Two apartment blocks, a hotel and a three-storied shopping complex to be developed
JYOTI PRATIBHA
NADI
Deo Group of Companies is set to change the face of properties in Nadi with its $95 million investment.
Two apartment blocks, a hotel and a three-storied shopping complex is being developed by Deo Group of Companies on Denarau Moorings, a stone throw away from Denarau Island.
Managing director Vimal Deo said investment of such magnitude was a result of their faith in the Fijian economy.
This is a massive project, and another indication of local investor confidence. Therefore many would wonder about the funding.
Mr Deo confirmed he will secure funding from the local banks for this project.
Mr Deo said the Denarau Moorings project will have 56 apartments which would be sold off the plan by Bayleys Real Estate who are taking expressions of interest from keen investors ahead of the formal marketing campaign which will commence soon.
Having lived on Denarau Island for years, Mr Deo recognised the need for a shopping complex which would be open 24 hours and which would be affordable.
He also recognised that Fiji needed more rooms to cater for the growing tourist numbers.
Denarau Moorings
Denarau Moorings will soon be a name to reckon with. Plans for two five storey apartments have been approved, which will come with the opportunity for ownership of private jetty.
Each building will have 28 apartments,which would ensure residents have ample space to themselves.
Mr Deo said: “Denarau Moorings will also have a 130 room on a nine storey hotel, which would be managed by an international hotel chain.”
“This will be the first apartment blocks which would provide waterfront view to the owners. We have full confidence in the project.”
He said it was a fact that tourist arrival numbers were growing and Fiji was THE tourism destination in the South Pacific.
The building contract has yet to be let.
Deo Group of Companies
The company has carried out a number of projects on Denarau Island. Now, its construction arm – Deo Construction Limited solely builds for the parent company.
“When we bought the land near Denarau Island, we wanted to move into doing bigger projects,” Mr Deo said.
Mr Deo started out in construction in 1993, with next to nothing to his name.
He says the secret behind his success has been sheer determination, hard work and honesty.
“When I started out in 1993, I had zero dollars. I made some right decisions and always kept my conscience clear,” he said.
“With honesty and acute business sense, a person will succeed.”
Feedback: rachnal@fijisun.com.fj