$40 million project for Sugar City

Major development in Lautoka City is taking shape quickly with major projects expected to bring in new experiences for the public and consumers.

In a statement, Investment Fiji highlighted that the $40 million Challenge City Mall will redefine convenience and bring excitement to the residents of Lautoka when it’s completed on July 2025.

The three-story complex will provide 20 retail spaces, an underground parking lot, office facilities, a supermarket, and a food court.

The project has a 6,000-square-meter floor area and will also feature a gym, conference room, and 80-room 4-Star hotel.

The Challenge Plaza is located closer to Coronation Church along Tavewa Avenue.

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Agents see confidence in real estate investment

The real estate agencies are experiencing robust growth in the investment market, with both locals and foreigners showing eagerness to sink their funds in properties, particularly in the tourism sector.

Bayleys Real Estate Limited, Managing Director Philip Toogood says the market is strong, but he emphasizes the importance of maintaining confidence with existing and potential investors

Toogood highlights some popular places where foreigners are interested in investing.

“We’ve done a few in the last couple of weeks, and we currently have four very major island properties under contract to offshore buyers. So they’re there. It just takes a little bit more time to sort of bring to fruition, if you like. Denarau Island, very strong, always is, bulletproof. We’ve sold nine properties there in the last few months, spread over residential, commercial, and apartments.”

Apart from these high-level real estate deals, the agencies have also noted an increase in the residential market, attributed to the low lending interest rates offered by financial institutions.

Credit: FBC News

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Real estate agents applaud regulation reversal

The Real Estate Association has expressed strong support for the recent decision by the cabinet to reverse the two percent commission cap for the sale of residential properties below $500,000.

According to the Association, this move, amending the Real Estate Agents (Fees, Forms, and Appeals) (Amendment) Regulation, removes a significant hurdle that was hindering market dynamics.

The association had raised the issue with the coalition government and Trade Minister Manoa Kamikamica.

Real Estate Association committee advisor Anand Goundar says the two percent cap created an imbalance in the market.

“The other two percent was just not sufficient for us to operate the business. So it’s a fair decision, it’s a great decision, as I said it’s going to be a market driven commission and there will be multiple benefits.”

Bayshore Real Estate Director Arif Khan says this will not only benefit real estate agents but consumers as well.

“Now the consumers will be able to get the level of service they were getting before the regulation and the agents would be happy that they will be able to derive a greater benefit which will allow them to sustain their business. So all in all, I think win win situation as well for the government because there will be generation of greater vet revenue, et cetera, and tax revenue from the real estate community.”

A working group will also be formed to monitor the regulations to ensure its alignment with market dynamics and stakeholder needs.

The group will include Ministry of Trade, Real Estate Licensing Board, Consumer Council of Fiji and the Fijian Competition and Consumer Commission.

CREDIT : Praneeta Prakash, FBC News.

PRB urges action on housing shortage

Public Rental Board General Manager Timoci Naleba has highlighted the surge in iTaukei individuals relocating to urban areas.

He says this signals a pressing need for increased accommodation.

According to Naleba, 83 per cent of all PRB tenants are iTaukei.

He attributes this trend to the uncontrollable phenomenon of rural-to-urban drift citing educational requirements and a lack of services as key contributing factors.

“There are a huge number of iTaukeis that are moving into the urban areas so that means there is going to be a need for more accommodation, and I believe that the iTaukei affairs will know the issues that we have right now and the need for more housing.”

Naleba revealed ongoing discussions between the PRB and the Ministry of iTaukei Affairs to address this housing demand.

Long-term projects have been set with collaborative efforts underway to find viable solutions.

The Ministry of iTaukei Affairs is engaged in partnership with the PRB to solve this issue and work towards sustainable resolutions.

Credit: Nikhil Aiyush Kumar, FBC News.

Tourism boom drives real estate growth in West

Nadi is experiencing an increase in real estate activity driven by record-breaking visitor arrivals.

This is according to Bayshore Real Estate Director Arif Khan who says the lack of hotel rooms to accommodate the influx of tourists has created a unique situation.

Khan says there has been a pent-up demand across the board for residential and commercial properties in the Western Division.

“We are all aware there’s a shortage of hotel rooms, which actually has put pressure on apartment units. The hotel is not able to cater. The landlords have turned into available service of providing short-term apartment service, for example, Airbnb, which is much needed “Khan says first-time buyers are also entering the market.

“The tenants are looking for places. So there’s a pent up demand for apartment units. There’s demand, given the low interest rates and the liquidity, there’s a pent up demand for first time buyers. We see that. So all in all, I think the real estate economy in the west, there is a growth, definitely a growth market.”

Khan adds the rise in tourism presents significant opportunities for economic growth and job creation, benefiting both local residents and investors alike.

Credit : Praneeta Prakash, FBC News

Tourism Fiji event targets China’s Southwestern region

Tourism Fiji, in collaboration with Fiji Airways, hosted a Matai specialist training event in Chengdu, China engaging over 60 agents from the southwest region.

