By Peni Komaisavai
Investors wishing to buy within the WG International building taking shape on the Suva skyline can now pay a 10 per cent deposit to secure their unit.
WG International Real Estate Company (Fiji) Limited General Marketing Director Ron Ding says this applies to prime freehold strata units and leased commercial lots in what will be Fiji’s tallest building.
Raine&Horne (Fiji) Sales Executive Shanal Sivan said the introduction of the new payment plan was to gain the confidence of the Fijian market.
“We understand Freehold strata units is something very new to Fiji. This decision was taken bearing in mind that banks do not finance properties which are still under construction. We would also like to announce [that] the developers are now undertaking that the deposits made to the Trust Account will be untouched unless authorised in writing by the purchaser,” Sivan said.
Unit prices range from US$223K (FJD$475K) to US$1.7million (FJD$2.5million) depending on the sizes of the units, which range from studios to penthouse suites.
GATEWAY FOR MORE INVESTORS
Ding says they are looking at creating more investment and employment opportunities after completing the US$77.20million (FJD$165million) building.
Construction of the 30-storey building began in 2017. It is the first of its kind in Fiji, and will include two underground car park levels, 78 apartments with various other recreational and commercial spaces.
Ding said the project is nearing completion.
WG International has been building high rises for 20 years back in China and the construction of Fiji’s tallest building is their first project outside of China.
“We hope to create a new gateway for Fiji where there is more economical development and with our building opening next year end, it will prove more than 500 jobs to the local market , we will be able to see more future investors coming to Fiji to make similar projects from the success of this,” Ding said.
He said their journey had not been all sunshine and rainbows, but rather a more a troubled journey for their company during the construction duration of this project. But Ding says they have learnt and cooperated with local authorities regarding the safety and integrity of their building.
BUILDING STRENGTH AND INTEGRITY
WG International had employed the services of local engineering firm, Structural Design under the leadership of Vijay Krishnan.
Responding to questions over whether the building is Tropical Cyclone Category 5 compatible, Krishnan said residents in their building needed not to worry of their safety during times of natural disasters like tropical cyclones, as the building could withstand category five tropical cyclones.