The Fund's rehabilitation programme increased significantly during the reporting period and escalated activities across a wide portfolio of underperforming asset classes.
The following milestones were achieved:
i). Natadola Bay Residential Development â€“ The first stage of the residential development is completed along with the road works, essential utilities, installation of street lights and some element of landscaping work. The 44 lots now completed is offered on a 99 years prepaid lease rental, which is the first of its kind for tourism development in Fiji. Sales have now progressed and settlement with the first buyers is expected in the fourth quarter of 2016.
ii). Momi Bay Resort Redevelopment â€“ Significant progress have been made towards completion of the Marriot Momi Bay Resort with the completion of major parts of the hotel precinct. The 250-room hotel that will be completed around December 2016 will be one of the iconic five star hotels in Fiji and will change the face of resort style accommodation in Fiji.