Archive | Fiji

Hawkins wins Nadi airport contract

Hawkins Construction Ltd and joint-venture partner Pacific Building Solutions have been selected to complete the $50 million Nadi international airport modernisation project in Fiji.

The 16-month project involves the demolition, construction, refurbishment & modernisation of the airport for the Fiji Government.

Work is set to begin on 15 July 2014 with a completion date of 15 October 2015.

It’s Hawkins’ first large project in Fiji. Pacific Building Solutions is Fiji’s largest building company.

Attribution: Company release.

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Krukzieners’ Sovi Bay resort land up for mortgagee sale

Published 4 April 2012

Bankrupt Auckland property developer Andrew Krukziener & his wife’s Fijian development property at Sovi Bay has been put up for mortgagee sale.

The receivers of Strategic Finance Ltd, John Fisk & Colin McCloy (PWC), have taken the property to tender through Bayleys agents Michael Pleciak & Philip Toogood, closing Thursday 10 May.

The 11ha property is on the Coral Coast on Fiji’s main island, Viti Levu. It sits on 2 freehold titles between its ocean beach frontage and Queens Rd (the Suva-Nadi Highway), 15km from Sigatoka and 80km from Nadi International Airport.

Mr Krukziener formed his Sovi Bay development company in 2001 and had proposed a $40 million luxury 20-bure boutique resort, a 72-room hotel and 31 residential beachfront lots. The Official Assignee has filed only one report since being appointed liquidator in June 2010. It discloses a $12.4 million claim by Strategic.

Mr Krukziener filed for bankruptcy in December 2010, conceding defeat in a long-running battle with Inland Revenue. By then, his wife, Gitta Saidi, was the director of a long list of property companies Mr Krukziener had previously headed, including this one.

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Attribution: Property ad, Companies Register, story written by Bob Dey for the Bob Dey Property Report.

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Fiji fund advertises to complete Momi Bay hotel as trial of ex-financier Bridgecorp directors ends

Published 21 March 2012

As the Bridgecorp trial draws to an end in the Auckland High Court, the Fiji National Provident Fund has gone to the market to complete the main part of the Momi Bay Resort – the project which added $107 million to the losses confronting Bridgecorp investors.

Momi Bay was Bridgecorp’s largest loan exposure, but its loan sat behind the first mortgage to the Fiji National Provident Fund. The fund took the property to auction in 2009, didn’t get a bid which would cover its own debt let alone any of Bridgecorp’s, and bought the resort post-auction.

As owner, the Fiji Government fund is seeking to complete the 250-room resort hotel and the first phase of the Natadola residential development, and has advertised for a projection/construction manager. Expressions of interest close on Friday 30 March.

The development has 350 residential sites and a partially completed 9-hole golfcourse & clubhouse. Stage 1 includes 43ha of Crown foreshore lease plus a mix of freehold & native lease titles.

3 Bridgecorp Ltd directors – managing director Rod Petricevic, finance director Rob Roest and Australian non-executive director Peter Steigrad – have been on trial since November on prospectus & financial statement charges brought by the Securities Commission (now the Financial Markets Authority) over the 21 December 2006 prospectus & investment statements and subsequent extensions in 2007 for Bridgecorp Ltd & Bridgecorp Investments Ltd.

Just before the trial was to begin in October, chairman Bruce Davidson pleaded guilty to 10 charges of breaching the Securities Act through untrue prospectus statements. He was sentenced to 9 months’ home detention & 200 hours’ community work, plus $500,000 reparation. Then, in November, Sydney-based non-executive director Gary Urwin also pleaded guilty. He was to have been sentenced in December, but that was adjourned for a disputed facts hearing on Monday 2 April.

Closing submissions in the trial of the remaining 3 defendants should finish today, with a verdict to come from Justice Geoffrey Venning next month.

Earlier stories:

7 January 2010: Momi debt all but written off, likely Bridgecorp return stays at 10c

26 August 2009: Momi Bay bidding falls short

29 June 2009: Fijian fund takes Momi resort to auction

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Attribution: Ad, story written by Bob Dey for the Bob Dey Property Report.

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Momi Bay bidding falls short

Published 26 August 2009

Bidding for stage 1 of the Momi Bay Resort in Fiji stopped at $F41 million plus VAT yesterday, some $130 million short of satisfying original debt of the mortgagees.

