Construction to expand Hibiscus Apartment commence soon.


CONSTRUCTION is expected to commence in November or December this year on the $120 million expansion of the Hibiscus Executive Apartments and Residence for Australia’s DFAT.

Solomon Islands National Provident Fund (SINPF) General Manager stated this during the declaration of the 6 percent crediting rate for members at Heritage Park Hotel last Thursday.

Wate said tenders were issued and opened for contractors to build this property investment project.

Furthermore, he said the Board with the support of the International Finance Corporation (IFC) of the World Bank Group commenced the feasibility of developing its 90 hectares land bank at Panatina for the development of homes for members.

Wate said a business case will be presented to the Board in this new financial year.

Further to that, Water said the IFC also provided support to the Board for its derisking options in South Pacific Oil Limited during the year and they will also expect a completion of that work in this financial year.

In the meantime, SINPF has completed major refurbishments of the Anthony Saru Building (ASB) and NPF buildings during the year with ASB almost fully tenanted.

The Auki, Malaita Province Solomon Telekom Sales Office building construction was completed towards the end of the financial year.

Wate said additional specific requirements by the two new tenants extended the completion of the building.

“The two tenants are expected to move in from 1 November 2021.

“The property is the first SINPF formal investment in Malaita Province,” Wate said.

Furthermore, Solomon Finance Limited trading as Our Finance is now fully resourced with its own Board and General Manager appointed in November 2020 and early 2021 respectively.

Wate said a new interim license was issued to SFL by the CBSI in December 2020.

He said SFL Board will apply for the conversion of the interim license in October 2021, with the new nonbank financial institution expected to commence its members leading business in early 2022.

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