SUNBIZ

More Up-market Apartments Available Soon

A new apartment building on prime Waimanu Road property is under construction by Vatuwaqa-based contractor, Permal Construction Ltd. The investment of around $3 million has been made bus company, Citiline
04 Jun 2015 10:02
More Up-market Apartments Available Soon
The apartments on Waimanu Road yesterday under construction. Photo: RONALD KUMAR

A new apartment building on prime Waimanu Road property is under construction by Vatuwaqa-based contractor, Permal Construction Ltd.

The investment of around $3 million has been made bus company, Citiline Buses Ltd, which has just ventured into real estate business.

The development is evident of the demand for up-market accommodation in the central business district, says the contractor.

Permal Construction director and project manager, Praveen Permal, confirmed the owners are looking at $3000 monthly rent for each of the two-bedroom apartments.

There are 12 units with each having a master bedroom.

“It’s a very modern apartment. We’re at the final stage of construction now and it is really taking shape,” Mr Permal said.

“As long as the weather holds up, we’re ahead of schedule right now. This time next week we will start painting and do the rest of the fit outs.”

But the apartments are only part of the bigger development that will take place further inside the property.

At the back of the apartment building will be the extension of the project.

“In that area, we will build a six-storey apartment building too but this time, it will have a good view of the ocean,” Mr Permal said.

“The apartments in the front are only Phase I of our project and Phase II will start upon completion of the initial one.”

About $5 million is expected to be invested in Phase II.

“This one will boast recreational facilities such as swimming pool and gym and carpark area,” he said.

Boom phase

When asked of what the state of the industry was like, Mr Permal said:

“What we’re experiencing is we’re going into the booming phase and construction is really taking off.”

He added more projects were in line for his company.

Citiline Buses owner Vimal Chand is understood to be out of the country on a business trip. He was not immediately available for an interview.

Feedback:  ranobab@fijisun.com.fj

 




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