The Unit Trust of Fiji (UTOF) has announced its commitment to invest $150 million in three significant commercial property development projects. This investment represents a notable advance for UTOF following the establishment of its new subsidiary, UTOF Properties Limited, which was inaugurated at the Grand Pacific Hotel in Suva.
The focus of this development initiative will be on constructing residential apartment buildings and commercial offices, with two of the projects slated for Suva and one for Namaka, Nadi. Prime Minister Sitiveni Rabuka, who attended the launch ceremony, highlighted the positive economic implications of this investment, including job creation and heightened investor confidence in Fiji’s commercial property market. He noted that these developments are in line with the government’s economic recovery framework and long-term goals aimed at nurturing a modern, resilient economy.
Isikeli Tikoduadua, chairman of UTOF Properties Limited, described the launch as the beginning of a transformational journey for the investment trust. He expressed enthusiasm that these projects will reshape property development in Fiji and the larger Pacific region. Tikoduadua revealed that these three initial projects are only the first phase of a broader expansion plan that aims for a portfolio scaling up to $500 million by 2028.
UTOF has seen substantial growth, currently overseeing funds totaling $521 million, attributed to an influx of new investments and strong portfolio performance. This latest commitment to large-scale property development is consistent with UTOF’s strategic moves, which also include a recently acquired stake in Kontiki Finance Ltd, and a focus on boosting investor engagement and assurance through transparency.
These developments indicate a positive trajectory for the financial and property sectors in Fiji. With the government’s supportive measures and UTOF’s significant investments, there is a strong expectation for improved economic stability and growth in the years ahead.