The Unit Trust of Fiji (UTOF) has announced a substantial investment of $150 million into three upcoming commercial property development projects, marking a significant step for the organization following the inauguration of its new subsidiary, UTOF Properties Limited, at the Grand Pacific Hotel in Suva.
This ambitious development initiative will focus on constructing residential apartment buildings and commercial offices across three locations, with two projects planned for the capital city and another in Namaka, Nadi. Prime Minister Sitiveni Rabuka, who officiated the launch ceremony, emphasized the positive economic impacts expected from this investment, including job creation and increased investor confidence in Fiji’s commercial property market. Rabuka stated that these projects align with the government’s economic recovery framework and long-term objectives to foster a modern, resilient economy.
Isikeli Tikoduadua, the chairman of UTOF Properties Limited, highlighted that the launch signals the beginning of a transformative journey for the investment trust. He expressed optimism that these developments will redefine property development landscapes in both Fiji and the broader Pacific region, driving forward UTOF’s expansion strategy. He indicated that the three initial projects represent just the first phase of what is projected to be a growing portfolio, with plans to reach a scale of $500 million by 2028.
UTOF has been experiencing considerable growth, currently managing funds amounting to $521 million, thanks to a blend of new investor contributions and positive portfolio performance. This recent commitment to large-scale property development aligns with UTOF’s previous strategic initiatives that include a recently acquired stake in Kontiki Finance Ltd and a commitment to enhancing investor engagement and confidence through transparency.
Overall, these developments reflect a promising outlook for the financial and property sectors in Fiji. With the government’s proactive approach and UTOF’s significant investments, there is a hopeful expectation for enhanced economic stability and growth in the coming years.