There has been a change in strategy by the Fiji National Provident Fund in regards to the sale of the Momi Bay resort project.
FNPF's Chief Executive Officer, Aisake Taito said the Fund will now follow a structured process beginning with calls for Expression of Interest (EOI) in the local media from 1st July 2010, outlining the process of this sale.
Taito said the Board's preferred position is to sell the property outright but FNPF also includes an opportunity for Joint Venture with the right party for the completion of the Momi Bay resort.
The EOI will close on Friday, 27th August 2010.
The FNPF has already been forced to write down around $55 million from the Momi Bay project and an attempt to auction off the property also failed after the bid stopped at $44 million, short of the $88 million put into the project by the FNPF.
The FNPF has now put out a brochure to try and entice investors to complete the multimillion dollar project.
The brochure states that this is a once in a lifetime real opportunity for an investor to complete the development, realise the return from developing residential lots and own one of the unique hotel and golf course resort in the South Pacific.
It also said that the Government of Fiji is considering a proposal to issue an exclusive incentive package is offered towards the development if deemed feasible and this is a rare opportunity that should never be missed.
Story by: Roneel Lal
Source: FNPF Press statement/Brochure.
