Friday.

Attorney-General Aiyaz Sayed-Khaiyum told the House that the government does not want Fijians to lose their homes because they can’t service their loans.

“What this law does, is firstly ensure that the banks will continue with the holiday or arrangement until 31st March, afterward, the banks must use all endeavors to ensure that they can continue with the same arrangement. In the event that they cannot, the borrower can access their FNPF account – up to 50%.”

This also applies to any FNPF member who has already used part of their retirement fund to buy a home previously.

Sayed-Khaiyum confirms the Fund will have a charge over the homes, and if any property does end up being seized by a bank or lender, the FNPF will be paid back all monies.

“That amount of money from the sale must go back to the FNPF Preserved Account. You could have a situation where a person has used their FNFP money now and if they subsequently lose their home – they would have lost their home and their FNPF Preserved Account.”

The Reserve Bank of Fiji will also be empowered to monitor.

“We want to have the RBF have oversight over these accounts because homes are very important. What’s the point of preserving your FNPF if you’re going to lose the roof over your head.”

Sayed-Khaiyum says he met with all banks and lending institutions two days ago, and all have agreed to extend the loan repayment holidays until March 31st next year.

Credit: FBC

Date: 10/12/2020

$21 Million Uduya Apartments Ready For Occupancy

Uduya point Apartments in Lami on December 5, 2020. Photo: Ronald Kumar

A $21 million oceanfront property is ready for occupancy, following the first open day yesterday. Uduya Point Apartments on the outskirts of Lami, is the latest luxury real estate development in a joint venture between Hari Punja and Sons (HPS) and Pacific Building Solutions (PBS).

HPS is a conglomerate of companies owed by Hari Punja and his family, which include Flour Mills of Fiji, Blue Gas and Dominion Finance.

HPS recent real estate investments include The Palms Beach Estate at Wailoaloa, Nadi, and the soon to be completed Nasese Waters gated subdivision in Suva.

Blue Horizon, the company that manages and promotes the Uduya Point property, said the bold new foreshore apartment comprised of 26 luxurious residential apartments.

“We are also pleased with the pre-sales of 17 apartments well before completion especially given the difficult year we’ve all just experienced,” managing director, Mark Acraman, said.

“It is encouraging to see the confidence buyers and investors have in Fijian-owned real estate.

“This boosts our commitments and energy into more unique local projects that positively benefits our people and economy.”

The waterfront apartments spans four levels of luxury and include 26 studios, one, two, and three bedroom apartments.

Credit: Fiji Sun

Date: 6/12/2020

Turnaround time for approvals to be reduced: Kumar

The Municipal Councils are seen as key development partners in driving local economic activities.

Local Government Minister Premila Kumar says the Department of Town and Country Planning has focused on reducing outdated and lengthy turnaround times for building, zoning, and subdivision approvals.

Kumar says obtaining approvals on time increases business confidence and delivers more jobs in the construction industry.

“We now provide monthly updates on the numbers and timelines for major building approvals which is the key indicator of economic confidence. From January to October 2020 we have approved 30 major development applications at a value of $154.7m.”

Kumar adds the modern and practical legislation will enable the government’s economic recovery work.

In her address in Parliament yesterday the Minister also acknowledged the Opposition Member of Parliament Mosese Bulitavu for commending the Government’s efforts in containing the COVID-19.

Credit: FBC

Date: 9/12/2020

Incomplete homes become a problem for the community: Kumar

Six houses in the Waidamudamu Settlement Nausori have been rented out.

This was revealed in a recent Socio-Economic Survey by the Ministry of Housing.

Minister Premila Kumar says people are sneaking into build new houses overnight when they discover that a settlement is about to be subdivided.

Kumar says the households were asked to disclose all required information during the Socio-Economic Survey but this information will be verified by the Ministry.

“The Ministry has to verify now. So they will be doing the title check with the titles office in case they have some other property. They will also check with FNPF and FRCS. So all these checks will be done to determine who qualifies for the lot.”

Kumar says the Ministry has also removed some of the incomplete houses that were built in Waidamudamu settlement which were being misused.

