Fiji’s National Provident Fund has acquired the popular Garden City complex at Carpenter Street in Raiwai.
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.
Fund Chief Executive Officer, Viliame Vodonaivalu, said Garden City is a well-established complex with tenants made up of renowned businesses.
“As a major property owner in the country, the Fund continues to explore growth opportunities in the market to increase the properties portfolio and support the investment strategy to reduce defensive assets and increase growth assets.”
“Garden City is strategically located and comes with strong tenancy terms, with many of the current tenants holding long leases. We are anticipating good returns on our investment and to our members,” said Mr. Vodonaivalu. “Freehold property in Suva is a rarity, especially those that are situated strategically amongst major developments,” he added.
Mr. Wah Sing Yee and Mrs Yun Ying Yee, Directors of Marco Polo Holdings Pte Limited and owners of Garden City explained their decision to sell the property to the FNPF, citing the Fund’s proven record.
“We are happy to sell to FNPF after evaluating a number of competitive bids for the property. We are confident that FNPF will continue to take care of our existing tenants and customers, add to the development of Garden City, as well as getting a good return for its investment,” said Mr Yee.
The complex boasts a diverse tenant mix that includes a supermarket, high-end dining, restaurants, bank, telecommunication services, clothing shops and reputable office tenants.
