SUNBIZ

Real Estate Giant Opens Agency Here

Leading Australian property group Raine and Horne’s worldwide expansion is now in Fiji after the launching of Raine and Horne Fiji in Lautoka on Thursday night. The Fijian-owned and operated
23 Jul 2017 10:17
Real Estate Giant Opens Agency Here
Raine and Horne Executive Chairman Angus Raine and his wife Natasha with their children from left Charles, Max, Alexandra, Edwina and Heidi during the company launch on the 20th of July, 2017. Photo by: Charles Chambers

Leading Australian property group Raine and Horne’s worldwide expansion is now in Fiji after the launching of Raine and Horne Fiji in Lautoka on Thursday night.

The Fijian-owned and operated local agency, which will offer a full suite of real estate services, was launched at an event at the magnificent Waterfront Hotel, Lautoka.

The event was hosted by local directors, CJ Shergill, Sanjay Krishna and Aveet Goundar.

A large contingent of local business and tourism industry elite attended the launching with Lautoka City Council CEO Jone Nakauvadra and Raine and Horne Executive Chairman, Angus Raine.

Raine and Horne is a fourth generation family owned and operated business that was founded in Australia 134 years ago and launched its global network in 1989, when it established a presence in Malaysia.

The real estate superbrand has plans to open more offices in the Pacific, the Indian subcontinent and the Middle East in the next 12 months.

It has recently opened two offices in Dubai.

“We are the fastest growing network in Australia and we aim to emulate this globally,” said Mr Raine.

“Australia is a global leader in the delivery of real estate agency best practice, and Raine and Horne is a global leader in terms of IT, marketing, training and agency systems, so it stands to reason that we are taking an aggressive approach to global expansion.,” he said.

“C.J. and Sanjay are both former bankers with a decade or so of real estate experience, and Aveet arrived in real estate in 2014 after a successful career in IT.

“In combination, they are the real deal in terms of real estate and business experience, and their team will be trained by Raine and Horne to the highest Australian standards.”

Mr Shergill, who worked for Westpac in Australia and Fiji, has been in real estate with a number of major and independent brands since 2006.

He established his current real estate business in Lautoka in 2015.

“Sanjay, Aveet and I have decided to join Raine and Horne as it’s a recognised real estate brand and we have a long relationship with Bill Russell, the firm’s General Manager of International Business,” said Mr Shergill.

“Importing Raine and Horne’s business practices will prove a big tick with Fijians because Australia has the best consumer protection laws, a sophisticated real estate industry, and very high standards of agency practice, especially in a franchised environment.”

Raine and Horne Fiji has offices in Lautoka and Nadi, and will be opening in Suva, Savusavu and Rakiraki, in Fiji’s cane-belt region.

“Rakiraki is halfway between Suva and Nadi, on Kings Road, and future development is expected to take off there.

“It will be mostly leasehold title, although there are some chunks of freehold land in Rakiraki, too,” said Mr Shergill.

Raine and Horne Fiji also plans to establish offices in Vanuatu, the Solomon Islands and Samoa as there is substantial trade and commerce opportunities between these countries.

To support this growth, Mr Shergill says the current team will be extended from 10 licensed real estate agents to 30.

There are also plans to build Raine and Horne Fiji’s portfolio of investment properties, although property management is still in its infancy in Fiji.

“There is room for big real estate brands such as Raine and Horne in Fiji and the Pacific region, as there are many smaller players in local markets.

“The delivery of commercial broking services are other opportunities that Raine and Horne could deliver to Fiji through its broking arm, Our Broker,” said Mr Shergill.

Raine and Horne Fiji is launching at a time when cultural shifts are changing the Fijian property market.

“In the past, a father would decide where family members would live in Fiji. This is changing and Fijian Millennials are making their own decisions about where they want to live and buy property,” said Mr Shergill.

“If you are a younger person buying residential property in Fiji, you should look at native title properties, which have more affordable 99-year leases.

“A freehold three-bedroom house in Martintar, near Lautoka, for example, will be FJ$450,000 to FJ$500,000 and the land will be FJ$250,000.

“A quarter-acre block in the same region on a leasehold arrangement will cost between FJ$70,000 and FJ$150,000, and it will be FJ$120,000 for a house.

“This appeals to younger buyers.”

EDITED BY: Karalaini Waqanidrola

Feedback: charles.chambers@fijisun.com.fj

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