- July 22, 2005
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
Two of the country’s prominent investment vehicles, Fiji Investment Corporation Limited (FICL) and FNPF Investments Limited (FIL) – a wholly owned subsidiary of FNPF – are pleased to announce a Joint Venture partnership to redevelop the Grand Pacific Hotel (GPH).
This comes after the two parties completed contractual and legal Agreements in Suva this week.
The Joint Venture is an 80:20 partnership between FIL and FICL respectively, in the Grand Pacific Hotel Limited.
Chief Executive and General Manager of FNPF, Mr. Olota Rokovunisei said that FIL’s involvement in the redevelopment of the GPH is part of the FNPF’s new policy to expand and diversify its investment portfolio to maximize its returns to members.
“Under the amendment to the FNPF Act recently passed in Parliament, we can now invest in any property, and that includes real estate, shares both listed and unlisted, bonds and loans, deposits and right to purchase.
“These investments are being made through our subsidiary company FNPF Investments Ltd who was offered the tender rights of Asia Pacific Resort Internal Ltd, the original bidders for the property”.
Chairman of FICL, Mr. Josaia Mar says the joint venture is a welcome prospect to the city of Suva as it finally sees the restoration of one of its beloved landmarks.
“GPH has been lying derelict for the past few years and its impending transformation will most certainly add to Suva’s image as well provide more tourist accommodation for the area, which has been lacking in the past”.
Plans for the redevelopment include transforming the GPH into an international class hotel with a total development cost in excess of F$40 million.
Built in 1912, the Grand Pacific Hotel is now a national heritage site and any development must integrate the present building into the overall architectural design.
Work towards the redevelopment will now begin with the first stage involving the finalisation of design and documentation of construction plans, which is expected to commence soon.
Construction is expected to be tendered late this year, with renovations of the existing building to commence not long after.
The completion and opening of the new Hotel is anticipated to be in late 2007.