The Damodar Group has signed a memorandum of understanding (MoU) with the Y3 Kofera Trust of Narewa Village to establish a joint venture aimed at developing about 130 acres of prime land just off Denarau Island in Nadi.
The Y3 Kofera Trust – historically referenced as the Y3 Gopher Trust – serves as the corporate and investment arm for the Yavusa e Tolu – comprising the yavusa of Navatulevu, Sila and Takuilau.
The Trust holds customary rights over high-value tourism and commercial real estate in the Nadi delta, including Denarau Island.
The parties said the proposed development will be planned in response to market demand and the long-term growth needs of the Denarau-Wailoaloa tourism and commercial belt.
Damodar Group chief executive officer Div Damodar said they were pleased to enter into this MoU with the Trust.
“Our objective through the Kofera Damodar joint venture is to build a sustainable, real estate investment that supports the tourism sector and delivers lasting value to the community, local businesses, and the broader Fijian economy,” Mr Damodar said.
Y3 Kofera trustee and board secretary Samuela Tuidraki said they were committed to transforming their native land into sustainable commercial ventures.
“Partnering with Damodar Group allows our beneficiaries across the yavusa Navatulevu, yavusa Sila and yavusa Yakuilau to secure long-term economic growth and community benefits for present and future generations,” Mr Tuidraki said.
Initial due diligence assessments now commence immediately with project planning, environmental assessments, and master-design phases to follow for the 130-acre project.
Subject to satisfactory due diligence and agreement on the final joint venture structure, the parties will work with the relevant authorities to prepare a development master plan for the site.
