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There are indications that negotiations on the sale of the partially-complete Momi Bay hotel project may come to a head at the end of the week, with a progress report being prepared for the Fiji National Provident Fund this morning by property professionals Bayleys International.
Bayleys’ Fiji manager Philip Toogood told FijiLive today that while talks were still being held with the two parties who had put in their bids in last month’s auction – in which the property failed to sell – more parties had shown interest and were also being considered.
“We are currently preparing a report for the FNPF this morning, to give a summary of the various parties that have expressed interest and where negotiations are at. But basically, we are talking to the two original bidders of the auction and hoping we can come to a conclusion soon,” Toogood said.
Interest in the Momi project – which was taken over by FNPF in June when the New Zealand project developer Matapo Ltd ran into financial difficulties – have come from New Zealand, United States and India, according to Toogood.
Bayleys had been hired by FNPF to auction off the property but bids received at the auction failed to make the reserve price set by FNPF.
The highest bid from an undisclosed party came in through Baileys and was set at a VAT-inclusive price of F$41 million while the second highest bid of a VAT-inclusive F$35 million was received from Fiji-born US-based businessman Jay Singh, who is said to own a chain of hotels.
His associate, Suva architect Ashok Balgovind, told FijiLive today that they were still involved in talks but declined to reveal any further details.
“Things should be clearer by the end of the week,” he said.
