WITH continued consolidation towards its investment portfolio, the Fiji Public Service Association has ventured on a new $7 million investment project.
The association yesterday launched the fifth stage extension of their investment at their Sports City complex at Laucala Bay in Suva during a groundbreaking ceremony.
FPSA general secretary Rajeshwar Singh said the new complex would feature 11 variety shops at the ground floor and two shops and two large restaurant space on the first floor which had already been taken by anchor tenants.
"The foregoing account explains in brief the origins and extent of our current portfolio and the need to continue to invest and enhance our assets and resources," he said.
"All our investments have been subjected to great due diligence by successive groups of elected officials.
"The assets have returned us a great steady source of additional (after tax) revenue which the association has re-invested and enlarged its portfolio."
Mr Singh said while the venture was commercial in appearance, it attended to their greater objective of serving the legitimate aspirations of its more than 3000 members.
FPSA acquired the five acre site in Laucala Bay from Morris Hedstrom Ltd in 1995, originally a swampy area they saw great potential in.
The site was then transformed into stages of development over the years and now serves as a shopping and recreational hub which features Cost-U-Less, McDonalds and Sports City complex.
The association has also partnered with Western Builders and Engineered Designs as its contractors for the project.
International Labour Organisation director for Pacific Island Countries Donglin Li officiated at the groundbreaking ceremony and congratulated the association for another milestone achievement on its investment projects.
Meanwhile, Mr Singh has also indicated that they would soon embark on its proposed Nadi project which will see a $25m investment.