The Fiji Development Bank has announced its acquisition of Tanoa Apartments in Votualevu, Nadi, from the Reddy Group, saying it is part of its broader strategy to diversify its asset portfolio and support long-term national economic development. The acquisition was made through its subsidiary FDB Nominees Pte Limited.
FDB Chief Executive Officer, Filimone Waqabaca, said the purchase reflected the Bank’s commitment to creating sustainable income-generating investments that will strengthen its long-term capacity to support Fiji’s productive sectors and economic transformation agenda.
“The strategic location and sizeable land area provide strong potential for integrated developments, including affordable gated housing developments and commercial ventures that can generate sustainable returns for the Bank,” he said.
“These additional income streams will further strengthen our capability to support key sectors such as agriculture, fisheries, forestry and Micro, Small and Medium Enterprises (MSMEs), which are critical to economic expansion, employment creation, community development, and inclusive growth.”
FDB board chairman, Damend Gounder, said the acquisition represents far more than a traditional property investment.
“This is a strategic opportunity to unlock the value of a prime asset in ways that support national development priorities while creating sustainable revenue streams that strengthen the Bank’s ability to contribute meaningfully to Fiji’s long-term economic growth and resilience,” he said.
Managing director of the Reddy Group Rohit Reddy, congratulated FDB on what he described as a progressive and forward-looking initiative that demonstrates the Bank’s commitment to evolving its business model while continuing to play a pivotal role in supporting the Fijian economy.
“We commend FDB for taking such a positive and strategic step towards diversifying its portfolio into development driven and income generating opportunities that will ultimately strengthen the Bank’s long-term sustainability and expand its capacity to support Fiji’s key economic sectors,” he said.
