Millions of dollars are expected to change hands today with the multimillion dollar Momi Bay resort project to be auctioned off to the highest bidder by this afternoon.
Auctioneer's Real Estate Agency Bayley's General Manager Philip Toogood confirmed that once the hammer falls to the highest bidder, the new owners of the Momi project will have to pay a deposit to confirm the sale of the property.
Over 100 investors have signed up to bid for the Momi Bay resort project while people from around the world will also be able to call in to register their bids.
The auction will also run simultaneously at the Bayley's office in Auckland this afternoon.
Investors from New Zealand, Australia, United Kingdom, Canada, Malaysia, Sigapore, United Arab Emirates, Korea, India and the United States are expected to place bids to purchase the hotel project.
The Momi project is expected to be sold for over $80 million, the amount invested in the project by the Fiji National Provident Fund.
Toogood said it will be up to the investor and FNPF to decide when the details of the sale and the name of the new owner will be made public.
Momi Bay Resort auctioning today
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