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FNPF Ensures Strong Cost Management With Momi Bay

The Fiji National Provident Fund has stressed they have in place strong cost management in the $199 million Momi Bay Redevelopment Project. Fund chief investment officer, Jaoji Koroi, made these
15 Nov 2014 00:00
FNPF Ensures Strong Cost Management With Momi Bay
An artist’s impression of the Marriott Resort at Momi Bay’s Function Room. Photo: FNPF

The Fiji National Provident Fund has stressed they have in place strong cost management in the $199 million Momi Bay Redevelopment Project.

Fund chief investment officer, Jaoji Koroi, made these comments this week as the project was relaunched by Prime Minister Voreqe Bainimarama.

He confirmed the Project Superintendent is Rod Bradley who was the Project manager for the construction of the Grand Pacific Hotel.

“He comes with lots of experience and amongst his role will be to actively work with the builder to look for savings opportunities,” Mr Koroi said.

“There is a mechanism to share the savings in the project. The total funding for the project will be made from FNPF through a combination of debt and equity.

“That means that FNPF members will benefit from both the lending in terms of interests and appreciation of the value of their shares.”

The construction contract for the redevelopment of 250-room Marriott Resort at Momi Bay has been issued to Fletcher Building (Fiji) Limited under a Design and Construct basis.

That means Fletcher will take over all the design to date together with a list of Value Management & Value Engineering items and complete the project to the satisfaction of Marriott Brand.

The land spread

Mr Koroi said less than 20 per cent or 107 acres of the total land area of 640 acres will be used for the resort development.

“The balance, which is mainly freehold land for residential, will be looked into as the next stage,” he said.

“Most of this has been titled, and their sale will further enhance the project returns to the FNPF members.

“There is also potential for another one or two other hotels, and a golf course – which is out of scope for the time being.”

Feedback:  rachnal@fijisun.com.fj

 




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