SUNBIZ

Reddy Group Buys Cuvu Beachfront

The deal was made last year, but the official deal settlement was done in January this year.
23 Jul 2019 17:33
Reddy Group Buys Cuvu Beachfront
Reddy Group

The Reddy Group of Companies may add yet another hotel to its Tanoa Group but no decision has been made yet.

This follows the purchase of the land, around nine acres, at Cuvu for $12.2 million from Fiji Sugar Corporation (FSC).

The land presently houses old FSC homes, a sector office and locomotive shed.

The deal was made last year, but the official deal settlement was done in January this year.

Reddy Group Financial Controller Shanil Padarath confirmed the purchase.

“We have not decided on anything yet and while the  hotel may be built there the decision has not been made by the directors yet,” Mr Padarath said.

FSC were using the sector office until February this year after which they moved out.

The only other tenant who is leasing the land from the Reddy Group is Ecotrax Fiji who are using the old FSC tram lines for their business.

The specially designed velocipede uses the old rails for visitors to pedal their way around the coast nearby and through villages.

Mr Padarath  added it would be premature to say what the company plans were at this stage.

Feedbackcharles.chambers@fijisun.com.fj

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