SUNBIZ

Fijian Holdings Real Estate Development Plans

Fijian Holdings Group’s Gladstone Road site in Suva will become a part of the group’s future real estate development plans. Group chief executive, Nouzab Fareed, highlighted this in the group’s
01 Oct 2014 11:47
Fijian Holdings Real Estate Development Plans
Local and top American performers at the Grand Pacific Hotel in Suva. Photo: Fernando Lobendahn

Fijian Holdings Group’s Gladstone Road site in Suva will become a part of the group’s future real estate development plans. Group chief executive, Nouzab Fareed, highlighted this in the group’s 2014 Annual Report released by the South Pacific Stock Exchange yesterday.

Mr Fareed said within the next 12 to 24 months, the Gordon Street land will be developed into FHL Towers, a 12-14 storey office complex.

FHL Properties has five large Suva-based properties including two premium sites with great development potential.

During the year, the company divested its Lautoka-based properties to concentrate on the Suva City properties.

New areas of business

Mr Fareed said they will continue to pursue new areas of business that will complement their strategies and align well with their vision.

He said they will do this whilst constantly exploring traditional sectors as well as new emerging sectors and industries.

Mr Fareed highlighted their plans for the next 12 months include the commencement of cinema operations in Nadi.

The FHL Group is also looking into investment in the energy sector and possible acquisitions/mergers of the property portfolio.

“Even before commencing the cinema operations, we have received enquiries to manage other proposed cinemas, indicating strong faith in our style of management,” he said.

SPSE listing

Meanwhile, at present, FHL is working on taking at least two of its subsidiaries public.

Mr Fareed said this would provide a fair return to FHL, which toiled hard to develop these entities while promoting a share-owning corporate democracy in Fiji.

“This is one way in which we achieve our mission of facilitating iTaukei participation in commercial enterprise,” he said.

Business growth

With recent strategic investments delivering the results expected, Mr Fareed said going forward, they are confident the Group will continue to enjoy sustained growth.

“We are confident we will achieve higher returns on our capital employed in the medium to long term on the back of these investments,” he said.

Mr Fareed said whilst Fiji will no doubt face her own share of challenges, they remain optimistic about the medium and long term prospects for growth.

“The Group has strong positions in high growth industries, and our task is to focus on building competitive advantages in order for us to remain relevant in a fast changing environment.

“Whilst we focus on driving operational results, we remain bullish about the future of Fiji, and the region. With this in mind, each of our sectors are encouraged to come forward with ambitious growth plans.”

Feedback: rachnal@fijisun.com.fj




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