![NHL chairman Waisele Tuidama [seated] with representatives from FHL and Cope Constructions at the groundbreaking ceremony of the yavusa Nawaibuta's commercial building. Picture: JOSEFA SIGAVOLAVOLA.](https://www.fijitimes.com.fj/wp-content/uploads/2025/07/IMG_4244-scaled.jpg)
A $3.5 million commercial development that is expected to give Korovou Town a facelift will be partly owned by the Yavusa Nawaibuta from the Namalata district of Tailevu through a joint venture between Nawaibuta Holdings Ltd (NHL) and Fijian Holding Limited’s (FHL) under its ‘Impact Investment Initiative’.
In 2023, FHL had set aside $50m (10 percent of its capital base) for its impact investment initiative to accelerate the participation of iTaukei in commercial ventures.
The commercial development in Korovou is the first fully approved project under that initiative.
NHL chairman Waisele Tuidama said the building will cost $3.5m to build.
“The land is valued at $890,000, but excluding the land, the building itself is valued at $3.5m to construct the two-storey building,” Mr Tuidama told The Fiji Times.
“With $1.2m coming from Fijian Holdings Limited and the land comes from us as our share, our company gave another $105,000 in cash to increase our capital in this development.”
In their partnership, Mr Tuidama said they would hold 40 per cent ownership of the anticipated project in Korovou.
“We’ve agreed into a partnership with FHL, and they own 60 per cent of shares and the yavusa Nawaibuta owns 40 per cent. And in 10 years time, we will buy back Fijian Holdings’ shares so we could have full ownership to the company, and the company is Nawaibuta Properties Pte Ltd.”
FHL has already used $14.6m out of the 50m for equity in five joint venture projects with resource owners in Taveuni, Savusavu, Muaivuso, Kalabu and the latest in Korovou.
The planned development will feature office and retail spaces with renowned fastfood chain DMC already being signed on as the first tenant.
The development project is expected to be completed by next year.
Locally and family-owned COPE Construction Ltd has been awarded the contract for the project. Company managing director Suman Sekran said they looked forward to working closely with all stakeholders to bring the project to life.
She said they would employ 50 workers in the construction phase.
“We now commit ourselves in delivering this development to the community of Korovou,” Ms Sekran said.
Note: This article was first published on the print version of the Fiji Times dated July 1, 2025
