The Memorandum of Understanding establishes a framework for both parties to work together and begin the necessary due diligence before deciding on the final development concept and structure of the joint venture.
The proposed development will be planned according to market demand and the long-term growth needs of the Denarau-Wailoaloa tourism and commercial belt and the greater Nadi area.
The Y3 Kofera Trust, which has historically been referred to as the Y3 Gopher Trust, is based in Narewa Village and serves as the corporate and investment arm of the Yavusa e Tolu, comprising Yavusa Navatulevu, Yavusa Sila and Yavusa Yakuilau.
The Trust holds customary rights over high-value tourism and commercial land in the Nadi delta, including Denarau Island, and has been involved in facilitating major resort developments on traditional land.
Damodar Group CEO Div Damodar says they look forward to combining the landowners' long-term vision for the land with the Group's experience in property development, investment and commercial precincts.
Damodar says their objective through the proposed Kofera Damodar Joint Venture is to build a sustainable real estate investment that supports the tourism sector and delivers lasting value to the community, local businesses and the wider Fijian economy.
The partnership is also expected to generate long-term economic returns, employment opportunities and direct welfare and educational support for the indigenous landowners.
Y3 Kofera Trustee and Board Secretary Samuela Tuidraki says the proposed partnership provides an opportunity for the landowners to participate directly in the long-term development and commercial use of their land.
Tuidraki says the Trust is committed to transforming the approximately 130 acres of native land into sustainable commercial ventures.
He says partnering with the Damodar Group would allow beneficiaries from Yavusa Navatulevu, Yavusa Sila and Yavusa Yakuilau to secure long-term economic growth and community benefits for present and future generations.
Initial due diligence assessments will begin immediately, with project planning, environmental assessments and master-design phases expected to follow.
Subject to satisfactory due diligence and agreement on the final joint-venture structure, Damodar Group and the Y3 Kofera Trust will work with relevant government agencies, local authorities, professional consultants and other stakeholders to prepare a development master plan for the site.
The parties say further announcements will be made as the due-diligence process progresses and the proposed development concept is refined.
