After months of anticipation, the Fiji National Provident Fund confirmed that it is now in discussions with a potential investor for the development of the Grand Pacific Hotel project.
The FNPF confirmed that the potential investor had expressed interest through the Express of Interest process called in January this year.
It said the priority of the Fund remains to achieve maximum returns from its investment projects and an announcement will be made once negotiations are complete.
Built in 1914 by the Union Steamship Company, The GPH project, which was once the pride of the capital, has remained standing idle for over a decade and was also included in the multimillion dollar write down of the FNPF's assets value earlier this year.
Meanwhile, it was earlier confirmed that investors from China had shown keen interest in developing the site and the FNPF had received several expressions of interest from various investors.
Story by: Roneel Lal
