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.
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