28 April, 2006

Fund to develop Suva foreshore

The Fiji National Provident Fund (FNPF) will purchase 15 acres of the Suva Harbour foreshore valued at F$19.5 million from the Suva City Council. The land is for the Fund's future business deelopments which will include a seafront retail and commercial operation. While 3.5 acres of land are already landfilled, the council will reclaim the remaining 11.5 acres over a period of time. The purchase is part of FNPF's strategy to grow its land bank for future developments. The Fund is expanding its property asset base in certain areas adjacent to Suva's central business district where it believes there is tremendous development potential in the near future. It sees the eastern end of Victoria Parade near the Suva Bowling Club with great potential for upmarket commercial growth. FNPF has also purchased the Grand Pacific Hotel and the Holiday Inn through its investment arm - FNPF Investments Limited. The Fund is to announce plans for the first project on the reclaimed land next month.

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