The Vanuatu National Provident Fund (VNPF) yesterday revealed that it has added another property to its acquisitions.
“On December 14, 2018, a ceremony was held between VNPF and National Bank of Vanuatu (NBV) in regards to a purchase of NBV property at Pango,” the first 2019 update from the Fund conveyed.
“The Conquistador Villas was purchased by VNPF with an amount of VT150 million and its inclusion cost amounted to VT12 million. The total cost of the property is VT162 million.”
The purpose of the purchase is to increase VNPF investment properties and to rent the apartments to prospective tenants that will bring revenue to members’ Funds.
The Conquistador Villas consists of seven apartments. Each of the six apartments have three rooms with a monthly rental fee of VT242, 143.
The seventh apartment has four rooms with a rental cost of VT252, 143/month, and a manager’s accommodation with two bedrooms at a rent of VT115, 000 a month. The total annual rental income expected is VT18, 934,286.
“VNPF is looking into identifying and buying properties that will bring good income,” VNPF GM Achary stated.
“Like the TVL building, once it is completed we expect to gain 12% in return that is why we are increasing our footprint in property market.
“On the broad aspect of our strategic plan, we want to have a better footprint on infrastructure.”