By RANOBA BAOA
Renowned Labasa businessman, Charan Jeath Singh, is anticipating about $20 million investment for his Charan Jeah Singh Group this year.
The group will take on a number of investments under its various subsidiaries; where the biggest one is for the existing Lautoka Hotel under Orange Coast Investments Limited subsidiary.
This investment, Mr Singh told Sun Business, would be to the tune of about $10-$12 million.
“The hotel is still operating but we’ll have to close it for at least six to 18 months but that won’t happen overnight,” Mr Singh said.
“It’s still on the drawing board now. We’re doing a bit of feasibility study and once we actually have research results, then we’ll go ahead with the upgrades.
“Of course there are other things involved in the engineering and designing and getting the formalities approved from the local authorities.”
Because of the extensiveness of the project, Mr Singh is anticipating the actual ground works to commence towards the end of this year.
Decision to invest
Mr Singh said two closely-related factors and likely trends prompted him to invest in the economically-boosting Sugar City.
“Lautoka is growing now because a lot of activities are happening there,” he said.
“We have found out that because of not enough accommodation in Lautoka, people tend to travel to Nadi after business in Ba or Tavua.
“So we have seen there is a need and it couldn’t come at any better time. And another reason is that the tourist numbers are growing as well.”
Overall, Mr Singh explained, the added accommodation project complements the activities that exist in Lautoka.
Local confidence
Mr Singh said his investments are a sign of confidence by a local investor, given Government’s encouraging policies.
“The environment is very conducive to investment and Government’s new policies have been really encouraging for local investors,” he said.
“There are a few Government agencies that of course need to have a bit of brushing up.
“But otherwise, the response time with the various ministries to make things happen has really changed.
“So it has encouraged us and we can see economic growth as well.”
Lautoka Hotel features
- Lautoka Hotel close to Shirley Park will have a shopping mall space on the ground floor;
- A carpark on the first floor;
- Renovating and upgrading 82-room complex together with the existing ones;
- Top floor will have a conference centre which will have a seating capacity of 200 accompanied with a garden restaurant with a 180-degree ocean view complementing the setting; and
- Green terraces
Other planned investments
An artist’s impression of the renovated/refurbished Lautoka Hotel which is owned by the Charan Jeath Singh Group.
- $2m investment at former Superfoods Supermarket at the corner of Ratu Mara Road in Nabua, Suva;
- $1.5m investment for a shopping mall in Labasa named after his father- Gurbachan Singh Mall;
- $2m construction of another 20 rooms at Grand Eastern Hotel in Labasa is anticipated for June. The rooms will add to the existing 24 rooms to the hotel;
- $1.5m revival of family-owned soap factory in Labasa. This factory had to be closed because Mr Singh’s brother was migrating. It will be trading as Twinzy Rock Ltd, a name inspired by his twin daughters; and
- $0.5m plant investment to the successful South Pacific Waste Recyclers, a subsidiary of Gosal Distributors Ltd. This was to meet the local demand and boost production. The company hopes to meet the local demand and perhaps regional demand as well.