Landowners in Fiji now have an exciting opportunity to improve their properties and facilitate the creation of new residential lots thanks to a newly introduced loan product. Merchant Finance has allocated $16 million for its Land Subdivision Loan, which is set to support seven projects aimed at financing essential civil works. This initiative is expected to generate 299 new lots, which could pave the way for first-time homeowners and support broader economic growth.
The Chief Executive of Merchant Finance, Veilawa Rereiwasaliwa, emphasized that these loans are specifically designed for customers who have secured an approved development lease. The financial assistance covers vital infrastructure needs, such as roads, drainage systems, and utilities like water and sewage. With a minimum landholding requirement of two acres, there is potential for larger development projects as well.
This initiative aligns closely with ongoing efforts to empower local indigenous communities. Ratu Viliame Seruvakula, Chair of the Great Council of Chiefs, pointed out that enhancing the financial stability of landowners could lead to long-term improvements in living standards, helping lift families out of poverty.
In addition to the currently approved projects, more than ten additional initiatives valued at over $100 million are in the pipeline. This indicates a strong commitment to meeting the increasing demand for housing while fostering a positive outlook for both landowners and the community at large.
Fiji’s actions reflect a sustained commitment to social upliftment and economic inclusion. Government support for land utilization, highlighted by programs such as the iTaukei Development Fund, further illustrates this dedication to promoting financial independence and sustainable development.
The financial opportunities now available provide hope for numerous individuals and families eager to invest in real estate, setting the stage for community development and prosperity throughout Fiji. The focus on infrastructure and community-oriented projects shows a promising path forward, enhancing the quality of life and economic opportunities for many.
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