It is not a failed investment

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Dear Editor,

 

Re: Taxpayers to fork out more for $4.2m Office

Your front page article yesterday with the caption “Taxpayers to fork out more for $4.2m Office” needs to be clarified further for your readers’ information.

1.0 Paragraph 3 last sentence “He said the initial cost is $83,000.00 tala”. The correct term I used was the renovation cost. O le tau e toe faaleleia ai le fale. These are totally different terms where the former refers to a sequence of costs or a portion of the renovation cost and the later meaning it’s a one-off cost.

2.0 We did not give Coin Save any first option as you referred to instead I said we will advertised to lease the second floor early next year. Later, your reporter thought Samoa Observer understands that Coin Save might not be interested due to some quality issues in terms of the building structure. I am not aware of this and its news to me. Perhaps your paper needs to explain what are these issues concerning the building structure. 

3.0 I am also very concern with what your reporter wrote and I quote “something is wrong with the quality of work on the floor building which the government needs to look at.” Again I am not aware of this but I guarantee you the building is in a very good condition. Your paper needs to enlighten this as well.

4.0 The Vaitele market is not a failed investment as you alluded to. I explained clearly to your reporter that Samoa Land Corporation (SLC) received a monthly rent of $23,000.00 tala since May this year. It means SLC will earn more than a quarter of a million tala annually for leasing the ground floor of the Vaitele market and will continue to generate higher revenues for years to come. Previously we only collected around $3,000 tala per month from the same space. 

5.0 Lastly, looking forward, as the Vaitele Industrial zone continued to develop and prosper so is the Vaitele market. I don’t think it’s a failed investment, then. 

 

Ulugia Petelo Kavesi

GENERAL MANAGER SAMOA LAND CORPORATION

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