K44mil invested in project: CTSL

Business

By CLARISSA MOI
COMRADE Trustee Services Ltd (CTSL) has invested about K44 million in its Toea Home project, statutory manager Sitiveni Weleilakeba says.
He told The National that the process trust had embarked on was one of liquidation and from the investment, 158 allotments had been fully serviced together with 30 homes built on 30 allotments.
Weleilakeba said CTSL finalised the sale of the 30 homes to its members where the process had been completed with funding provided by Bank South Pacific (BSP) under their first home ownership scheme to CTSL members.
He said CTSL had 128 lots that remained unsold.
“The remaining lots are quite expensive to our members and we are forced to take appropriate action to liquate the funds tied up in this development to allow us to undertake phase two which will be done and controlled from end-to-end,” he said.
“Our members eligibility test undertaken indicates that majority of our members can afford a land and home package of around K250,000.
“That is our target in the development of phase two.
“However, we need to cash up on 128 lots to fund phase two.
“We had no choice but to open up sales to the public.
“The price of these lots offered to the public is higher than what we offer our members.” Weleilakeba said CTSL then launched its sales campaign and within a period of one week all the 128 lots had been sold from which 30 lots had been given to the national superannuation fund (nasfund) to sell to its members under strict conditions.
Several attempts to get comments from nasfund were unsuccessful.
However, Weleilakeba said CTSL’s strategic alliance with nasfund was based on mutual interest.
“The investment on site including land cost should not fall below K250,000,” he said.
“This is very important to maintain a base value which can only grow in future.
“This is a one off and should give both institutions a feel as to the current demand, and price points acceptable to nasfund and CTSL.
“CTSL provided the land and home package to suit nasfund members’ affordability and in doing this, we are able to access members’ data on demand and price points.”