RKSOB builds big
27 March, 2018, 12:49 am
Update: 12:49PM THINKING big with the ultimate aim of serving the school, the Ratu Kadavulevu School Old Boys Association (RKSOB) yesterday began their first real estate development project, which may cost up to $75million.
Trading under Lodoni Investment Trust, the RKSOB plans to build off of Knolly Street in Suva, an 11 storey building which will house accommodation, office space and three levels of parking space to service the city.
Estimated to cost as low as $50m, the project formally began yesterday when Prime Minister Voreqe Bainimarama handed the organisation lease documents for land the RKSOB now owns.
Speaking on behalf of the development committee, Isikeli Tuituku said the organisation was completing the feasibility study stage of the project and expected to invite tenders for the design and build in the middle of the year.
“Before we finalise the design, we have the framework of what is the maximum thing we can build,” Mr Tuituku said.
“Now it’s about raising money. It needs everybody who has ever come to a meeting.”
The RKSOB has engaged Kontiki Finance to raise capital to fund the property.
However, Mr Tuituku said the organisation had strength in the number of old scholars of the Tailevu boys boarding school who would help raise the initial funding.