The Momi Bay Resort Project auction closed off in the last hour with the highest bid stopping at $41 million.
While the Fiji National provident Fund has invested $80 million into the project, the hammer fell at $41 million after the bidding started at $30 million.
However, Auctioneers Real Estate Agency Bayleys General Manager Philip Toogood told Fijivillage news that the property has not been sold as yet and negotiations have started with two of the highest bidders.
Toogood said they will try and push to secure more money from those willing to acquire the site.
The name of the successful bidder is expected to be revealed by the FNPF after negotiations are completed.
FNPF CEO Aisake Taito said they will have to find other avenues to recover the money invested in the project.
Taito confirms that negotiations between the highest bidders along with Bayleys is still underway to see if more funds can be obtained for the sale of the property.
The name of the successful bidder is expected to be revealed by the FNPF after negotiations are completed.
More from this day
Stories published on 25/08/2009
-
Suva on track in Kaji rugby25/08/2009 20:33 -
Momi Bay Resort auction close off at $41m25/08/2009 17:11 -
CMDA-RBF merger to reduce costs25/08/2009 17:05 -
25/08/2009 16:55 -
Plans underway to replace old water pipes25/08/2009 16:48 -
Church supports Police Force idea25/08/2009 16:37 -
4 Youths expected to be charged25/08/2009 16:08 -
Fiji Water gives $240,00025/08/2009 16:01 -
Workshop to discuss protection of forests25/08/2009 15:46 -
Dream to be fulfilled soon25/08/2009 15:31
Search this day in the archive