$508 million. That’s the estimated value of 1000 acres of Fiji Sugar Corporation properties advertised recently for commercial utilisation at all four of its mills.
FSC has called for expressions of interest (EOI) for both joint venture participation and also some outright sale of pieces of land the company states are surplus to its requirements and not considered necessary for FSC’s long-term strategic development.
According to tender documents released by the FSC, the 30 properties identified are at Lautoka City, Waqadra, Navo, and Malolo in Nadi, Momi Bay, Cuvu in Sigatoka, Ba, Tavua, Raki Raki, and Labasa and nearly all of them are freehold.
Lautoka mill compound
FSC is proposing to subdivide 36.9 hectare of land in the Lautoka mill compound. This land is part of the total 56.9 ha where the Lautoka mill is also located. The mill and staff compound are held under title and any proposed subdivision will be in two phases. First, subdivision for issuance of separate titles for the mill site and staff compound followed by subdivision for individual lots. FSC expects the proposed subdivision will bring out 20 lots that can be sold at $2m each while 116 lots can be allocated as residential lots that can sell at $300,000. Total forecasted revenue from Mill Compound subdivision is $74.8m.
Drasa Estate (Lautoka)
This is Crown leaser held under agricultural cane lease and has 99-year lease that started on January 1, 2012. Currently 7000-8000 tons of cane is harvested from the 130-hectare land. FSC is proposing 110 commercial lots to sell at $520,000 per lot, 134 residential/commercial lots to sell at $200,000 per lot and 547 residential lots to sell at $100,000 per lot. Total forecasted income from the Drasa Estate is estimated to be $146,740m.
Other Lautoka properties
FSC is also offering two industrial properties in Veitari for sale. First one is 3.8 hectare and FSC’s civil yard and the second one is 0.2 hectare that is currently vacant. A 0.4-hectare piece of land that is currently the Lautoka Golf clubhouse and located within the Lautoka Golf Course property is also on the sale list. This piece of land located is in Tavakubu and is currently used for recreation purposes, but can be turned into a commercial lot. A 0.6-hectare residential lot in Foster Lane is also up for sale. This can be turned into a commercial lot, according to the tender document. This property title currently has six FSC staff quarters located on it.
Navo sector office and compound (Nadi)
FSC is offering this 5.3-hectare piece of freehold land for commercial purposes. The proposed subdivision will be in two phases. In the first phase separate titles will be issued for sector office and a staff quarters followed by subdivision for individual lots. FSC is proposing three lots of 1000m2 to sell at $1m each and 40 lots of 750m2 to sell for $9m to bring a total revenue of $10.5m. FSC states the area is within the growth centre for Nadi corridor and has a location advantage due to close proximity to Nadi Town and is a flood free area.
Waqadra estate (Nadi)
The site has a 99 State agricultural lease effective from January 1, 2012. The 70.1312 hectares lease is currently under cane cultivation with topography consisting mainly of flat to gentle slope. FSC tender documents states the area is locked in the middle of a thriving commercial and residential suburb which incentivises the proposal to rezone and subdivide. The immediate surrounding of the subject area is populated mainly with business operators located along the Nadi back road. Located on the outskirt are residential properties consisting mainly of medium class residential lots and servicing commercial lots. FSC states the subject site is located along the bank of the Nadi River, which will pose certain constrain in view of potential flooding during rainy season. This potential risk will need to be considered and mitigated through proper planning practices, states FSC. The existing land use status of the land site is not fully serviced with basic amenities such as water reticulation, sewerage system and power supply. The area is currently under cane cultivation and will require vegetation clearing will precede any land reclamation, excavation and earthwork. As option one under mixed use development, FSC is proposing 128 commercial lots to sell at $800,000 each, 30 residential/commercial lots to sell at $400,000 each and 75 residential lots to sell at $180,000 each. Total forecasted revenue is $127,900. As option two under special use development, FSC is looking to rake in $120,700 from the sale of 50 commercial lots ($880,000), 30 commercial/commercial lots ($400,000), 75 residential lots ($180,000), one academic facility ($12,2m), tree sports complex ($13.6m), one shopping complex ($800,000) and one special medical lot ($400,000).
Sigatoka properties
FSC is offering five properties for sale in this area. There is a 3.2-hectare land in Momi that is currently vacant. It’s being offered as a residential property. In Naidovi, a 0.8-hectare piece of land is currently vacant and is being offered as a residential lot. In Sanasana, three properties are currently being used as residential lots and are being sold.
Rarawai mill compound
This area currently has 67.2 hectares divided into mill site (18.2 hectare) and staff compound (48.7 hectare). FSC is proposing subdivision to be carried out in two phases for the issuance of titles for the mill site and staff compound to be followed by subdivision for individual lots. FSC is proposing 17 commercial lots to sell for a total of $6.8m, 78 residential lots to sell for $24,9m, 180 residential two lots to be sold for $34,5m, one commercial center lot for $2.1m and an Energy Fiji Ltd Sub Station lot valued at $428,260. Total forecasted revenue from mill compound lot sales is $68.8m. FSC is offering 4.2-hectare land at Moto, Ba that is currently a residential and office for sale. Best usage for this property is residential, states the tender document. A 2.2-hectare residential lot at Field 25 Rarawai is also on sale.
Tavua
Two properties in Tavua are being offered as residential sales. First one is 13.3 hectares in Yaladro that is currently an office and residential and the second one is an 8.8-hectare vacant land in Mataniwai.
Rakiraki
FSC is offering four lots for sale in Rakiraki, that includes the old Penang Mill site. It is 7.1 hectare. FSC states seven commercial lots can come out of this site to sell at $3.2m and six residential lots that cane be sold for $1.4m. Total income from old mill site is $4.7m. The second lot for sale in Rakiraki is the FSC grounds that used to have a golf course. It is 7.1 hectares and FSC is proposing three commercial lots to sell for a total of $585,000, one residential lot to sell for $300,000, two residential two lots to sell for $390,000 and one sports complex valued to sell for $7.5m with a total income of $8.7m. 4.7 hectares of land currently is designated as residual lot near the old mills site. FSC is proposing to sell 38 lots from here at a value of $9.1m. Another piece of land 2.7 hectare is expected to have 28 lots that will sell for a total of $739,200.
Labasa
Two properties are being offered for sale in Labasa – the first one is part of the mill area while the second one is in Natua. The Labasa staff compound is held under one title and FSC is proposing that subdivision of individual lots will be undertaken immediately. The proposed subdivision will take into account the location of the site within the vicinity of Labasa Town and the threat of flooding and natural disaster. FSC is proposing one special use lot to sell at $640,000, one education lot to sell for $420,000, one university campus lot to sell for $850,000, 147 residential one lots to sell for a total of $47.7m and 47 residential two lots to sell for $7.6m. Total sales from site is $57.5m.
