Fiji Time: 8:03 PM on Wednesday 22 October

Fiji Times Logo

/ Front page / News

Resort project revival

Felix Chaudhary
Saturday, November 24, 2012

WORK on the abandoned Momi Bay Resort will begin next year with a $150million injection from the Fiji National Provident Fund.

The announcement of the revival of the failed project was made by Commodore Voreqe Bainimarama during the 2013 National Budget announcement on Thursday.

"FNPF is faced with the continuing challenge of finding new investment opportunities that provide adequate returns to its members," he said.

"It also has the task of turning around some of its non-performing assets. In this regard, I am pleased to announce that Stage One of the Momi Resort Development will commence at the beginning of the second quarter of 2013.

"Accordingly, FNPF will complete the development of the resort with an estimated investment of $150million. Government will assist this initiative by ensuring that the project is completed expeditiously."

The Momi Bay Resort and development project was scheduled to be completed at a total cost of $225million with FNPF funding the initial stage with an investment of $80m.

Bridgecorp, a New Zealand-based financier, also invested $NZ106m into the project before the company went into receivership in 2009.

Attempts by the government to sell Momi Bay Resort to recoup losses to FNPF resulted in bids that fell significantly short of the estimated value and investment and led to FNPF writing off $55m.

The development includes 305 acres of freehold land, 370 fully-serviced residential lots and over-water luxury villas and a golf course.

Resumption of work on the Momi Bay project is expected to begin in the second quarter of next year.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Budget overspent
  2. $20m in excess
  3. $11.9m in arrears
  4. Finance scrutiny
  5. Military overspends
  6. No spending ledger maintained
  7. Poor control of permit database
  8. Financial boost for hospital's oncology unit
  9. Woman dies, defacto partner in custody
  10. Anomalies in books

Top Stories this Week

  1. False rumours warning Friday (17 Oct)
  2. Death shocks family Monday (20 Oct)
  3. Biman gets nod Saturday (18 Oct)
  4. Law and order Thursday (16 Oct)
  5. Detailed report Friday (17 Oct)
  6. Inside Fiji sevens Tuesday (21 Oct)
  7. Public access Tuesday (21 Oct)
  8. Praises for Fiji sevens team after win in Australia Thursday (16 Oct)
  9. 8-room home gutted Friday (17 Oct)
  10. Forgery suspect still in remand Tuesday (21 Oct)