The Fiji National Provident Fund (FNPF) has expanded its property portfolio by acquiring the Garden City complex on Carpenter Street in Raiwai, Suva.
Covering 3 acres and 1.7 perches of freehold land, just 2.5 kilometers from Suva’s central business district, Garden City has a strong tenant base, including well-known businesses, with many holding long leases.
Fund Chief Executive Officer Viliame Vodonaivalu sees this investment as an opportunity for good returns and growth, aligning with its strategy to reduce defensive assets and increase growth assets.
“Freehold property in Suva is a rarity, especially those that are situated strategically amongst major developments,” he said.
Directors of Marco Polo Holdings Pte Limited and owners of Garden City Wah Sing Yee and Yun Ying Yee cited the Fund’s record as a key factor in their decision to sell the property to the FNPF.
““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,” Yee said.
The Fund said it conducted thorough due diligence in the acquisition process and was actively exploring opportunities to maximise returns.
Photo: An Pho/Online