Fiji Times Property Guide 26 July 2014

Pr perty Guide
The key to your new home
26 July, 2014
[email protected]
Built to
impress
Picture: SUPPLIED
Grab this once in a lifetime deal
LOOKING for a well-placed large family home capable
of catering for families with children and possibly
entertaining guests occasionally? This four-bedroom
home in Cunningham may just be the place you’re
looking for.
Full coverage: PAGES 4-5
iTaukei leases
Tourism leases
Lots for sale
Chinese investment
THE FIJI TIMES — SATURDAY, JULY 26, 2014
1
Inside this
week ...
Property Guide
E: [email protected]
Property Guide
E: [email protected]
This four-bedroom home in
Cunningham may just be the place
you’re looking for. ...... P4-5
Know your buyer
iTaukei land — how much Fiji
actually has, how much of it is
available for personal use and how
people can go about attaining
some of this land. ....... P6
Owning property is important in China and historically this has proven to be a successful way to build wealth.
A
Housing Authority would begin
selling lots from various subdivisions under development as
housing packages. ............ P8
Naturally, tourism ropes in the opportunity for investment.
Picture: SUPPLIED
Acquiring a tourism lease
I
T’s no secret that tourism
in Fiji is one of the country’s
largest, most expansive and
certainly most impressive
industries.
Because of tourism, Fiji receives millions of dollars in
revenue and hundreds of thousands of tourists annually.
Naturally, tourism ropes in
the opportunity for investment
— particularly for those living
in Fiji.
And investing in land may be
worth pursuing if you’re hoping
to take advantage of the tourism market in the near future.
The iTaukei Land Trust Board
(TLTB) has detailed some information for the buyer keen on attaining a tourism lease.
Here are some steps to consider:
Step 1: Submit a completed application form
and the requirements together with the application fee.
Step 2: The process begins with ensuring
that the location/subject land is free of encumbrances and the verification of signatures of landowners with vola ni kawa bula.
We also need to ensure that all the requirements are submitted. (One week min).
Investing in land may be worth pursuing.
Picture: www.mordinc.com
Step 3: If step two is clear and majority consent obtained, we may proceed with step
four. If majority consent is not obtained and
other requirements are not obtained, the applicant will be informed accordingly. If applicant fails to submit the requirements and
additional consent, the case is then closed
accordingly. If majority consent is obtained,
we proceed with step four. (Steps 1 to 3: two
to three weeks)
Step 4: Inspection and consultation with
landowners. Please note that inspection and
consultation depends on the applications
received in the same area or the location
(outer islands) due to the cost/expenses and
also we can attend to it urgently if the cost/
expenses are being paid for. (One week)
Step 5: Preparation of inspection report
for approval and preparation of minutes of
meeting.
Step 6: Preparation of de-reservation précis
after approval is granted. De-reservation is
the process of excluding the subject area (if
it is inside reserve land) from within reserve
land in order to be leased for commercial
purposes and by a Fijian. (Two weeks)
Step 7: If the lease offer is expected to be
more than $100,000, the application will be
submitted to the Approvals Committee to be
vetted/approved before submitting to the
Reserves Department to proceed with the
2
THE FIJI TIMES —SATURDAY, JULY 26, 2014
GROWING trend in the Fiji real estate
market is the increasing amount of
property investment from Chinese
buyers.
Owning property is important in China and
historically this has proven to be a successful
way to build wealth.
With increasing levels of Chinese visitors
and Fiji’s existing Chinese community, this
trend seems set to continue.
As with all multi-cultural communities it is
important and respectful to understand those
you are dealing with in order to create a posi-
tive business relationship.
In some ways, the Chinese culture is different to the Fijian way of life and these cultural
differences mean Chinese buyers can occasionally be misunderstood.
According to Mr William Shen on realestate.
com.au: “There are two main reasons Chinese
people love to bargain.
“If you buy something and don’t negotiate
the best price, it would be seen as foolish.
However, if you get a good bargain, you ‘win
face’ in Chinese culture — and ‘face’ is more
important than saving money.”
