Momi and Natadola projects progressing well
July 30, 2015 12:48 am
The Momi Bay and Natadola projects on the Coral Coast by the Fiji National Provident Fund are slowly earning their way back into the books.
FNPF Chair Ajith Kodagoda says this is based on the value of the two properties after development as well as earnings from InterContinental Fiji Gold Resort and Spa.
FNPF expects that in the long term, both investments will more than make up for their troubled past.
“I’m sure we will be able to sell the Natadola land and Momi and not only recover what has gone wrong but probably do much better.”
FNPF has been able to write back $44 million thanks in part to the Resort in Natadola – and soon to open residential sales in September.
Momi Bay is also progressing well with local contractors Fletcher Construction working on schedule.
With works at the halfway stage, FNPF says they have completed oversight and expect works to finish by October 2016 – within the $190 million budget.
Marriott International has signed up to manage the 250 room Momi Bay Resort in Nadi.
The failure of the Momi Bay and Natadola project led to a write down of more than $300 million by FNPF.