Salutations
Hon Members of Parliament;
Permanent Secretaries and Government Officials;
Chairpersons and CEOs of UTOF’s investee companies;
Executives from UTOF’s seven subsidiary companies;
Representatives of the private sector & Reserve Bank of Fiji;
And most importantly, the loyal and dedicated unit holders of the Unit Trust of Fiji;
Ladies and Gentlemen
Ni Sa Bula Vina’a and Good Evening to you all !!
Let me also acknowledge the Traditional Owners of the land on which we stand today, ki Nadonumai, vua na Gone Turaga Na Tui Suva, and I pay my respect to their Chiefs, past and present, as well as emerging leaders and acknowledge their role in caring for the Vanua.
Introduction
It is my great pleasure and honour to be here with you today, as your Chief Guest and Prime Minister, to celebrate a truly transformative milestone for the Unit Trust of Fiji — the launch of the three new e-model properties and the commissioning of Unit Trust of Fiji (UTOF) Properties Limited.
I wish to acknowledge the Chairperson, Mrs. Lavinia Kaumaitotoya, the Board of Directors of Unit Trust of Fiji (Management) Limited, and the Trustee Directors of UTOF Trustee Company Limited for your kind invitation and for your visionary leadership.
Celebrating a Milestone Investment
Today, we mark the launch of UTOF’s three self-funded commercial building projects, with a total investment value of $150 million.
This is a bold and visionary undertaking. I am informed that this is only Phase One, with the potential to scale up to $500 million by 2028.
This is a clear vote of confidence in Fiji’s economic potential, and a signal of the kind of ambition that defines our Coalition Government’s vision for a resilient, prosperous and inclusive economy.
To manage this expanding property portfolio, we are pleased to witness the formal commissioning of UTOF Properties Pte Limited, a new entity tasked with overseeing real estate and property developments.
Congratulations to the incoming Chairman, Mr. Isikeli Tikoduadua, and his team who will unveil their strategic roadmap later this evening.
Addressing National Priorities Through Collaboration
Let me take this opportunity to encourage UTOF to explore closer collaboration with Government, particularly with the Hon. Minister for Housing and the Housing Authority of Fiji, in responding to our national housing challenges.
The potential for joint initiatives in mixed-use developments, affordable rental markets, and public housing infrastructure is significant.
I intend to make a ministerial statement in Parliament shortly, outlining our comprehensive plan to address the country’s urgent housing needs.
UTOF’s Remarkable Growth Story
The journey of UTOF is a story of determination, innovation, and strategic foresight. Allow me to highlight just a few achievements that stand as testament to this progress:
In 2014, UTOF crossed the $100 million mark in funds under management. Today, that figure stands at $570 million, and is projected to reach $600 million by year-end.
In 2023, UTOF won the coveted President’s Award under the FNU Fiji Business Excellence Framework — a mark of institutional excellence.
In a remarkable achievement this year, UTOF became one of the first state-owned enterprises to align its strategic plan with the National Development Plan 2025–2029, just three months after its launch.
This level of alignment is not merely administrative. It signals a shared national purpose—one that connects our economic institutions directly with the strategic priorities of this Coalition Government.
Government’s Strategic Priorities: Investment and Development
As Prime Minister and Minister responsible for Public Enterprises, Civil Service and Foreign Affairs, I want to briefly outline the Coalition Government’s strategic investment and development priorities, under which projects such as UTOF’s are encouraged and enabled:
Private Sector–Led Growth
We are committed to fostering an enabling environment for private and public investment. UTOF’s leadership in commercial development is exactly the kind of enterprise we want to see more of — Fijian-led, inclusive, and regionally ambitious.
National Infrastructure Expansion
Government is prioritising critical investments in roads, utilities, digital connectivity, and urban infrastructure—the backbone of long-term commercial property development.
Public–Private Partnerships (PPPs)
We continue to champion PPPs as an effective mechanism to leverage private sector innovation and finance for public good. UTOF’s model of inclusive investment — particularly with landowning units — aligns well with this strategy.
Sustainable and Resilient Development
New government policies promote green building standards, climate-resilient infrastructure, and environmentally sustainable construction practices. Developments under UTOF Properties Pte Ltd will be encouraged to adopt these standards.
UTOF’s Alignment with National and Regional Goals
UTOF is not only investing in buildings — it is building bridges across the Pacific:
Through Fiji Wai Pte Ltd, a $40 million investment in a state-of-the-art water bottling plant in Naseyani, Ra is planned for commissioning next year. It is a powerful example of partnership with landowners — the Mataqali Tawa — and reflects our commitment to inclusive development in rural communities.
UTOF’s regional expansion into the Solomon Islands, Samoa, and Vanuatu — and over $30 million in foreign direct investment — positions Fiji as a financial hub of the Pacific.
These efforts are being driven by UTOF Regional Pte Limited, tasked with leading cross-border investments and partnerships — work that complements our foreign policy priority of deeper regionalism.
Impact of Commercial Property Development
The investment in these three commercial buildings will result in:
Acknowledgment and Gratitude
To the Board, Trustees, management and staff of UTOF — I commend your vision, your professionalism, and your commitment to national progress.
You have stayed true to the principles that inspired the creation of UTOF, dating back to our 1975–1976 National Development Plan — a vision birthed under the Alliance Government.
To the unit holders and your families — this is your success. You are part of a growing legacy of Fijians taking ownership of our country’s economic destiny.
Closing: A Shared National Journey
As we launch these three transformative commercial projects and formally commission UTOF Properties Pte Limited, let us be reminded of the power of partnership, vision, and belief in a better Fiji.
Together, we are building more than buildings — we are building trust, resilience, and opportunity for generations to come.
It is now my pleasure to officially launch the Unit Trust of Fiji’s $150 million self-funded commercial building projects, and to commission UTOF Properties Pte Limited, its newest subsidiary.
Vina’a vakalevu.
May God bless you all, and may God bless Fiji.