FOR SALE
De-reservation proceed. The final process of
de-reservation is when the de-reservation is
approved by the Board in a board meeting
and gazette. (One to two months)
Step 8: Lease offer prepared and issued to
the applicant. The applicant is given eight
weeks to pay lease offer. (One month and
two weeks)
Launching Soon – The Moorings, Denarau. Register your
interest for pre-launch invita�on: enquiries@bayleysji.com.ł
Step 9: If payment is made/received, the
Agreement for Lease is drafted and negotiated with the applicant. Agreement for Lease
(provisional title) is stamped after both parties (TLTB and applicant) sign. If lease offer
is not paid in time, the case is closed accordingly. (Two weeks to one month)
SUVA, Tamavua – off Princes Road,
Freehold execu�ve apartment block
for sale. Great loca�on. Property
features 2x3 bedrooms including an
ensuite in each apartment. Secured,
swimming pool, double storey with
internal stairs. This is sure to sell fast. Call Shane 996 0061
Step 10: Applicant is now a Lessee and is
required to engage a surveyor to survey the
subject land and to be submitted for approval by the approval agencies such as Town &
Country Planning and others. (Three to six
months)
SUVA, Waimanu Rd – Just listed two
storey concrete structure offering 6
ats. Freehold investment property.
Neatly maintained, fenced, amazing
harbour views, parking area. Loads of
poten�al for further development. An
opportunity not to be missed. Comes furnished. Call Shane 996 0061
Step 11: A copy of the approval survey plans
to be submitted to TLTB for the preparation
of the native lease documents/title. (Two
days)
Step 12: Lessee signs native lease documents. TLTB Board Secretary and a board
member signs the lease document before it
is submitted to the Titles office for registration. (Three weeks to a month)
We can have more than one meeting with
the landowners during Steps four, nine and
10 to update the landowners on the application and the lease conditions.
For further queries, please do not hesitate
to contact the Tourism Department, iTaukei
Land Trust Board, Head Office Suva or the
South West Region.
Source: iTaukei Land Trust Board
SUVA, Huon Street – Central Suva vacant
freehold land with proposed plans for
40x2 bedroom modern apartment units
on 4 levels. Land area 2,928 sqm. Huon
Street is walking distance to Suva CBD
via Toorak. Ideal Investment loca�on.
Sale Price is $1.2 million, offers considered. Call Mark 900 6407
DENARAU ROAD – 3 acres of level land
on the road to Denarau. Wonderful
exposure to passing traffic. Development
plans available to purchaser. Price
$690,000. Call Dick 998 5790
Nadi: Ground Floor, Appraisals Pacic Building, Mar�ntar
Ph: 675 0420 | Fax: 675 0421 | www.bayleysji.com
Suva: 1 Thurston Street | Ph: 330 2268 | Fax: 330 2322
Licensed Real Estate Agents No. 0038
Picture: property-report.com
He continues, “Chinese people also like to
bargain. It is almost a national sport! It does
not matter if the buyer has a little or a lot of
money, you should always expect to haggle on
price.”
In other property markets overseas, vendors and agents have been known to factor
in the Chinese buyers’ love of bargaining by
inflating the sale price.
Not surprisingly, this strategy is fraught
with danger and can damage the relationship.
As in all cultures, establishing trust is important when developing new business rela-
PHONE: SUVA: 330 2268 | NADI: 675 0420
Chinese people
also like to
bargain. It is
almost a national
sport! It does
not matter if
the buyer has
a little or a lot
of money, you
should always
expect to haggle
on price.
tionships and this is particularly important in
the Chinese business culture.
As always, it pays to be honest and respectful.
Chinese investors reward favourable dealings with long-term repeat business as well
as recommending you highly to other’s connections.
Source: property.com.fj
THE PACIFIC’S PROPERTY PROFESSIONALS
MAMANUCAS, Malolo Island – Enjoy the
breathtaking ocean views and the tranquility of
this 817 sqm site on Malolo Island. Just a short boat
ride to the world famous “Cloudbreak” surng site
and overlooking the new Vunabaka Marina. Build
your dream home and secure your future “home
away from home”. Call Dick 998 5790
NADI, Fasa Avenue –
Immaculate sunny home,
4
bedrooms,
recently
refurbished, no need for
improvements, freehold, 1060
sqm, landscaped. $300,000.
Call Sapna 997 7817
BEQA LAGOON RESORT – Well
established resort siutated on 10 acres
of leasehold beachfront land comprising
of 25 luxury villas, 12 of them
beachfront with large private courtyard,
large sundeck and cool plunge pool.
