A signing ceremony to seal the deal was held yesterday at the NPF board room to allow work to start.
TGA, a locally owned company, was awarded the contract to build the new apartment out of many applicants.
Chairman of NPF board Austin Holmes, after handing over the contract to TGA managing director Justin Fuo’o, congratulated the locally owned company saying it’s pleasing to see a local firm being given the huge undertaking.
“It’s a partnership which goes to show the confidence NPF and the country had in TGA,” he said.
He said TGA was selected based on its involvement with the construction of Heritage Park Hotel in Honiara, a hotel in Lae, Papua New Guinea, and an executive apartment in Brisbane, Australia.
The apartment project was in the pipeline since 2007.
Mr Fuo’o was delighted and thanked the NPF for awarding the contract to his company.
“This shows the confidence of NPF in us because this project involves a high risk investment which must be completed in time with satisfaction.
“As a Solomon Islands company I’m proud. This is a milestone achievement for TGA at the same time it involve a lot of risk on such undertaking but I’m very confident in my team including the support of my bank BSP, we can give NPF and its members a world class product that will make this country proud,” he said.
He thanked Bank South Pacific (BSP) for supporting them in their endeavour.
BSP will assist in keeping the funds in a special account for the project to assist TGA move ahead with construction.
BSP Country Manager Mark Corcoran said TGA has been a valuable client and that it had continued to gain the confidence of the local and overseas industries.
He said it is good to see a local business being given the recognition to build an executive apartment.
“I know you will produce a quality product,” he said.
NPF Chief Executive Officer Tony Makabo said the new project is part of the Fund’s plan to be involved in investment needs of this country using members’ funds in order to make good turnovers in profits.
He said the three storey apartment will cost around $40 million and will have 24 apartments.
AMA Solomon Islands Limited, an Australian firm registered locally will act as consultant with its engineers to oversee the project on behalf of NPF during the construction stages.
The project will start next month and is expected to be completed within 18 months, meaning it would be officially opened by early 2012 for its first tenants.
By MOFFAT MAMU
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