The Unit Trust of Fiji (UTOF) has announced a substantial investment of $150 million towards three upcoming commercial property development projects. This announcement followed the inauguration of UTOF Properties Limited at the Grand Pacific Hotel in Suva.
These developments are set to encompass residential apartment complexes and a commercial office building, with two of the projects located in Suva and one in Namaka, Nadi. Prime Minister Sitiveni Rabuka, who presided over the launch event, emphasized the significant impact of UTOF’s investment on the local economy. He conveyed that the initiative would facilitate job creation, stimulate the local economy, and enhance investor confidence in Fiji’s commercial real estate market.
“This endeavor fits seamlessly within our Government’s economic recovery framework and aligns with our broader vision to cultivate a modern, competitive, and resilient economy. Let us not forget the value of collaboration, vision, and the faith we have in advancing Fiji’s future,” said Rabuka during the ceremony.
Isikeli Tikoduadua, Chairman of UTOF Properties Limited, referred to the launch as a pivotal moment for the investment trust, positioning it to redefine property development in Fiji and the broader Pacific region. He affirmed that this is just the beginning, with plans to expand the property portfolio to encompass investments totaling $500 million by 2028.
This forward-looking initiative resonates with UTOF’s recent achievements, including a reported management of $521 million in funds, outperforming targets significantly. UTOF is also actively pursuing strategies to collaborate with regional partners for expanding their unit trust model internationally, showcasing a robust confidence in both local and regional investment landscapes.
Notably, UTOF has also secured a 9.5% stake in Kontiki Finance Ltd for $10.5 million, further emphasizing its commitment to growth and diversification in its investment portfolio. This acquisition reflects the trust’s strategic approach towards building lasting economic partnerships and engaging with a wide array of stakeholders.
Overall, UTOF’s recent developments point towards a positive trajectory for Fiji’s economic landscape, enhancing opportunities for both investors and the community. As these projects unfold, they promise to create a ripple effect of growth and prosperity throughout the region.
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