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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.





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