Government buys Vava’u Market [1]
Tuesday, May 16, 2017 - 17:35
The Government of Tonga has purchased the Vava’u market for a total of $3.335 million pa'anga (CT inclusive), made out in a combination of cash payment and tax credits.
On 11 May, the Prime Minister Hon 'Akilisi Pohiva signed with a representative from Pacific Property Ltd (PPL) John Paul Chapman, the completion of the purchase from the current lease holder of the Vava’u Market leases.
The first phase was signed in August 2016, a portion for the Vava’u Market building for the sum of T$1 million plus CT, in which payment to PPL was by made in the form of tax credit.
In this second phase signed completed the purchase of that remaining block of land (up to the ANZ building) for the sum of $1.9 million pa’anga plus CT. PPL expected to spend $50,000 out of the $1.9 million to renovate the improvements in preparation for the church conferences in June-July.
Present for the purchase completion were the Minister for Justice and Prisons, Hon. Vuna Fa’otusia and Minister for Commerce, Consumer, Trade, Innovation & Labour and Minister for Revenue and Customs, Hon Dr. Pohiva Tu’i’onetoa.