“The incomplete homes become a problem for the community because that’s where some youths are found taking drugs and they are consuming alcohol and they become a nuisance. So in one of our visits to Caubati Mamas place similar issues were raised and that’s where we decided at all incomplete houses in informal settlements will be removed.”

The Ministry has extended the closing date for submissions on the proposed Lot Allocation Policy in informal settlements until 15th December 2020.

To date, 1,988 people have attended public consultations around the country.

Credit: FBC

Date: 7/12/2020

Closing date extended for submissions on proposed Lot Allocation Policy in Informal Settlements

Permanent Secretary for the Ministry of Housing Sanjeeva Perera at the Lot Allocation Policy consultation at Davuilevu last week

The closing date for making submissions on the proposed Lot Allocation Policy in Informal Settlements has been extended until the 15th of this month.

Permanent Secretary for the Ministry of Housing Sanjeeva Perera says the closing date for submissions has been extended considering the high level of interest shown by the public and the many requests from communities for the Ministry to visit them again for community meetings.

He says so far a total of 1,988 people have attended the public consultation sessions organised around the country.

Perera says the highest number of clarifications were on the lot allocation criteria, use of market value, and how to pay for the allocated lots.

He says given that the policy proposes to use the market value as the basis for calculating the relevant Lot Allotment Price, many interested individuals requested clarification on how and when the valuation will be done, by whom, who will pay for it and also if it is only the land or whether the structures already built on land will be valued as well.

Credit: Fijivillage

Date: 6/12/2020

Real Estate market faces uncertain challenges

Coronavirus has hugely impacted the property market in the country.

The Real Estate Licensing Board says national data sales indicated a fifteen-percent drop in property sales for this year.

Board chair Dr. Abdul Hassan says sales per-month is now averaging 110 while last year stood at 126.

He says low-value properties are being sold more frequently while high-value property owners are mindful during this period.

“There’s a substantial reduction in the property value that the lower property value a being sold more frequently now after this COVID-19 than it used to be in the past.”

Dr. Hassan says the total value of properties sold reduced to $237 million from $334 million last year.

Credit: FBC

Date: 4/12/2020

Economic contraction revised

THE RESERVE BANK OF FIJI HAS REVISED ITS PROJECTIONS FOR ECONOMIC CONTRACTION SAYING IT IS EXPECTED TO BE SMALLER THAN INITIALLY ANTICIPATED. [FILE PHOTO]

The Reserve Bank of Fiji has revised its projections for economic contraction saying it is expected to be smaller than initially anticipated.

The economy is likely to contract by 19.0 percent this year, compared to the earlier estimate of 21.7 percent thanks to higher-than-expected growth in the agriculture sector.

The RBF adds this result is also accredited to lower-than-anticipated declines in various sectors including the wholesale & retail, trade, restaurants and hotels, manufacturing and construction sectors.

Next year’s projected recovery largely hinges on the opening of international borders and the resumption of travel.

Growth may range between 1.6 percent and 8.0 percent given the substantial uncertainties around the reopening of borders for quarantine-free travel and appetite for tourism activity.

Cumulative to October, visitor arrivals declined by 80.7 percent as a consequence of the prolonged closure of international borders.

Net Value Added Tax collections fell by an annual 41.1 percent cumulative to October while commercial banks’ new lending for consumption purposes also fell by 26.8%. New lending for building & construction declined by 24.9 percent.

The RBF Job Advertisement Survey registered a 64.3 percent decline in vacancies in the year to October, underpinned by reduced recruitment needs across all major sectors of the economy.

Credit: FBC

Date: 2/12/2020

Over $80m worth of projects approved

LOCAL GOVERNMENT MINISTER PREMILA KUMAR[2ND FROM RIGHT] SAYS THIS REPRESENTS APPROVAL GRANTED FOR COMMERCIAL DEVELOPMENT AND SPECIAL-USE PROJECT.

Ten major development projects worth over $82.6 million have been approved by the Department of Town and Country Planning for the month of October.

Local Government Minister Premila Kumar says this represents approval granted for commercial development and special-use project.

“Out of these $22.2 million represents the approvals granted for commercial development while $60.4 million accounted for building approval that were granted for special use projects which includes business park, service station, car showroom, hotel development and apartments.”

Credit: FBC

Date: 1/12/2020