Growers Fund to Spend $3.5m on New Complex

The Sugar Cane Growers Fund (SCGF) is expected to invest around $3.5 million in a new complex to be built near the Lautoka Sugar Mill.

Revenue from the new complex, which is expected to have mainly office spaces on rental, will be filtered down to compensate mortgagee protection premium for cane farmers to a tune of $0.5 million.

The complex is expected to have an office space of 1500 square metres. Fund chairman Ahemad Bhamji said this was the second property acquired by SCGF with the first being the building beside ANZ Bank in Lautoka City and which houses HFC Bank amongst other offices.

Fund chief executive officer Raj Sharma said revenue from the building assists in reducing the interest rates for cane farmers loans which saw a reduction from six per cent to four and a half per cent.

Mr Sharma said this was equivalent to $0.5 million also.

The site acquired used to house the first ever motor garage for the former Colonial Sugar Refinery Company and built in 1903.

Mr Bhamji said the site had heritage significance and there were a lot of potential 1 in this location.

"Preliminary plans are to custom design and build a commercial property in which the returns can be further passed down to our valued sugar cane growers," Mr Bhamji said.

The land with the Lautoka Sugar Mill in the background. Photo: Charles Chambers

Expression of Interest would be called for the anchor tenants nationally and internationally.

Last Saturday; SCGF conducted a successful Grower's Open Day in Labasa where the first ever Mortgage Protection Insurance (MPI) product for sugar cane growers was launched with Capital Insurance Fiji Limited.

"For the next two and half years the premium will be paid by SCGF with an annual tune of approximately $0.500m," Mr Sharma said.

"This would enable farmers be low 70 years to have loans covered and in case of untimely death or permanent disability; the loan will be fully paid provided the accounts are not in extreme defaults."

Mr Bhamji said SCGF has further plans for farmers including Special Overdraft Facility; Savings or Retirement Funds, Online Documentation Management System, and Sugar Cane Farmers Awards.

Meanwhile Commissioner Western, Apolosi Lewaqai who presided over the announcement proceedings for the acquisition of the property said it was only rightful that a stakeholder in the sugar industry acquired the land which belonged to Fiji Sugar Corporation.

He thanked SCGF to continuing to invest in the sugar industry and in Fiji which was fully supported by the Coalition.

Mr Lewaqai said it was a great location for other government departments to set up off in the new complex once completed.

"I thank you for not only looking at the commercial aspect of your work but also the social aspects of it," Mr Lewaqai said.

Work on the new complex was expected to be finished by October 2026.

Feedback: charles.chambers@fijisun.com.fj