Natadola Beach Villa set to join FNPF portfolio

December 7, 2023 4:43 pm

The Fiji National Provident Fund is in the process of acquiring the Natadola Beach Villa and Garden City properties.

The total acquisition cost of the two properties is $59.3 million.

This was highlighted in the Fiji National Provident Fund Board Members’ Report for the year ended 30 June 2023.

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Chief Executive, Viliame Vodonaivalu says the Fund is now awaiting completion of the settlement and title transfer.

He says the sale and purchase agreement have been executed with the title to be transferred to the Fund upon settlement.

The Chief Executive says settlement is yet to be made as at the date of the accounts signing.

There are indication the settlement on Garden City property is expected by next week.

Meanwhile, Vodanaivalu says their hotels are also doing well.

He adds Westin Resort Refurbishment Guest room block renovations are on track with Fletcher Construction as the main contractor for both guest rooms and roofing.

He says the central facilities interior design phase is nearly complete, and consultants are finalizing drawings for tendering.

The revised Westin refurbishment is expected to take 18 to 24 months, targeting completion in the third quarter of 2024.