INVESTMENT interest in the ambitious $2billion Emerald Bay project currently in its early stages at Nadawa in Nasinu is now building up.
“What will eventually be called Emerald City is an integrated tourism development project on more than 450 acres of land that “is poised to become a fully integrated smart city” that will “redefine urban living and tourism in Fiji,” according to its developer Naps Developments.
“We have rolled out Phase One of the residential subdivision. Work has started,” said Naps Developments founder and managing director Bal Sundaram (pictured) in an interview with The Fiji Times.
“We’ve got a lot of interest from high finance.
“They’re all doing their feasibilities and due diligence to be able to come on and see what part they can play as investors for their shareholders and stakeholders.
“When this project is fully built, we’re talking anywhere up to $2.5b to $3b of investments.”
He said the multi stakeholder project was likely to be rolled out in 10 different stages and depending on how many stakeholders come in (to invest), the project may take between five and 10 years or even longer to complete.
“We cannot compare to Denarau because when Denarau was built, there was not that kind of investment and tourism, etc.
“Today, it’s a different Fiji we’re talking about,” Mr Sundaram said.
“And we’ve already seen that from the multiple interest that’s coming in to try and take part or invest or see which part of the development they can take part in, and we’re talking about the big boys here, both local and overseas.
“We have about three international brand hotels that have shown expression of interest, they have formally approached us to play a part in that.”
Mr Sundaram said the entire development will be separated by a man-made canal of about seven metres wide, which will separate Emerald Bay from the existing Nadawa for two reasons.
“One is it’s going to be a fully-fledged gated community with access through Qarase Rd (in Nadera) and Nadawa Rd.
“Qarase Rd will be a four-lane road going into Nadawa from Ratu Dovi Rd.
“And two, while we’re going to have that gated aspect of it, it will still be open to the public.
“The general public will still be able to go in and enjoy the tranquility of the subdivision or the gated community that we have.”
He said the sports and recreational facilities will include a 20,000-seat capacity stadium and multipurpose sporting facility that has already attracted interest from one of Fiji’s biggest investors.