 

Bayleys Real Estate principal John Bayley and the agency’s Fiji office general manager, Philip Toogood, were negotiating with the highest bidder last night.

 

The first mortgagee, the Fiji National Provident Fund, took the property to auction. It was owed $60 million. Subordinated lender Bridgecorp Ltd sank $107 million into Momi before its own collapse in July 2007.

 

Although international interest in the resort had been strong, there were only 2 bidders at the auction, held at the InterContinental Fiji Golf Resort & Spa on Natadola Beach.

 

The resort was a $US300 million venture by development company Matapo Ltd, which was ultimately owned by Bridgecorp director Gary Urwin & fellow Australian John Fernandez. Their ownership was through UFB Pacific Ltd (Urwin Fernandez Bridgecorp, renamed Real Estate Assets Ltd) of Australia. Mr Urwin & Mr Fernandez owned Urwin Fernandez Pty Ltd, which was a 25.3% shareholder in Bridgecorp Holdings Ltd of Australia.

 

The first stage of the development comprised over 350 residential sites and a partially completed 9-hole golfcourse, clubhouse & hotel complex.

 

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Attribution: Bayleys, files, story written by Bob Dey for the Bob Dey Property Report.

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Momi resort developer fails in bid to stop auction

Published 24 August 2009

The developer of the Momi Bay resort in Fiji, Matapo Ltd, has failed to stop an auction of the property this Tuesday.

 

Matapo sought a court injunction in Fiji to stop the auction, but was turned down on Friday.

 

The resort was taken to auction initially in July, when Matapo got an interim injunction, and the auction by Bayleys Real Estate was deferred to this Wednesday, 25 August. It will be conducted at the InterContinental Fiji Golf Resort & Spa on Natadola Beach.

 

The Fiji National Provident Fund, owed $60 million, appointed Bayleys to handle the sale of the first stage of the development – over 350 residential sites and a partially completed 9-hole golfcourse, clubhouse & hotel complex. New Zealand financier Bridgecorp Ltd, owed $107 million at the time of its receivership in July 2007, is a subordinated lender, and both Bridgecorp & the development company stand to lose everything in the property’s sale.

 

Matapo proposed a $US300 million Momi Bay Resort near Nadi.

 

Bridgecorp – in receivership in July 2007 – openly lent to related parties, one of which was UFB Pacific Ltd (Urwin Fernandez Bridgecorp, renamed Real Estate Assets Ltd) of Australia. Gary Urwin & John Fernandez owned Urwin Fernandez Pty Ltd, which was a 25.3% shareholder in Bridgecorp Holdings Ltd, and Mr Urwin is a director of Bridgecorp Holdings. UFB owns Matapo Ltd, developer of the Momi Bay Resort, and was owed $47.7 million by buyers of Momi Bay sections at the end of the December 2006 half-year.

 

The Fiji military staged a coup on 5 December 2006, and Bridgecorp subsequently began to turn the Momi Bay receivable into a loan.

 

Fiji Finance Minister Mahendra Chaudhry said on the Government website in May 2007 problems at the Momi Bay Resort began during ousted Prime Minster Laisenia Qarase’s time: “The project got into trouble around October last year (2006), with contractors pulling out because they were not being paid on time by the developers,” he said.

 

Earlier stories:

19 August 2009: Oceania’s Denarau parcel goes to tender

28 July 2009: Momi Resort auction rescheduled

29 June 2009: Fijian fund takes Momi resort to auction

26 April 2009: Likely Bridgecorp return from NZ assets goes under 10c

3 July 2007: Receivers at Bridgecorp

 

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Attribution: Bayleys on auction, undisclosed sources on injunction, story written by Bob Dey for the Bob Dey Property Report.

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Oceania’s Denarau parcel goes to tender

Published 19 August 2009

A 263ha Fijian parcel known as Denarau Land South has been taken to the market through an international tender on behalf of first mortgagee Strategic Finance Ltd. The tender closes on Friday 11 September.

 

The undeveloped landholding, about the same size as the existing Denarau Island resort area, is owned by Oceania International Ltd (John Davis, Albany; & Terence O’Halloran, Remuera).

 

Strategic chief executive Kerry Finnigan said the land had development consents but a lot of work was required on it. For Strategic, under a 5-year moratorium since December 2008, “the process is about repayment. You’re not sitting there for an inordinate amount of time waiting for people to repay you.

