This is the first and biggest ever development project MRDC has undertaken in its 40 years of existence, before the recently announced Star Mountain Plaza Project in Port Moresby earlier this month.
This is another investment by landowner companies Petroleum Resource Kutubu (PRK) and Mineral Resources Ok Tedi (MROT).
The Pearl South Pacific Resort was acquired in 2012 and the company immediately went on to develop plans to expand the resort.
The Project now completed, two months ahead of schedule and under budget features 220 rooms, a world class marina, new multiple conference room facilities, modern spa and wellness centre,a fine dining beach side restaurant, new gymnasium complex, a wedding chapel and the 200 acre Championship golf course.
This project is regarded as the third largest project that will impact the Fijian economy and one of the largest free-hold resort properties in Fiji.
“Not many understood that when we bought the resort in 2012, it also came with a 200 acre free-hold land and Championship golf course” said Mr. Mano, Managing Director of MRDC.
With Fiji a popular tourist destination in the Pacific, the resort is certain to cater to the industry demands and meet the desired returns for the PNG landowner trustee company.
Mr Mano said the investment signifies Papua New Guinea’s growing economic status in Fiji and the greater Pacific.
“Since taking over the ownership of the property, the resort has averaged a 75% occupancy rate and even while under construction it has been profitable.
“This project is part of our strategy to diversify MRDC’s investments and reduce our resource owners risk outside of the mining and petroleum sector”, said Mr. Mano.
Board Members of MRDC, PRK and MROT, management, landowner representatives, Members of Parliament and other important dignitaries have been invited to celebrate the opening of this milestone event which will be officially opened by the Fijian Prime Minister, Voreqe Bainimarama.