Khan Invests More, Hails Budget Help
Construction of a new $2.5 million sevenwarehouse is expected to begin next month in Nadera, Suva. Western Homes Limited managing director and Property developer Bobby Khan said the building, being built by his company Western Homes Limited along Ratu Dovi Road in Suva was a signal from him to all other developers to have faith in the country.
He has urged business owners who would benefit from the National Budget announcement about the reductions in taxes and tariffs to pass this down to the people.
“The ordinary people and our clients need to see these concessions by Government find its way to them,” Mr Khan said.
“I am moving ahead with the warehouse development in Suva and this will begin next month.”
Mr Khan has already built one modern warehouse facility and was completing another, both of which are along the Nadi Back Road. “Government is now working with the business people by providing a lot of perks on construction materials,” he said.
“On the warehouse incentive we have been given concessions on building materials.” Mr Khan said one area which he was pleased with and a subject he had brought up with Government and the Reserve Bank of Fiji was the removal of stamp duty.
“I have a lot of friends abroad who are business people, but have not invested in Fiji because of the 10 per cent Stamp Duty.”
He highlighted that straight after the budget announcement he received phone calls from mainly former Fijian residents living abroad who said they would return and invest in Fiji once the borders open. He said they have seen a lot of other overseas investors return home without investing because of red tape and the stamp duty they had to pay.
“That is now past us and there will be a lot of investment in the country judging from the phone calls I have been getting.”
Sonaisali development
He added that as a land developer, the tax concession on land development in the budget has come at the right time and this should see more developments taking place.
“We now can sell land for a very reasonable price.
“My next land development project is at Sonaisali where the present valuation on a 800 square metre lot is $300,000.
“Now with the tax concession I will now be selling these waterfront lots for $149,000. “This is what Government’s intention is and that these types of concessions should be passed down to our clients and consumers.
“It’s simple – if we have been given discounts, we have to pass this on to the people to also benefit.”