The Fund’s property portfolio’s overarching theme for the year was resilience and reconnection. The focus of the third quarter of 2022 was getting FNPF tenants back to work in a safe and welcoming environment.

FNPF continued to assist tenants who were directly impacted by COVID-19 through to December 2021.

The portfolio consists of 29 properties, including 19 commercial properties leased for retail and office use and 10 undeveloped land holdings with the potential for future development.

The improvement in the portfolio performance compared to the last financial year reflects Fiji’s broad-based recovery.

The value of the properties’ portfolio at the end of 2022 was $447.7 million compared to $430.7 million in 2021, representing about a 4% increase in fair value.

My FNPF Centre, Nadi, which was successfully completed and opened to tenants and consumers on 6 December, 2021, contributed to the overall increase in rentable space.

Specific vacancy rates decreased resulting in an occupancy rate of 93% for the portfolio. Rental income for the year was $20.6 million, compared to $19.0 million in 2021.