The Fiji National Provident Fund is now the new owner of the Garden City complex located at Carpenters Street in Raiwai, along Grantham Road after expanding their extensive portfolio.
The property, which sits on a freehold land area of 3 acres and 1.7 perches, is located just 2.5 kilometres out of the main Suva City central business district.
FNPF Chief Executive Officer Viliame Vodonaivalu says Garden City is a well-established complex with tenants made up of renowned businesses.
He says as a major property owner in the country, the Fund continues to explore growth opportunities in the market to increase the property portfolio and support the investment strategy to reduce defensive assets and increase growth assets.
Vodonaivalu says Garden City is strategically located and comes with strong tenancy terms, with many of the current tenants holding long leases, and they are anticipating good returns on their investment and to their members.
He adds freehold property in Suva is a rarity, especially those that are situated strategically amongst major developments.
Directors of Marco Polo Holdings Pte Limited and owners of Garden City, Wah Sing Yee and Yun Ying Yee, explained their decision to sell the property to the FNPF, citing the Fund’s proven record.
Yee says they are happy to sell to FNPF after evaluating several competitive bids for the property, and they are confident that FNPF will continue to take care of their existing tenants and customers, add to the development of Garden City, as well as get a good return for its investment.
Garden City complex boasts a diverse tenant mix that includes a supermarket, high-end dining, restaurants, bank, telecommunication services, clothing shops and reputable office tenants.
Additionally, Garden City is centrally located near the densely populated residential areas, Raiwai and Raiwaqa, with many recreational, educational and medical facilities within walking distance.
The property offers a car park and a 24-hour CCTV surveillance system with standby generators and water tanks.
The FNPF conducted thorough due diligence in the acquisition process and is actively exploring opportunities to maximize returns.
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