BREAKING NEWS

SINPF Board Signs Agreement with Hatanga to Construct Town Houses for Commonwealth of Australian and to Expand Hibiscus Apartments

The Solomon Islands National Provident Fund (SINPF) Board has signed a construction agreement with Hatanga Limited to build 8 town  houses, a clinic, and related facilities on its land above the Hibiscus Apartments in Point Cruz,  Honiara, on Friday 4th March 2022.

The construction agreement also includes an expansion to its  Hibiscus Apartments.

In his remarks prepared for the signing, SINPF Board Chairman Dr. Jimmie Rodgers is pleased  that the commencement of the construction of this exciting project can now proceed after the  signing.  

“The completion of this project will see the SINPF Board hosting the residences of DFAT officials  working and living in our city and country, while the new development will also continue to  contribute to our efforts to provide a facelift to our city, Honiara.

“It has taken us awhile in tendering for the construction of the project and the eventual successful  selection of a competent local builder and contractor Hatanga Limited,” the Chairman said.

The tender for the project was done in two tiers or stages (EOI and prequalification) and tender  proper to 5 shortlisted pre-qualified bidders. A peer review of the tender process was also  performed by a local competent independent engineering firm. 

From left to right; Ms Ruth Alepio SINPF Board Secretary, Mr Brian Diamond of the Australian High Commission, Mr Mike Wate CEO/GM SINPF, Mr Robert Au SINPF Board Member, Mr Jeremy Bartlett Managing Director Hatanga Lid and Mr. Matt White Hatanga Limited.

 Hatanga Limited with similar competency as the other 4 bidders has made a successful  competitive bid that was acceptable to the Board in terms of its price and expected timeline to  complete the project.  

An agreement to lease has already been signed in June 2020 with the Australian High Commission on  behalf of the Commonwealth of Australia for an initial 11 years for the residential compound after the SINPF Board secured approval from the Minister of Finance earlier in the year in 2020. 

 The SINPF Board expression of interest (EOI) was successful after responding to the Australian  High Commission public request for an EOI to build a residence for its officials in 2018. 

 The expansion to the apartments will include an additional 10 apartments and a commercial centre  for tenants of the apartments.

Prior to the COVID-19 pandemic, the apartment had been enjoying  consistently above 90-percent occupancy.

The board expects this occupancy to return as restrictions on borders  and movements are lifted.  

The total investment cost for the overall project will be around 112 million dollars, with the DFAT  component accounting for about 67-percent of the total new investment and 33-percent for the Hibiscus  Apartment Expansion.

In his responses to the Chairman of the SINPF Board, the Managing Director of Hatanga Limited  Mr. Jeremy Bartlett acknowledged and thanked the Board for giving the opportunity to a local  contractor such as Hatanga Ltd. 

“This is a show of confidence in local Solomon Islands companies  and I am proud of this achievement,” Mr Bartlett said.

 Hatanga Ltd is expected to complete the DFAT compound first before completing the expansion to  the apartments within 2 years.  

Also present at the signing was Mr. Brian Diamond of the Australian High Commission in Honiara,  who reiterated that the Australian High Commission is proud to partner and work with the  SINPF Board to finalise the project.

As this is an investment for the people who are members of  the Fund.  

“The Housing project will also assist us in attracting people  overseas with families to Honiara, ensuring us to tap into the skills and resources we have in Australia  to come and contribute to the development of Solomon Islands,” Mr Desmond said.

The SINPF Board is proud and happy to partner with Hatanga Limited, a competent national  company, to invest in this new development that will build on and increase the wealth of our  members retirement funds. 

 Meanwhile, Dr Rodgers said that this is also a testimony of the SINPF Board’s confidence in our own economy by commencing this new investment in a particularly challenging period for our country.

 

SINPF Media release

 

 

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