Construction is set to commence soon on an advanced five-story building by SUN Insurance Company Ltd, as announced on the South Pacific Stock Exchange (SPX). The company has entered into a contract with Fortech Construction Ltd to undertake this crucial $30 million project, which will be located in Suva, Fiji.
This initiative signifies a major step in SUN’s growth and expansion strategy, responding to the increasing demand for high-quality office spaces in the capital city. Chairman Padam Lala expressed enthusiasm for the project, highlighting its importance in enhancing the company’s property portfolio and contributing positively to the local economy. The construction phase is expected to generate over 100 temporary jobs, benefiting the local community by providing opportunities for both skilled and unskilled laborers.
The new facility will boast approximately 3,600 square meters of modern office space and will be strategically positioned next to SUN’s existing headquarters in Flagstaff, Suva. Tarlochan Singh, the principal officer, emphasized the choice of Fortech Construction due to their reputable history of delivering high-quality constructions.
Additionally, the building will include features such as two levels of underground parking, a coffee shop, an on-site gym, and facilities for end-of-trip users. Importantly, the project will adopt sustainable design principles and advanced technologies to prioritize energy efficiency and environmental sustainability, aligning with SUN’s commitment to responsible business practices.
The construction is anticipated to be completed within a 26-month timeframe, marking a significant milestone in the company’s journey towards creating a more substantial presence in the Fijian economy.
This transformative investment reflects SUN Insurance’s proactive approach following its successful listing on the SPX, where it has seen a favorable response from investors. This continued commitment to growth and enhancement of shareholder value not only strengthens SUN’s market position but also significantly contributes to the broader economic development of Fiji.
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