The Unit Trust of Fiji Group (UTOF) has unveiled a bold initiative to invest over $500 million by 2028 through its newly established subsidiary, UTOF Properties Pte Limited. Isikeli Tikoduadua, the inaugural chairman of the subsidiary, expressed confidence in Fiji’s evolving commercial property sector, which is experiencing significant transformation fueled by economic diversification and urban development.
The announcement took place during a milestone event at the Grand Pacific Hotel in Suva, where a $150 million investment was launched for three commercial building projects. Tikoduadua underscored Fiji’s advantageous position as the gateway to the Pacific, asserting that it offers an appealing environment for high-quality investments in future-ready commercial infrastructure. He articulated a vision for the new developments that prioritizes financial viability alongside architectural significance, environmental sustainability, and social inclusiveness.
The planned projects include a $100 million state-of-the-art commercial complex on McGregor Road, a $20 million upscale apartment complex on Ratu Iloilovatu Street, and a $20 million six-storey commercial building in Namaka, Nadi. The McGregor Road development, in collaboration with Fortech Group, aims to feature modern facilities equipped with energy-efficient systems, catering to a diverse array of businesses and consumers.
All developments are set to progress concurrently, with an expected completion timeline of two years. Tikoduadua highlighted the pivotal role UTOF Properties will play in reshaping Fiji’s commercial landscape. He expressed optimism regarding the broader impact of these projects, noting their potential to not only generate jobs and foster economic activity but also bolstering investor confidence in the real estate market.
This venture is part of UTOF’s broader strategy, which has successfully exceeded its target of managing $521 million in funds, backed by strategic investments, including a stake in Kontiki Finance Ltd. Such endeavors showcase UTOF’s dedication to promoting economic growth and community development across Fiji.
Overall, UTOF’s foray into property development stands to invigorate the local economy and position Fiji as an emerging hub for both commercial and residential investment opportunities. As the nation concentrates on infrastructural advancements, these initiatives pave a promising pathway toward modernization and economic prosperity for the region.