UTOF eyes housing projects to address crisis

Unit Trust of Fiji (UTOF) is working with partners to develop housing projects as part of its response to the nation's housing crisis.

Chief executive officer Vilash Chand said the organization's newly established UTOF Properties subsidiary is exploring housing developments alongside its existing commercial property portfolio.

"We are working with some partners to see where we can look into some housing projects," Mr Chand said.

"It's in the pipeline, and as it comes, we'll definitely announce it in the market."

The move follows Prime Minister Sitiveni Rabuka's call last October for UTOF to help tackle the country’s housing crisis through collaboration with Government.

UTOF Properties currently manages three commercial building projects worth $150 million, with one property designated for residential use.

The residential component is a $20 million luxury apartment complex at Laucala Bay featuring one and three-bedroom units.

UTOF Properties chairperson Isikeli Tikoduadua previously stated that addressing the housing crisis is part of the subsidiary's strategic development agenda.

Mr Chand said the property diversification strategy aims to generate consistent returns for unit holders while contributing to national development needs.

"We are entering into the property sector quite aggressively," he said.

The property investments are self-funded using unit holders' invested capital, with rental income expected to generate minimum 8 per cent returns once buildings are completed.

UTOF has scaled its investment portfolio to $600 million, with plans to reach $500 million in property investments alone by 2028.

Mr Chand said the multi-industry diversification ensures unit holders receive competitive returns while supporting Fiji's economic growth.

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