By RANOBA BAOA
Source: THE NATIONAL
Papua New Guinea’s Mineral Resources Development Company (MRDC) is anticipating big returns from its major investment in a property development project in Fiji.
Chief executive and managing director Augustine Mano said the recent investment in The Pearl South Pacific Resort, Spa and Championship Golf Course was big and would increase returns.
“After looking at the investment proposal, we thought it is a very good investment and were convinced that it will increase the returns,” Mr Mano said.
A big boost to Pacific Harbour as a tourism hub came early the past month through a major investment by PNG’s Papua New Guinea’s Mineral Resources Development Company.
It came with the opening of the Pacific Bar and Grill at the clubhouse as part of the The Pearl Championship Golf Course’s upgrade.
As new owners of The Pearl South Pacific Resort, Spa and Championship Golf Course, Mineral Resources Development Company was invested US$99 million in the property.
Come 2015, the investment would complete three phases of construction-building for the property.
These are the marina, which is expected to open next month and the building of the new wing and renovation of the old wing of the resort.
Fijian tourism potential
Mr Mano said they made the investment because of their diversification.
“It’s like you have the Lamana group and NASFUND, who are doing their own investment in Fiji … ours is similar,” he said.
“For us it’s part of diversification and also in terms of our influence in the Pacific. The returns at the end of the day is the economic decision.
“In Fiji it has to do with tourism. Tourism is like their heart … just like PNG’s mining and petroleum.”
A view of The Pearl South Pacific Resort, Spa and Championship Golf Course’s swimming pool.