The principal property holdings of the Group are under the ownership of two property management companies, namely Properties Trust (Fiji) Limited and Carpenters Properties Limited, both wholly owned subsidiaries of the Carpenter Group.
Other valuable property including Ellery Street building in the heart of Suva City, Walu Bay Edinburgh Drive complex, the residential properties in Raiwai and properties in Savusavu in Vanua Levu and in Somosomo in Taveuni Island are directly owned by Carpenters Fiji Limited.
The property portfolio include valuable commercial, industrial and residential properties and numerous buildings and associated improvements. The industrial and commercial properties are exclusively occupied by the various businesses of the Carpenter Group. A separate property department located in the head office administers, maintains and manages all the properties.
The Group has a number of prime sites for development which the Group aims to develop at the appropriate time.
Currently the Group is finalising plans to replace the MH store in Somosomo with a modern retail store and also to extensively upgrade and modernise the MH stores in Nadi and Lautoka to exploit the full retail potential of these sites.
Plans are also currently being finalised the redevelop the Thomson Street site in central Suva that was destroyed in a fire in December 1998. The plans envisage the building of a multistorey modern shopping mall complex and office block on par with similar complexes found in developed countries.
The Group is pursuing an aggressive policy of acquiring property in strategic locations throughout the country to provide for the expansion of the Group’s business activities.