Saturday, May 25, 2024
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FNPF acquires Garden City Complex

The Fiji National Provident Fund has expanded its extensive property portfolio, by acquiring the Garden City complex at Carpenter Street in Raiwai, along Grantham Road.

The property, which sits on a freehold land area of 3 acres and 1.7 perches, is located just 2.5 kilometers out of the main Suva City central business district.

Fund chief executive Viliame Vodonaivalu said Garden City is a well-established complex
with tenants made up of renowned businesses.

“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.”

“Garden City is strategically located and comes with strong tenancy terms, with many of the current tenants holding long leases. We are anticipating good returns on our investment and to our members,” said Vodonaivalu.

“Freehold property in Suva is a rarity, especially those that are situated strategically amongst major developments,” he added.

Directors of Marco Polo Holdings Pte Limited and owners of Garden City, Wah Sing Yee and Yun Ying Yee explained their decision to sell the property to the FNPF, citing the
Fund’s proven record.

“We are happy to sell 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.

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.

The property offers a car park and 24-hour CCTV surveillance system with standby generators and water tanks.

The Fund conducted thorough due diligence in the acquisition process and is actively exploring opportunities to maximize returns.

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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