Construction of $500 million Sorena Naisoso project to begin in September

Expect an increase in economic activity from the third quarter of this year as construction of the $500 million Sorena Naisoso project will begin and will see hundreds of people get employed.

The development is being undertaken by Tourism Capital Partners, the company behind Six Senses in Malolo.

While speaking at the unveiling of the project, Tourism Capital Partners Director, Andrew Griffiths says the first phase of the project consists of the commercial area and is being built at a cost of $150 million.

He says this will have space for restaurants, office space and space for business process outsourcing sector.

Griffiths says the second phase for building apartment blocks will cost $100 million while the third phase for 300 hotel rooms will cost $250 million.

The Developer says construction on the second phase will start on the completion of the first phase in about two years while they are working on phase three contemporaneously where they have commitments from certain equity partners and looking at other ones.

He says for an investor looking into the economy with recent political changes, there is always some uncertainty but he believes investors can have confidence that they can work with local institutions who have the know-how.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says he thinks this project is unique, ground-breaking and is providing significant economic benefits for the country.

He says this project is an example of a powerful economic driver for Fiji.

Professor Prasad says this will be providing a construction stimulus of about $240 million and with an operational stimulus of about $25 million per year.

He says the economic benefits are expected to grow exponentially creating a $1.1 billion capital expenditure stimulus and an annual stimulus of about $300 million.

He says these numbers themselves speak of the immense potential or the opportunity to not only boost Fiji’s economy but also create sustainable economic growth and long term prosperity.

The Deputy Prime Minister says the project is also expected to generate stimulus multiply effects with construction, generate revenues along with VAT and income tax.

Professor Prasad adds these revenues will of course not only benefit the government finances, but also provide opportunities for further investment in the country's growth and driving sectors.