USD $5.5 million. Call Susan 999 1458
VUDA – Stunning sec�on,
well elevated si�ng on 1.15
acres of na�ve leaseland.
360
degree
panaromic
siew views. $450,000 neg.
Mo�vated
Vendor.
Call Sapna 997 7817
DENARAU, Hilton Villas – 2
bedroom beachfront single key
on the ground oor - $600,000
and 1 bedroom garden view rst
oor - $300,000 and 1 bedroom
beachfront $499,000. Owners get
10 weeks usage per annum. Call
Susan 999 1458
NADI, Namaka – Restaurant
business for sale, road frontage,
affordable rent, good returns,
includes all stock and furniture
as a going concern. $129,000.
Call Sapna 997 7817
NADI, Votualevu – Fresh to the
market these freehold residen�al
lots are all approximately
1000sqm. This lovely elevated
residen�al area enjoys beau�ful
views, some to the Sleeping Giant.
This residen�al enclave is close
to the new Votualevu Shopping
Centre with supermarket and specialty retail outlets and restaurant.
$120,000 (VIP). Call Susan 999 1458
NASOSO, Nadi – 4 bedrooms, 3
bathrooms with swimming pool,
freehold. Double storey, spacious
kitchen, separate dining area.
Private and secure. Vendor is
keen to sell. Make an offer. Asking
$490,000. Call Susan 999 1458
SIGATOKA – 3 bedroom execu�ve
house including an en-suite
upstairs, open plan and 2 ats
downstairs both 2 bedrooms
each. Separate storage and tool
room. Roo�op with spectacular
views. A must view! $550,000
neg. Call Sapna 997 7817
CORAL COAST – A spectacular
freehold private estate si�ng
on approx. 20 acres. This rare
freehold beachfront property
yields the perfect venue for
a world-class resort or an
ideal private estate. Excellent
landscaping.
Mo�vated
Vendor. USD $695,000. Offers
considered. Call Sapna 997 7817
PRINCIPAL SPONSORS OF THE BAYLEYS
FIJI CORAL COAST SEVENS
THE FIJI TIMES — SATURDAY, JULY 26, 2014
3
Property Guide
E: [email protected]
A once in a lifetime opportunity
S
ITUATED just off Rokosawa Rd
in a quiet cul-de-sac in Cunningham Stage Four is this newly-built
home that ticks all the boxes.
Completed in 2010, this will surely impress you and your family members.
The split level structure offers four
bedrooms on the top level.
This includes a master bedroom, an
open plan lounge and kitchen and a separate study area and all of this comes fully
airconditioned.
The ground floor currently houses a
kindergarten but has the potential to be
converted into a flat for that extra income.
Additional features such as electronic
gate, back-up water tanks and sea views
add further value for the discerning buyer.
The land this property sits on is a regular shaped block with a land area of 450
square metres. Boundary dimensions are
noted in the title plan.
The site has road level access with
ample road parking for those functions at
home.
The property has 72 years of native
lease life and an engineer’s certificate
with validity until 2017.
It has access to the usual services such
as piped water, electricity and modern
telecommunication links.
Public transportation is available at
regular intervals on the main road and
major supermarkets are nearby in the
Nabua and Princes Rd areas.
The tender on this lovely home closes
on the 31st of July 2014 at 12 midday unless sold prior.
It is available for viewing in the meantime at the following times: Saturday and
Sunday 3—4pm and Wednesday 5—6pm.
For further information contact Jasmindar Singh on 996 7118 or email: [email protected]
Source: Harcourts Fiji
FEATURES:
 Four bedrooms
 Fully airconditioned
upstairs
 Open plan lounge
and kitchen
 Study area
 Large parking area
 Potential to expand
ground floor
 72 years of native
lease life
 Land area of 450
sq metres
 Piped water and
electricity
The house Includes a master bedroom, an open plan lounge and kitchen and a separate study area.
Picture: SUPPLIED
This property has 72 years of native lease life and an engineer’s certificate with validity until 2017.
Picture: SUPPLIED
Additional features such as electronic gate, back-up water tanks and sea views also
complement the property.
Picture: SUPPLIED
The split level structure offers four bedrooms on the top level.
