Fiji Backs Mineral Resources Development Company’s Project
Mineral Resources Development Company’s investment in Fiji’s property sector has received the support of the country’s government through the granting of a 10-year tax holiday. MRDC says it has received the tax exemption and fiscal concessions for construction imports for its new project at the Pacific Harbour.
The company acquired The Pearl Resort for a FJD$32 million deal, inclusive of 24 acres freehold beach property 82 room resort and facilities, championship golf course including 200 acres of freehold property in August 2013.
In less than two years, MRDC has embarked on expanding the facilities.
MRDC managing director Augustine Mano had said new developments at the resort in Fiji were nearing completion.
“This is the first ever building and construction for MRDC and its subsidiaries (Mineral Resources Ok Tedi 2 and Petroleum Resources Kutubu) and we had to make sure it is value for money in terms of quality, price and within budget,” Mano said.
“The bottom line is to diversify our portfolios and we wanted to make sure the stakeholders get their return on investment.
“The investment at the Pearl resort meets that expectation.”
The Pearl South Pacific Resort Spa and Championship Golf Course general manager Natalie Marletta said: “The additional development to The Pearl will see it expand from a 80-room hotel to a 210-room hotel, plus new spa and wellness centre, new gymnasium complex, new wedding chapel and beach side restaurant.
“Major infrastructure upgrades, refurbishment of existing facilities and the construction of a riverside marina.
“The Pearl Resort currently averages 75 per cent occupancy with key markets being Australia and New Zealand (54 per cent), growth markets are China, India, Russia and Korea making up around 12 per cent – 15 per cent of current visitors.
“Wedding is a strong segment for the property together with diving and water sports, which have seen a significant increase of 60 per cent over the past 12 months.” Mano added that The Pearl project, which was set to open in September, would play a bigger role in Fiji’s growing tourism sector.
Fiji Sun, July 30, 2015