SUN Insurance Co. Ltd has signed a long-term lease agreement with Pacific Specialist Healthcare (PSH) Hospitals for the full tenancy of its Sun Centre 2 building in Nadi, ahead of the building’s construction completion date.
The $30 million Sun Centre 2, with its 3845 square meter footprint, is expected to be completed in third quarter of 2025, providing additional space for PSH to extend its healthcare offerings, Sun Insurance said in its announcement last Friday at the South Pacific Stock Exchange (SPX) in Suva, where it is listed.
“We are excited to have PSH as the tenant for our second building,” Sun Insurance board chairman Padam Lala said.
“This marks the extension of a long-term relationship that will benefit not only our shareholders but also the community we serve.
“It’s a testament to our commitment to supporting the growth of essential healthcare infrastructure in Fiji.”
PSH currently leases SUN Centre 1, which houses its headquarters and hospital services.
When it listed on SPX last year, Sun Insurance had disclosed that its foray into property development was part of its diversification strategy.
“As an insurance company, diversifying our income streams is vital for sustainable growth,” Mr Lala said last Friday.
“Thanks to our expanding property portfolio, Sun Insurance is now better positioned to increase our risk capacity and explore new opportunities for growth.
“Sun Insurance’s property holdings include Sun Centre 1 and 2 in Nadi, Kaunikula House in Suva, the upcoming Sun House 2 in Flagstaff, Suva, Sun Centre Valelevu and several large parcels of land throughout Fiji.
“These developments demonstrate the company’s commitment to investing in key assets that support both economic development and community well-being.” PSH Hospitals founder Parvish Kumar said the official signing of the agreement last Friday marked a milestone development between the two parties.
“PSH has been negotiating and talking with Sun Insurance for quite a long time now regarding this major agreement,” Mr Kumar said.
He outlined plans for the new building, which include a pharmaceutical drug plant and an organ transplant facility, geared towards adding medical tourism to the Nadi township fame.
“Nadi before was known only as a tourism capital. Now, it will also be known as the medical capital of Fiji.
“So we’re very excited to go ahead and get things running,” Mr Kumar said.
