[Photo: Supplied]
RB Patel Group Limited is investing $25 million in a new seven-storey apartment building in Suva.
The development marks another step in the company’s expansion beyond supermarket operations, with property investments providing an additional source of rental income.
RB Patel Chair Jitoko Tikolevu says the project will contribute to the country’s accommodation needs while strengthening the company’s property portfolio.
The company is locally owned, allowing more Fijians to benefit directly from its commercial success.
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“Over 90% of its shareholder base are key Fijian institutions like the iTaukei Trust Fund, BSP Life and FNPF. This makes RB Patel a uniquely Fijian business, sharing the benefits of the business within the communities in Fiji.”
Tikolevu says the company continues to develop projects across Fiji to contribute to national growth.
Fijian Holdings Limited Chief Executive Jaoji Koroi says the investment aligns with the group’s strategic plan to explore new business opportunities.
Construction of the seven-storey development is expected to be completed within 15 months.