SINPF Board Visits New Property Construction Investments in Honiara

The Investment and Credit Sub-Board Committee (ICC) of the SINPF Board recently visited three of the Fund’s currently and newly implemented investments under its investment property portfolio or indirectly through its investment subsidiaries’ ownership.

The site visit was performed to enable the ICC to continually monitor progress and have a view of the existing and new developments’ implementation status.

The newly constructed town houses for the Australian Commonwealth Government is nearing completion with a targeted completion date of 31 March 2026. Prior to completion, the Fund and the Commonwealth Government of Australia will enter into a long-term lease. The Australian Government is a blue chip tenant providing strong additional rental incomes to the Fund’s property investment portfolio.

The second phase of the new property investment is a 2nd Hibiscus executive apartment complex targeted to be completed by the end of the year. This will add additional capacity to the existing 24 executive apartments market offering. Except during the 2020-2022 Covid-19 period, the current apartment has been enjoying consistently more than 90% occupancy since it was introduced in the market.

The Heritage Park Hotel Ltd is investing in the construction of a new mixed 5 storey property. This new investment will expand HP’s hotel room accommodation and add new apartments and commercial office space into the market. The SINPF Board has a 20% shareholding in the hotel with PNG based investors Nasfund at 60% and Hospitality Plus Hotels Limited at 20%.

Still trading as King Solomon Hotel, the new owners of the hotel complex, the SINPF Board at 55% and the O’Neill Group at 45% had commenced the hotel’s re-development and expansion plan. The 1st phase of the hotel’s new investment plan is the modernization of the hotel’s reception, dining and kitchen facilities and the establishment of a micro brewery.

These new investments are projected to increase the Fund’s member income, our property and domestic equity values whilst importantly at the same time lifting our tourism sector infrastructure and creating new employment opportunities for our peopl