THE Fiji National Provident Fund (FNPF) has been named as a party in a major $250million tourism-related project that is due to be announced today.
It is understood the real estate project, described as “a significant milestone for Fiji”, will create about 500 jobs and generate $26million in income for the country.
Other parties include BSP Bank and Australian real estate company Realcorp, whose founder and managing director Bob Lowres is credited with the development of Naisoso Island.
“We are thrilled to report that the market response to this development has been exceptional, with $181million in sales already secured,” Realcorp said in a pre-announcement statement.
“We remain confident the project will be completely sold out by its scheduled completion in late 2026.”
FNPF has, over the years, increased its exposure to the tourism industry through full ownership of a number of major hotels.
It also bought shares in Fiji Airways during COVID-19 and now has a 30 percent stake in the national airline.
In its 2024 annual report released this month, the fund said its investments in hotels have delivered favourable returns, driven by the resurgence in the tourism sector.
“As travel and tourism activities have picked up, our hotels have benefited from increased occupancy rates and higher revenues,” it stated.
“This boost in tourism has significantly enhanced the performance of our hotel investments, reflecting the positive impact of the sector’s recovery on our financial returns.”
A significant local investor with assets of over $10billion, FNPF is one of the largest property owners in the country.
Its hotel and resorts portfolio include the InterContinental Fiji Resort & Spa, Natadola Bay Championship Golf Course, Yatule Resort & Spa at Natadola Beach, Holiday Inn Suva, Fiji Marriott Resort Momi Bay, Sheraton Fiji Resort, The Westin Resort, Denarau Golf & Racquet Club and the Grand Pacific Hotel in Suva.
NOTE: This article was first published in the print edition of the Fiji Times dated December 31, 2024.
