A 22-lot residential development valued at $105,000 each is being developed by the Jubaniwai landowning unit of Yako Village in Nadroga.
The project began in 2018 but only gained momentum last year after $60,000 in assistance was provided by the iTaukei Lands Trust Board.
Their spokesperson Serupepeli Neikeci said the money was for contractors hired by the landowners to subdivide the lots.
“The residential development will be on a nine-acre land where we intend to subdivide them in to 22 lots,” Mr Neikeci said.
“One of the advantages we found when going to TLTB for assistance is that we won’t have to pay the premium. So, we applied for assistance and managed to get $60,000.”
He said they had also acquired a recent valuation of the development.
“There was an investor who was interested in buying a piece of this land and he wanted to pay $90,000 for it.
“But when we decided to do this development project, we got a new valuation of the land and it came to $105,000 for each residential lot, which included the title of the lease.
“So we were gaining more by doing this development and with that valuation put into 22 lots, I believe our landowning unit will gain a lot from this development.”
Mr Neikeci is urging other landowners to utilise their land for sustainable business opportunities.
