Just don’t buy a house, buy a sugar cane farm- house. Sugar cane farming investment is considered to be a safe and sound investment for anyone as a good retirement plan. It may be difficult for those earning around $30,000 to buy a house worth $200,000, whereas a cane farm worth $80,000, producing 250 tonnes is worth investing, said the Chief Executive Officer of Sugar Cane Growers Fund Mr. Raj Sharma.
This morning we are honored to have Assistant Minister for Sugar to launch this promotion. One can use FNPF Housing Eligibility to buy a farm, buy a farm and construct farm house, buy a farm with house, reduce farm loan. This all can be done through SCGF.
This package is targeted to working class professionals and also to those who would be retiring in the next 10-15 years. You will never go wrong with cane farming as it withstands unfavorable weather conditions and you do not have to look for market, said Mr. Sharma.
The investment of $80,000 (house with 10 acres of cane) producing 250 tonnes, gives net income of $6250 , a Return on Investment of 7.8% .In addition to sugar cane, there is room for other crops for food security- cash crops, vegetables, rice. You have to contribute 33 percent of the cost that may come from FNPF and the rest is funded at 6 percent interest rate, repayable over either 12 or 15-year term, provided loan is paid off within 5 years before lease expiry. We also have very competitive fees and charges, said Mr. Sharma. Now loan application can be lodged through our digital platform – mySCGF App.
After COVID 19, we have seen quite number of working professionals – civil servants, those in tourism sectors and other private sectors have invested in cane farming. This promotion also gives opportunities to our senior farmers who wish to quit farming and or are living in overseas and intend to dispose the farms, we are creating the environment for buyers and sellers, said Mr Sharma.
This promotion comes with cash prize for all successful applications that would be drawn on 21st December 2022- 1st prize $300, 2nd prize $200 and 3rd prize $100.