Fiji is set to welcome a significant new addition to its tourism industry as the Fiji National Provident Fund (FNPF), BSP Financial Group, and Relcorp (Fiji) Pte Limited announced a financial agreement worth $250 million for the proposed Radisson Blu Mirage Resort at Naisoso Island in Nadi.
BSP Financial Group is leading the financing syndicate for this ambitious development, collaborating with Australian real-estate firm Relcorp. Haroon Ali, the country head of BSP, shared that their partnership with FNPF involves not only equity stakes but also senior debt to ensure the project’s viability. This collaboration marks a pioneering instance of a syndicated deal between BSP and FNPF, who is also a significant shareholder in BSP.
Viliame Vodonaivalu, CEO of FNPF, described the arrangement as “unique,” indicating a strategic shift for FNPF into high-end market investments, which were previously off-limits to them. He expressed optimism about the synergy between FNPF and BSP, calling it “a winning combination.”
Relcorp’s managing director, Bob Lowres, emphasized the resort’s potential to elevate Fiji’s standing on the global tourism map, suggesting that it could rival destinations like the Bahamas and the Mediterranean. He noted strong interest in the project, with nearly 80% of sales already achieved, which includes two-thirds under contract.
The project is expected to create 500 jobs and generate approximately $36 million in revenue for Fiji. Construction is slated for completion in 2026, marking a promising development for both the local economy and the tourism sector.
This investment underscores the commitment to delivering high-quality international standards in Fiji’s hospitality offerings, paving the way for future projects that could enhance the nation’s attractiveness as a travel destination.
Overall, this initiative signifies a positive step forward for Fiji’s economy and the tourism sector, providing hope for job creation and sustained growth in the coming years.
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