Nikhil Aiyush Kumar 
The Fiji Development Bank has strengthened its investment portfolio with the acquisition of Tanoa Apartments, in a strategic move aimed at boosting long-term income generation and supporting national development priorities.
The purchase was made through the Bank’s subsidiary, FDB Nominees Pte Limited, with the property acquired from the Reddy Group.
FDB Chief Executive Officer Filimone Waqabaca says the investment aligns with the Bank’s strategy to build sustainable income-generating assets that will enhance its ability to support key sectors of the economy.
He says the property’s location and land size present opportunities for future integrated developments, including affordable gated housing projects and commercial ventures expected to deliver long-term returns.
These additional revenue streams, Waqabaca says, will help strengthen support for agriculture, fisheries, forestry, and micro, small and medium enterprises, which are key drivers of employment and inclusive growth.
FDB Board Chair Damend Gounder says the acquisition goes beyond traditional property investment, describing it as part of a broader effort to align financial returns with national development goals.
Meanwhile, Reddy Group Managing Director Rohit Reddy welcomed the deal, saying it reflects FDB’s evolving business model and continued commitment to Fiji’s economic growth.
The Bank also acknowledged the Reddy Group for its cooperation during the acquisition process, reaffirming its focus on investments that deliver long-term value for Fiji and its communities.
