By RACHNA LAL
The Fiji National Provident Fund in the past week purchased ATH Technology Park’s property in Vatuwaqa, Suva.
Fund chief executive, Aisake Taito, said the purchase was part of the fund’s land bank policy to acquire good and strategic parcels of land for future use.
“The decision was also made in view of the continuing scarcity of these types of prime land,” he said.
“The site covers an area of 38.5 acres sitting by the coastline and has huge development potential in future.”
ATH Technology Park is a subsidiary of Amalgamated Telecom Holdings Limited.
The property was sold for a consideration of $6.3 million.
Plans and benefits
Mr Taito said they will go through a proper master planning process to ensure that the land is utilised for its best and maximum usage.
“Opportunities like retiree homes and other land development opportunities will be explored,” he said.
Mr Taito highlighted the purchase would give members the opportunity to have direct stake into this big parcel of land which would grow in value in the future.
“It also redirects members funds from deposits that are not earning with the commercial banks to real growth assets,” he said.
Fiji National Provident Fund chief executive Aisake Taito.