Alongside introducing Fiji’s new hotels and plans for 2024, the initiative emphasized expanding destination training to more of China’s tier one cities.

To date, over 680 Chinese travel agents have become Matai specialists, enhancing their knowledge of Fiji’s diverse tourism offerings.

Tourism Fiji partnering with Fiji Airways also held a media training session in Chengdu, attracting over 20 media attendees.

The event rolled out a concept in the local Sichuan dialect to invite Chinese travellers from southwestern region to have their Chinese New Year holiday in Fiji.

The event also spotlighted Fiji’s latest travel resources, with a particular focus on the travel experience tailor made for the southwestern region in the forthcoming Chinese New Year.

Credit: FBC TV

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Nawi Island starts to take shape as hub of activity

The multimillion-dollar development on Nawi Island in Savusavu has started to take shape as an additional hub of activity in the Northern Division.

It is a significant boost to the economy, with around $150 million invested so far into the three-phase development in the Hidden Paradise.

Project General Manager, Lindsay Lee, says the project is progressing slowly but steadily to ensure that it offers the authentic taste of the Fijian experience.

Lee believes that the development has made a difference in the market, complementing other investments which will ultimately strengthen the economy.

“New World is coming up as you enter the town, a couple more multi-storey buildings have shot up, Extra Supermarket is also coming up and we have P Meghji below us and RB Patel is also coming into town, R.C. Manubhai.”

Lee says it has also employed around 80 individuals, offering a platform to showcase the abundance of talent available in Fiji.

“We would like to keep the local content as much as possible, up at the 99 or 100% mark if possible. Especially the local artists from around this area, plus others from Suva, Nadi and Lautoka … wherever in Fiji basically.”

The excitement builds among people as Nawi Island evolves to be a favourite destination for local and overseas travellers; featuring 137 yachting berths, a boat yard, restaurants and bars, a beach club, a centre for retailers, as well as a resort and residential lots.

Nawi Island completed phase-one in mid-2023, phase two is currently underway, while phase three is expected to commence by mid-2024.

Credit: FBC TV

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Nadi business forum next month

The Nadi Chamber of Commerce is gearing up for their first business forum that will be held next month.

President Dr Ram Raju says that groundwork is well underway, with invitations extended to esteemed dignitaries, including cabinet ministers and the Prime Minister himself.

He says this landmark event aims to provide a platform for robust discussions on a myriad of topics crucial to the economic landscape of the region.

Dr. Raju expresses his enthusiasm about the potential impact of the forum, emphasizing the importance of bringing together key stakeholders to explore avenues for growth and development.

Chambers from Sigatoka right up until Rakiraki have also been invited.

Credit: FBC News

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Fiji’s foreign reserves stand strong at $3.4 billion

Fiji’s foreign reserves are adequate at around $3.4 billion as of yesterday.

The Reserve Bank of Fiji in its Economic Review for this month says this foreign reserve is sufficient to cover 5.7 months of retained imports of goods and services.

It adds headline inflation surged to 5.8 percent last month as higher prices were noted across most categories, particularly the food and non-alcoholic beverages, transport, housing and utilities, and restaurants and hotels categories.

It states that inflation continues to be driven mainly by supply-side factors.

The review states that economic activity has been healthy despite persistent headwinds.

They continue to thrive in the tourism sector while strong remittances and resilient domestic demand offset the drag from elevated price pressures and softer performance in primary and natural resources.

It says the financial sector continued to support domestic economic activity.

Lending to the private sector rose by 6.1 percent last month supported by higher lending to both business entities and private individuals. Liquidity in the banking system remains adequate at $2.1 billion as of Wednesday.

It adds Fiji’s merchandise trade deficit widened by 5.4% to around $3.7 billion in the year to October, as growth in imports continued to outpace the expansion in exports.

Credit: FBC News

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Huge infrastructure upgrades for Port Denarau this year

In preparation for the anticipated influx of vessels, Port Denarau will undergo some infrastructure upgrades and improvements this year.

CEO Cyntheia Rasch says these enhancements aim to elevate the overall experience for yacht owners, crew members, and visitors alike.

Rasch says the planned upgrades will further solidify Port Denarau’s reputation as a top-tier yachting destination and a hub for tourists.

She states that while the marina continues to attract international attention, it also plays a crucial role in contributing to the local economy.

“This time we are not waiting on the government. We’re waiting on Denarau Corporation and a few other stakeholders to assist us. As soon as we’ve got that underway, we should be looking at our dredging going ahead. Hopefully the government dredging for the channel also happens at the same time. And then we’re looking at further expansion projects we should be announced later on by our board of directors. We’ve got further upgrades within the marina in terms of infrastructure.”

Rasch says they also have the regular upkeep of the facility and make sure they are maintaining it and keeping it to the service levels that are expected.

She adds they are already expecting huge numbers of guests to come through in terms of tourism forecast, so they are hoping that the marina facility and their people will be ready for that.

The increased number of yachts is expected to have a positive impact on businesses in the surrounding area, including hospitality, retail, and tourism services.

Credit: FBC News

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