The Fiji Development Bank has acquired Tanoa Apartments in Votualevu, Nadi through its subsidiary FDB Nominees Pte Limited from the Reddy Group as part of its broader strategy to diversify its asset portfolio and support long-term national economic development.
FDB Chief Executive Officer Filimone Waqabaca says the acquisition reflects the bank’s commitment to creating sustainable income-generating investments that will strengthen its long-term capacity to support Fiji’s productive sectors and economic transformation agenda.
Waqabaca says the strategic location and sizeable land area provide strong potential for integrated developments, including affordable gated housing developments and commercial ventures that can generate sustainable returns for the bank.
He says these additional income streams will further strengthen the Bank’s capability to support key sectors such as agriculture, fisheries, forestry and Micro, Small and Medium Enterprises, which are critical to economic expansion, employment creation, community development and inclusive growth.
FDB Board Chairman Damend Gounder says the acquisition represents far more than a traditional property investment.
Gounder says this is a strategic opportunity to unlock the value of a prime asset in ways that support national development priorities while creating sustainable revenue streams that strengthen the bank’s ability to contribute meaningfully to Fiji’s long-term economic growth and resilience.
Managing Director of the Reddy Group Rohit Reddy congratulated FDB on what he described as a progressive and forward-looking initiative that demonstrates the Bank’s commitment to evolving its business model while continuing to play a pivotal role in supporting the Fijian economy.
Reddy says they commend FDB for taking such a positive and strategic step towards diversifying its portfolio into development-driven and income-generating opportunities that will ultimately strengthen the Bank’s long-term sustainability and expand its capacity to support Fiji’s key economic sectors.
The Bank has acknowledged the Reddy Group for its cooperation and professionalism throughout the acquisition process and reaffirmed its commitment to supporting initiatives that create long-term value for Fiji and its communities.
