The Fiji National Provident Fund (FNPF) are the new owners of Garden City complex.
In a media release yesterday, fund chief executive officer Viliame Vodonaivalu said Garden City was strategically located and came with strong tenancy terms, with many of the current tenants holding long leases.
“As a major property owner in the country, the fund continues to explore growth opportunities in the market to increase the properties portfolio and support the investment strategy to reduce defensive assets and increase growth assets,” he said.
According to Mr Vodonaivalu Garden City complex which was located at Carpenter Street in Raiwai, is a well-established complex with tenants made up of renowned businesses.
He said they anticipated good returns on their investment and to the members of the fund.
According to the fund the complex boasts a diverse tenant mix that includes a supermarket, high-end dining, restaurants, bank, telecommunication services, clothing shops and reputable office tenants.
Additionally, Garden City is centrally located near the densely populated residential areas Raiwai and Raiwaqa, with many recreational, educational and medical facilities within walking distance.
“Freehold property in Suva is a rarity, especially those that are situated strategically amongst major developments,” Mr Vodonaivalu said.
The directors of Marco Polo Holdings Pte Ltd and owners of Garden City — Wah Sing Yee and Yun Ying Yee said they were happy to sell the property to FNPF after evaluating a number of competitive bids for the property.
“We are confident that FNPF will continue to take care of our existing tenants and customers, add to the development of Garden City, as well as getting a good return for its investment,” said Mr Yee.
