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Purchasing of Vava’u Market by Government from Pacific property Limited completes

 

Radio & TV Tonga, Nuku’alofa, 17/05/2017

 

The purchase of the ‘Utukalongalu market in Vava’u by the government of Tonga from the Pacific Property Limited or the market’s lease holder is completed.

 

The total purchase is about TOP$3 million with CT inclusive – this means that the market is solely owned by the government.

 

The payment of the TOP$3million by Government to PPL is to be made in a combination of cash payments and tax credits.

 

Information from the Prime Minister’s Office says, purchasing of the market was in two phases.

 

The first phase was signed in August 2016 which was just a segment around the Vava’u Market building for the sum of TOP$1milion plus CT.

 

Meanwhile the second phase completes the purchase of the remainder of that block of land for the sum of TOP$1.9 milion plus CT.

 

In this 1.9 million piece of land, PPL will spend TOP$50,000 from it to renovate the improvements in preparation for the church conferences in June to July.

 

The Prime Minister – ‘Akilisi Pohiva signed for the government, while John Paul Chapman signed for the Pacific Properties limited.

 

Witnessing the signing ceremony were Ministers for Justice and Prisons, Hon. Vuna Fa’otusia and Minister for Commerce, Consumer, Trade, Innovation & Labour and also Minister for Revenue and Customs – Hon. Dr. Pohiva Tu’I’onetoa.

 

© Radio and Television Tonga News