4 THE FIJI TIMES —SATURDAY, JULY 26, 2014
Picture: SUPPLIED
THE FIJI TIMES — SATURDAY, JULY 26, 2014
5
Property Guide
E: [email protected]
Property Guide
E: [email protected]
FACT BOX:

Purpose of approval —
TLTB issues a lease
granting a lessee/tenant
the right to occupy and
use a piece of land.

Name of agency lssuing
the approval — TLTB
has established its
head office with four
regional offices: Central/
Eastern region (Suva),
South Western region
(Nadi),North Western
region (Lautoka) and
Northern region (Labasa).

Contact information —
head office, Suva 3312
733 south western, Nadi
6723 771, north western,
Lautoka 6661 744 north,
Labasa 8811 122

Processing time of
approval — within four
months.
Obtaining an
iTaukei lease
TLTB has a list with a few things you should know about iTaukei land.
T
HERE’S all this discussion about iTaukei
land — how much Fiji actually has, how
much of it is available for personal use
and how people can go about attaining
some of this land.
The iTaukei Land Trust Board (TLTB) has a list
with a few things you should know about iTaukei
land and how you can apply to lease some.
First of all, iTaukei land comprises 87 per cent
or 1.5 million hectares of the landmass in Fiji.
6 THE FIJI TIMES —SATURDAY, JULY 26, 2014
State land is 9 per cent or 145,000 hectares
and freehold land is even smaller, comprising
about 8 per cent or 142,000 hectares.
TLTB is an independent organisation established primarily to administer iTaukei land for
the indigenous landowner.
It is an implementing arm of government on
policies related to the development of land —
based resources for the iTaukei. The TLTB head
office is in Suva and it also houses the regional
Over the past
few months,
it has been
really busy.
We’ve had
buyers from
Australia, New
Zealand, and
Fiji
First Landing
sales a success
Picture: FT FILE
office responsible for the Central and Eastern
divisions.
The other regional offices are in Lautoka, Nadi
and Labasa and each regional office is responsible for an area in Fiji, the Lautoka office is responsible for western Viti Levu with the Yasawa
and Mamanuca Island groups, the Labasa office
is for Vanua Levu and Taveuni.
The Suva office caters for the Central Eastern
parts of Fiji including Viti Levu, Kadavu, Lomaivi-
ti and the Lau Group.
How is the decision?
A lease application is screened by an estate officer who then submits a recommendation to the
senior estate officer for a lease approval. The
final decision will then be made by the regional
manager.
Source: iTaukei Land Trust Board
L
OCATED at Vuda Point, just 15 minutes
drive north of Nadi International Airport
and with historic Nalamu Beach at its
doorstep, First Landing Resort has been
a strong performer for many years.
And this success has continued to their real
estate development — Nalamu Beach Estates.
In recent months they have seen several
blocks of land go under contract and are currently dealing with more interested buyers.
George Stock, First Landing’s director commented on all the interest, saying they had indeed been very busy.
“Over the past few months, it’s it has been
really busy. We’ve had buyers from Australia,
New Zealand, and Fiji,” Mr Stock said.
When asked why Nalamu Beach Estates is
selling strongly Mr Stock said he believed Nalamu Beach Estates was country living away
from major developments and not too big, with
only 40 lots.
Other points to consider, he added, are the
security (gated community with a Police Post
500m away) and walking distance to First
Landing Resort and Vuda Marina.
“Our prices are very competitive.”
First Landing Resort, Fiji
Islands. Picture: SUPPLIED
With more and more Fijians returning from
overseas, interest in local Fijian real estate
continues to grow and it seems likely that First
Landing Beach Estates will be sold out in the
not too distant future.
Remaining blocks at First Landing Beach Estates are available from $F180,000.
Once sold out, Mr Stock plans to release new
residential developments with views to the
ocean and the Mamanuca Islands and mountain views of the Mount Evans Range and all
within easy walking distance to Nalamu Beach
and First Landing Resort.
There will also be more tourism options with
12 tropical garden villas in a private and secluded “villa village” managed by First Landing
for the owners with annual owner entitlement.
For all enquiries contact George Stock
on+679 992 2173 or email atgeorge@firstlanding.com.fj
Source: property.com.fj
This property and more can be found at:
With more and more Fijians returning from overseas, interest in local Fijian real
estate continues to grow.
