TLTB targets $2M savings with new Labasa property

The iTaukei Land Trust Board is investing in property ownership to reduce its annual rental costs of about $2 million.

The Board’s latest acquisition is Taukei Plaza Tolu in Labasa, purchased for around $2.9 million as part of a new strategy adopted in 2024 to own buildings for its offices and generate additional income by renting out vacant spaces.

TLTB Chief Executive Officer Solomone Nata says the Labasa building is the third property purchased under the strategy, following acquisitions in Lautoka and Nadi.

“We spend around $2 million every year in rent, so we want to save that. Obviously, we can acquire properties with $2 million every year. So that’s the new direction, so this is the third one.”

Nata says the Board hopes to extend the strategy to other locations, including Korovou, Rakiraki, Ba and Sigatoka, as it looks to reduce rental expenses and grow its asset base.

The new building is also expected to provide a better working environment for more than 30 staff serving the provinces of Bua, Cakaudrove and Macuata.

Nata says the improved environment is expected to support staff productivity and strengthen service delivery to landowners across the Northern Division.

Taukei Plaza Tolu was officially opened by the Turaga na Tui Nadogo, Ratu Ilisaniti Malodali, in the presence of the Minister for iTaukei Affairs, Ifereimi Vasu, Tui Labasa Ratu Jone Qomate, Turaga Buli Ravuravi Ratu Semi Ramatai and other guests.