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Hari Punja And Sons Group To Develop Palms On Queen Elizabeth Drive, Suva

The Hari Punja and Sons Group (HPS Group) recently acquired a prime property on Queen Elizabeth Drive, Suva, earmarked for a future hotel development. It continued their growth as a
01 Dec 2018 10:46
Hari Punja And Sons Group To Develop Palms On Queen Elizabeth Drive, Suva
Hari Punja and Sons Group (HPS Group) recently acquired this prime property on Queen Elizabeth Drive, Suva, and have it earmarked for a future hotel development. Photo: Maraia Vula

The Hari Punja and Sons Group (HPS Group) recently acquired a prime property on Queen Elizabeth Drive, Suva, earmarked for a future hotel development.

It continued their growth as a major player in the premium property market in Nadi and Suva.

This hotel development will have a similar concept to the group’s successful Palms, Denarau, offering premier executive apartments and accommodation.

The property was acquired at a cost of more than $3million.

Works have begun.

Hari Punja and Sons Group is also the largest shareholder in the FMF Foods Group of Companies.

About FMF Foods

Founded by Hari Punja in 1973 as Flour Mills of Fiji, FMF Foods Limited, today is a group of companies, headquartered in Suva.

FMF is the parent company to its six manufacturing companies. That is Flour Mills, Biscuit Company of Fiji Limited, Snax Limited, Pea Industries Limited, Rice Company Fiji Limited and Atlantic Pacific Packaging Limited.

Diverisfication to property development

Hari Punja and Sons Group have diversified into premium property developments because it is a growth area and it offers HPS an opportunity to diversify its investments.

Company director Rohit Punja said:“The importance of location cannot be understated because the site has to be attractive, convenient to services and amenities, secure and has future growth potential.”

In terms of investments made so far who Mr Punja said: “Uduya Point Residential Apartments, Lami $21m, Nasese Waters Residential Development $28m, Palm Beach Estate, Wailoaloa, Nadi $45m, Denarau Commercial Development $5.0m, Qeleya Point premium residential apartments in Lami $20m.

“Queen Elizabeth Drive, Suva – this property has been acquired recently and is earmarked for future hotel development (similar to the Palms, Denarau)

“We have a positive long term outlook as we believe there is an increasing demand for great quality, well priced real estate products.

“We believe the local market is price driven and the current shift in demand is for towards strata title apartments and town houses.

“We create real estate products based on needs and wants of customers in that particular neighborhood as well as what the competition is offering.

The focus

“We focus on high quality, great location and competitively priced real estate products.

  • Exceptional ROI;
  • Potential for capital appreciation;
  • Cash flow from rentals (steady income stream);
  • Location.

“To create a portfolio of premium real estate products.”

 

Some of the risks involved when making property developments, Mr Punja said, included: “Instability of interest rates (credit risk); cost overruns (increase is construction costs); and sudden downturn in property market due to unforeseen circumstances.

Other investments the company is involved in are in stock markets, private equity and financial markets.

 

Future plans:

The future expansion plans which are already in the pipeline are:

  • 14 new town house complex at Palm Beach Estate, Wailoaloa (Approximately. $35m);
  • 60 Beachfront strata title apartments at Wailoaloa Beach (Approximately $65m);
  • 250 room hotel on Wailoaloa Beach (Approximately $100m);
  • 250 room hotel at Korolevu Beachfront site (Approximately $100m).

“Each project is unique and it all depends on the outcome of our market feasibility,” Mr Punja said.

Feedback:  maraia.vula@fijisun.com.fj

 

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