Picture: SUPPLIED
THE FIJI TIMES — SATURDAY, JULY 26, 2014
7
Property Guide
E: [email protected]
Housing lots go on sale
By DAWN GIBSON
T
HE Housing Authority of Fiji recently announced that the sale of land from its
Tacirua East subdivision phase 3A has
commenced.
Acting CEO Jagdish Prasad, in a statement earlier
this week, said the HA would begin selling lots from
various sub-divisions under development as housing packages.
Customers will also be given the opportunity to
access Government’s Housing Assistance Grant
(HAG), Mr Prasad explained.
“We are urging customers who will be allotted
these lots to take up our housing loan packages.
“This means they can buy the land and build their
homes immediately. This is how HA is assisting its
target group of those earning $50,000 per annum
and below towards realising the Constitutional right
to housing under Section 35.
“At the same time, customers are able to access
HAG of $10,000.”
He also explained that the HA, in a bid to remain
fair, would be allocating lots to those who have already registered their interest.
“We are matching this information to the lots. So,
for example, if a customer had applied for a lot in
Tacirua in 2012 and a different customer applied in
2006, the first priority will be given to the one who
had applied earlier.
“But other factors will also be taken into consideration such as income, whether they are firsthome owners, and their eligibility for a land and
house package.”
He said with this in mind, it would be beneficial if
customers who had showed their interest, but have
changed some personal data recently — to update
their data with the HA.
“This will allow the authority to reach them easily
otherwise they can lose out on the opportunity to
own a home.
“There are over 6800 customers who have registered their interest for Tacirua alone since 2004.
And of the four phases of development in Tacirua
we expect to deliver a total of approximately 1100
lots inclusive of commercial, industrial and residential lots. That is an indication of what the demand
is.”
Development works for the first phase are almost
complete and will also be available for sale by the
end of September.
Work is in progress at the new housing sub-division at Tacirua.
Picture: ELIKI NUKUTABU
Common real estate terms you should know
By DAWN GIBSON
REAL estate can often be something of a word
maze when it comes to understanding everything. So, the Fiji Real Estate Agents Licencing
Board has listed a few words the average real
estate investor should know the definitions
of:
1. Appraisal: A written justification of the
price paid for a property, primary based on
an analysis of a comparable sales of similar
properties nearby.
2. Amortization: The loan payment consists
of a portion which applied to pay the accruing
interest on a loan with the remainder being
applied to the principal overtime. The interest portion decreases as the loan balance
decreases,and the amount applied to prin-
8 THE FIJI TIMES —SATURDAY, JULY 26, 2014
ciple increases so that the loan is paid (amortised) in the specific time.
3. Could on title: Any conditions revealed by
a title search that adversely affect the title to
real estate. Usually clouds on title cannot be
removed except by deed release or court action.
6. Chain of title: An analysis of the transfers
of title to a piece of property over the years.
7. Deed: The legal document conveying title
to a property.
8. Down payment: The part of the purchase
price of a property that a buyer pays in cash
and does not finance with a mortgage.
9. Easement: A right of way giving persons
other than the owner access to or over a
property.
10. Encumbrance: Anything that affects or
limits the fee simple title to a property, such
as mortgage, leases, easements or restrictions.
11. Fixture: is an item (appliance, light fittings
etc) that is permanently attached to a property.
12. Foreclosure: Is an enforcement process in
which the lender under a defaulted mortgage
takes title to the property for the purpose of
selling it to recasp money owed under the
mortgage.
13. Lease: A written agreement between the
property owner and the tenant that stipulates
the payment and conditions under which the
tenant may possess that real estate for a specific period of time.
14. Liability: A liability is a debt or claim that
is owed.
15. Mortgage : A legal document that pledges a property to the lender as security for payment of a debt.
16. Mortgagee: The lender in a mortgage
agreement.
17. Mortgagon: The borrower in a mortgage
agreement.
18. Title: A legal document evidencing a persons right to or ownership of the property.
19. Title Search: A check of the title records
to ensure that the seller is the legal owner
of the property and that there are no liens or
other claims outstanding.
20. Underwriting: Satisfactory review of the
property appraisal and examination of the
borrower’s ability and willingness to repay
the debt and sufficiency of collateral value of
the property.