The business sector in the Province of Lau has demonstrated impressive growth, marking notable revenue increases over the past three years. This was disclosed during a recent meeting of the Lau Provincial Council, where officials highlighted the continuing upward trend of local businesses.
One standout success is the Yatu Lau Beachfront picnic area, which has seen its earnings surge from over $86,000 in 2022 to $110,000 in 2023, and is projected to exceed $150,000 in 2024. The council anticipates that revenue at this location could reach $180,000 in the upcoming financial year, reflecting the increasing popularity of this scenic spot.
Investment in the area has also been substantial, with developments at the site costing around $250,000, and the Yatu Lau Hotel and Conference Centre undergoing a significant refurbishment valued at $1.5 million. Following a dip in revenue to $876,000 in 2023, the hotel rebounded impressively, collecting $2.1 million in 2024, with projections suggesting revenues could exceed $2.9 million this year.
In addition to these figures, the refurbishment of the Yatu Lau House in Suva, along with other properties, has also contributed positively to the local economy. Notably, rent for the Yatu Lau House increased from $36,000 to $104,000, even as total revenue from this property remained steady at $555,000 from 2022 to 2024. The property is anticipated to generate around $1.2 million this year.
The total service station on Rona Street recorded earnings of over $100,000, reaching $248,500 in 2024 and is expected to grow further. Meanwhile, the Peace Corps headquarters reported $260,000 in revenue for 2024, an increase from $207,000 the year prior.
Moreover, the council revealed a joint venture between Yatu Lau and the Damodar Group, involving the sale of the Arts Village for $6.2 million, which is set to open later this year, further energizing the local economy.
These developments not only signify economic growth but also indicate a strategic effort by the Lau Provincial Council to enhance tourism and infrastructure, creating a better environment and opportunities for both residents and visitors. As local business activities flourish, there is a palpable sense of optimism for future growth and community wellbeing.
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