SINPF BOARD LEASES TAVANIPUPU RESORT TO PRIVATE ISLANDS INVESTMENTS LTD
The SINPF Board has considered and accepted Private Island Investments Limited (PIIL) proposal to lease Tavanipupu Island resort for a period of 5 years with an option to renew for another period. PIIL’s successful bid is amongst other entities who had applied to either lease the resort or to manage the resort on behalf of the Fund.
With the lease signed, the SINPF and PIIL will be advising the market of the new lease arrangements so that all enquiries for bookings are made to the new management of the resort.
The owner and management of PIIL have strong exposure to the hospitality sector, with investments in travel agency, spa & wellness and food & beverage. These experience and exposures are an added value that they will bring to the resort and to the guests satisfaction.
The SINPF Board took ownership of the resort from June 2017 following a negotiated loan recovery settlement with the previous borrower’s shareholders signed in 2014.
The Fund was managing the resort from within by the Property Investment team with an on the ground team of 27 men, women, boys and girls employed from the surrounding villages, some of whom had built up their career and livelihood for them and their families, working for the resort.
These employees will continue to be employed by the new lessee PIIL, continuing to provide new incomes for them and their families. The resort will also continue to support local communities by making regular purchase of local produce and services from surrounding farmers and fishermen.
Additional investments will be made by PIIL into the local economy to refurbish and upgrade parts of the property so that the resort will be ready for international travellers once borders reopen.
The SINPF Board strategy is to protect and grow the value of its members’ investment in the resort.