$500m development plan for Raiwai

September 30, 2011 | Filed under: Business | Posted by: newsroom
Written By : RACHNA LAL

Government handed over a development lease yesterday to the Gold Century Group Company (Fiji) Limited, which has proposed to invest $500 million in a commercial and residential project.

The project, being undertaken by the Chinese company, is expected to transform what is currently a 17-acre swampy mangrove area into a modern retail centre with professional office space and up-market residential flats.

Permanent Secretary for Lands and Mineral Resources, Filimone Kau said the company was looking at building a multi-storey complex to house retail outlets, modern and professional office space and up-market residential lots among others.

“The signing today allows that development process to happen within the next five years.

“They expect to invest about $500 million initially and that is in the development of the land and building the infrastructure,” he said.

The 17-acre state land allocated to the Gold Century Group is next to Garden City in Raiwai and is currently a mangrove swamp.

“They will do the foreshore development and convert that to a commercial development and build the infrastructure.”

Mr Kau said the company would do their sealing first, which was basically foreshore development because it was a mangrove swamp.

“They will have to undertake engineering work and fill up the place before they move in for construction,” he said.

Handing over the development lease on behalf of the Government, Solicitor-General Christopher Pryde said this investment would be a significant boost to the Fijian economy.

“Apart from employment opportunities, there will be even more an opportunity for local and foreign businesses to open up shops at Raiwai once the development is complete,’ Solicitor-General Pryde said.

“As an island nation taking on widespread development reforms, the decision by Gold Century Group to invest in Fiji has come at an opportune time.”

In terms of employment, Mr Kau said about 150 to 200 people would be provided with employment during the construction phase.

“They will need these many people initially for the foreshore development phase while for the building of the complex will need more people,” he said.

Mr Kau vouched for the credibility of the company saying they have undertaken similar investments in China.

“They have done similar construction work in China and they are a credible company.

Mr Kau said the company might start in the next few months with all the process of approvals being finalised with the Local Government and Suva City Council.

Gold Century Group chairman Shi Yubao said his company was extremely pleased that the Fijian Government had moved fast to facilitate his investment.

Mr Shi said he looked forward to getting his project off the ground and in the process, strengthen the trade, bilateral and diplomatic relations between Fiji and the People’s Republic of China.