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TISI Sangam Fiji Foundation Launches $3 Million Retirement Villa Project

The TISI Sangam Fiji Foundation yesterday launched its new $3.4 million project in Suva.
06 Dec 2019 12:57
TISI Sangam Fiji Foundation Launches $3 Million Retirement Villa Project
An artist impression of the newly launched TISI Sangam Fiji Foundation retirement villa project.

The TISI Sangam Fiji Foundation yesterday launched its new $3.4 million project in Suva.

The project consists of 16 Retirement Villas in a freehold 54 acre land in Nawai, Nadi.

The retirement village project was launched by TISI Sangam Fiji Foundation President Sadasivan Naicker and Chairman Sanjeev Mudaliar at the Suva Sangam Hall in Samabula, Suva.

TISI Sangam Fiji Foundation chairman Sanjeev Mudaliar said each two bedroom villa would cost approximately $295,000.

“In terms of pricing, these are approximate pricing and they are still subject to making a few adjustments,” Mr Mudaliar said.

“There is no retirement village of this magnitude in Fiji at this stage. This would be so affordable. The whole idea is it is for people who are retiring,” he said.

“There are people who have children overseas who need a better lifestyle for their parents.”

Expression of interests

He said after the launch they would welcome expressions of interest from the public on the new villas.

“This would be an opportunity for the first 16 to register their interest in the new homes.

“Already there have been a lot of interest from people overseas for people that have been acquiring and reserving the two bedroom villas for their moms and dads.

“We need everyone to know that this is not restricted to Sangam families only, it is open to anyone.”

Project funding

Mr Mudaliar said the first phase of the project that includes 16 villas is estimated to cost more than $3m.

“I think it’s a good time for us to inject this into the economy,” he said.

“In terms of funding, I think many banks will be interested given the way things are and which bank would provide the best deals for us.

He said Sangam was in a position to self-fund the project as well.

“The idea now is to finalise the sale and purchase agreement and also finalise the titles within the allocated lots and once that’s done we will send the prospectus out to as many people.

“The next step is the works in terms of ground-breaking ceremony and the construction.”

About the villas

He said each villa was designed to make life as easy and enjoyable as possible.

“The accommodation would comprise of a decent living room, fully fitted kitchen, dining area, one bedroom with a master bedroom.

“Bathrooms would have non-slip floors, showers and flush with the floor for easy access, it will also have easy wheelchair access.

“Every single villa will be connected to an emergency call system that will be responded to 24 hours a day by our own on-site care team.”

From left: TISI Sangam Fiji Foundation board members Sharrek Naidu and Himen Chandra, Project architect Jack Reddy, TISI Sangam Fiji Foundation president Sadasivan Naicker, treasurer Som Padayachi, TISI Sangam Fiji chief executive officer, Jai Narayan during the launch of the TISI Sangam Fiji Foundation retirement villa project on December 5, 2019. Photo: Renu Radhika

From left: TISI Sangam Fiji Foundation board members Sharrek Naidu and Himen Chandra, Project architect Jack Reddy, TISI Sangam Fiji Foundation president Sadasivan Naicker, treasurer Som Padayachi, TISI Sangam Fiji chief executive officer, Jai Narayan during the launch of the TISI Sangam Fiji Foundation retirement villa project on December 5, 2019. Photo: Renu Radhika

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