The Fiji Development Bank has acquired Tanoa Apartments in Votualevu, Nadi, as part of a broader strategy aimed at diversifying its investment portfolio and supporting long-term national economic development.
The acquisition was completed through the bank’s subsidiary, FDB Nominees Pte Limited, from the Reddy Group.
FDB chief executive Filimone Waqabaca said the investment reflects the bank’s commitment to building sustainable income-generating assets that will strengthen its ability to support Fiji’s productive sectors.
“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,” Mr Waqabaca said.
He said the additional revenue streams would improve the bank’s capacity to continue financing critical sectors such as agriculture, fisheries, forestry and Micro, Small and Medium Enterprises.
“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,” he said.
FDB Board chairman Damend Gounder described the purchase as more than a conventional real estate 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,” Mr Gounder said.
Managing director of the Reddy Group, Rohit Reddy, welcomed the acquisition and praised the bank’s efforts to expand into development-focused investments.
“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,” Mr Reddy said.
The Fiji Development Bank also acknowledged the Reddy Group for its cooperation during the acquisition process and reaffirmed its commitment to supporting investments that create long-term value for Fiji and its communities.