 

“The borrower in this case has made little effort to refinance or sell it.

 

“It’s a good asset. It’s not the best time for Fiji because of the political instability, but this is a longer play.

 

“If we had the luxury of waiting there’s no doubt we’d see the value come back across the whole book. But we don’t have that luxury.”

 

Nevertheless, he said, it wasn’t a case of sell at any price: “If the process doesn’t do what we want we won’t sell.”

 

Oceania’s directors were in court at the end of last year with a $5.3 million summary judgment against them based on their guarantees of the company debt to Strategic. Back in court in July, they failed to have that judgment set aside and Strategic issued bankruptcy notices.

 

Bayleys Real Estate Fiji managing director & partner Philip Toogood said today the holding was one of the most significant opportunities his company had taken to the market in some time. “The approximately 650a (263ha) property has a mix of crown & native lease tenure and enjoys some 2400m of beachfront, which is a continuation of the beach in front of the Sheraton Fiji, Radisson & Wyndham Resorts on Denarau Island.

 

“Clearly Denarau is the most successful resort & residential project in Fiji and this opportunity is one which the international market will recognise as being a natural extension to an already proven destination, and the potential tourism & related residential development opportunities it presents are exceptional.”

 

Mr Toogood said virtually all interest in this site so far had been from Australia, compared to a very international spread of interest in the part-developed Momi resort, now due for a rescheduled auction on Tuesday 25 August after the Fiji National Provident Fund, as first mortgagee, asked Bayleys to market it. New Zealand financier Bridgecorp Ltd, owed $107 million at the time of its receivership in July 2007, is a subordinated lender on Momi.

 

Earlier stories:

28 July 2009: Momi Resort auction rescheduled

29 June 2009: Fijian fund takes Momi resort to auction

 

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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report

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Momi Resort auction rescheduled

Published 28 July 2009

Bayleys Real Estate has delayed the auction of the Momi resort in Fiji for a month to allow for due diligence by prospective buyers.

 

The agency’s special projects manager, Russell Adams, said inquiries had come from around the world – Australia & New Zealand, Asia & the US.

 

The auction was to have been held in Fiji on 22 July but has been delayed until Tuesday 25 August. It will be conducted at the InterContinental Fiji Golf Resort & Spa on Natadola Beach.

 

The Fiji National Provident Fund, owed $60 million, appointed Bayleys to handle the sale of the first stage of the development – over 350 residential sites and a partially completed 9-hole golfcourse, clubhouse & hotel complex. New Zealand financier Bridgecorp Ltd, owed $107 million at the time of its receivership in July 2007, is a subordinated lender.

 

Earlier story:

29 June 2009: Fijian fund takes Momi resort to auction

 

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Attribution: Agency comment, story written by Bob Dey for the Bob Dey Property Report.

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Fijian fund takes Momi resort to auction

Published 29 June 2009

The Fiji Government fund which holds the first mortgage over the first stage of the Momi Resort near Nadi is taking the property to auction on Wednesday 22 July.

 

New Zealand financier Bridgecorp Ltd is a subordinated lender on the Momi resort, with $107 million of the $595 million total book value of the group’s loans sunk there when the company went into receivership in July 2007.

 

The Fiji National Provident Fund has appointed Bayleys Real Estate to handle the sale of the first stage of the development – over 350 residential sites and a partially completed 9-hole golfcourse, clubhouse & hotel complex. It will be taken to auction at the Intercontinental Golf Resort & Spa, Natadola Beach, on 22 July.

 

Stage 1 includes 43ha of Crown foreshore lease plus a mix of freehold & native lease titles. External structural work is substantially completed and Government consents are still in place. Bayleys was the marketing agent for the first stage of the development and had sales agreements on over 80% of the residential sites. Special projects manager Russell Adams said most of these purchasers had opted to have their deposits, which were held in interest-bearing trust accounts, refunded because the development hadn’t been completed on schedule. However, there were 30 purchasers whose deposits remained in a trust account with Trustees Executors Ltd.

 

Mr Adams says the property would be marketed globally with the assistance of Bayleys’ international affiliate, Cushman & Wakefield, which had a strong presence in the resort & hotel sector.

 

Last story:

26 April 2009: Likely Bridgecorp return from NZ assets goes under 10c

 

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Attribution: Bayleys release, story written by Bob Dey for the Bob Dey Property Report.

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