INVITATION TO TENDER: 01/2026

JOINT VENTURE COMMERCIAL DEVELOPMENT – RAIWAQA (EX FOUR-STOREY SITE)

 

1. INVITATION

The Public Rental Board (PRB) hereby invites sealed tenders from qualified, experienced, and financially capable developers to enter into a Joint Venture (JV) arrangement for the design, financing, construction, leasing, operation, and management of a four (4) storey commercial development situated at the following locations:

1. Lot 1, DP5380: 10,700m² (2.647 Acres).
2. 4 Storey – Lot 2, DP5380: 300m² (0.074 Acres)

The development shall be undertaken in full compliance with PRB policies, Planning Regulations Board approvals, and all applicable statutory and regulatory requirements.

 

2. OBJECTIVE OF THE JOINT VENTURE

The objective of the Joint Venture is to:

• Optimise the commercial value of PRB land assets
• Deliver a financially sustainable and market-responsive commercial development
• Generate long-term recurring revenue for PRB

 

3. SCOPE OF WORK

The successful Tenderer shall be responsible for:

• Conceptual and detailed design
• Securing all statutory approvals (including PRB and municipal approvals)
• Project financing
• Construction and commissioning
• Leasing, tenancy management, and asset management
• Ongoing operations and maintenance

Addendum – Addition of Two Lots to the RFT Scope

4. MANDATORY ELIGIBILITY REQUIREMENTS

Tenders failing to meet any mandatory requirement shall be deemed non-responsive.

 

4.1 Legal & Compliance

Tenderers must:

• Be legally registered and authorised to conduct business
• Have no pending or existing legal proceedings, disputes, or judgments in any court or tribunal
• Declare that no directors, shareholders, or key personnel are subject to international warrants of arrest, criminal investigations, or sanctions
• Comply with all applicable laws and regulations

 

4.2 Financial Capacity

Tenderers must:

• Submit audited financial statements for the last three (3) financial years
• Provide evidence of access to project financing and working capital

 

4.3 Technical & Commercial Experience

Tenderers must demonstrate:

• Proven experience in commercial or mixed-use developments of similar scale
• Successful delivery of joint venture or public–private partnership projects
• