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MRDC Investment In The Pearl Resort Pays Offs

  When Papua New Guinea’s Mineral Resources Development Company Limited was buying the Pearl Resort in 2011they had been advised against the decision by locals here and in PNG. However,
22 Apr 2016 11:36
MRDC Investment In The Pearl Resort Pays Offs
fijisun.com.fj

 

When Papua New Guinea’s Mineral Resources Development Company Limited was buying the Pearl Resort in 2011they had been advised against the decision by locals here and in PNG.

However, they went ahead and made the purchase.

Not only the purchase, but went ahead and invested quite heavily in an entirely new wing.

MRDC managing director, Augustine Mano, said they were told not to invest in the resort given the elections which was near and tourist numbers were not where it is today.

But their investment has paid off and Mr Mano proudly says the value of the property has now significantly increased compared to when they bought it.

“We had that will to develop it but now compared to 2011, the tourism numbers are booming. I think we invested at the right time.”

Mr Mano was one of the guest speakers at the 2016 Fiji Institute of Accountants Congress at the Sheraton Fiji Resort.

He spoke to delegates about the company and its investments, plans and potential in Papua New Guinea’s booming energy and mining sector.

 

New Pearl Concept

At the same time, he spoke about the New Pearl Concept.

MRDC is working on paperwork for the land on the other side of the new wing to further develop a new wing to complement the existing one.

“We might be looking at having new services like shopping places, apartments because of the volume that we have on the other side,” Mr Mano said.

He added in terms of investment amount, Mr Mano said they are not looking at any figures at the moment but it depends on the land acquisition.

Whilst MRDC does not have any further plans for investment in Fiji, Mr Mano said the only focus was on Pearl. They might look at other things once further investment in Pearl is complete.

 

Occupancy

Meanwhile, Mr Mano indicated the recent natural disasters have had no impact on their business.

In fact, he said they had been running on 90 per cent occupancy rate which was very good indeed for them.

He said currently there was a National Geographic team staying at the Pearl in addition to a team from Survivor.

Mr Mano confirmed they expect more film crews to be staying at the hotel in the coming months and thus, this would make 100 per cent occupancy.

Feedback:  rachnal@fijisun.com.fj

 

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