Shania Shayal Prasad 
Landowners will now be able to access a new loan product to subdivide their properties and increase the supply of residential lots in prime areas.
Merchant Finance Chief Executive Veilawa Rereiwasaliwa states that $16 million has been approved under the Land Subdivision Loan for seven projects, covering 100 percent of civil works financing.
He adds this move will see 299 new lots slated for development and this loan product will help create a significant number of new property owners, enhancing both personal wealth and the broader economic landscape.
“We’re looking for customers who have the development lease if its lease land. They need to get the scheme plan approved and the engineering plan approved. And then where we come in is financing the civil works. So this includes the roads, tassel roads, drainage, the water pipes, EFL, sewer if required.”
Rereiwasaliwa adds the minimum landholding requirement is two acres, with the ability to scale up for larger developments.
Great Council of Chiefs Chair Ratu Viliame Seruvakula says by strengthening the financial resilience of indigenous communities they create opportunities for long-term stability.
“Enhancing landowner’s wealth and ultimately lifting families out of poverty and struggles they face on a day-to-day basis.”
In addition to the loans already granted, more than 10 additional projects are in the pipeline, with a total value of over $100 million.
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