A new commercial development worth $3.5 million is set to rejuvenate Korovou Town in Fiji, with Yavusa Nawaibuta from the Namalata district engaging in a joint venture with Fijian Holdings Limited (FHL). This initiative is part of FHL’s ‘Impact Investment Initiative,’ which allocated $50 million to enhance iTaukei participation in commercial projects across the nation.
The Korovou project marks a significant milestone as the first fully approved venture under this initiative. The NHL chairman, Waisele Tuidama, stated that the two-storey structure will cost $3.5 million, independent of the land which is valued at $890,000. FHL is contributing $1.2 million towards this project, while Nawaibuta Holdings is also investing $105,000 in cash.
According to Tuidama, the partnership entails a 60-40 ownership split, with the Yavusa Nawaibuta holding 40% of the project. They plan to reacquire Fijian Holdings’ shares after ten years to gain full control of Nawaibuta Properties Pte Ltd.
FHL has previously invested $14.6 million in several joint ventures with resource owners, creating a positive trend towards the economic empowerment of the iTaukei population. The development will incorporate both office and retail spaces, alongside a fast-food chain, DMC, which has already confirmed its tenancy.
COPE Construction Ltd, a locally-owned company, has been tasked with the construction, which will employ 50 workers during its execution. Managing Director Suman Sekran expressed enthusiasm about the project and collaboration with all stakeholders to realize this vision for the Korovou community.
This ambitious project is not just about infrastructure but enhancing socio-economic conditions for local communities, fostering employment, and paving the way for sustainable growth and development in the area. The anticipated completion next year holds a promise of revitalizing Korovou as a thriving commercial hub.
Overall, this initiative exemplifies a growing dedication to supporting indigenous growth and community-driven development, laying the groundwork for a more inclusive economic future in Fiji.
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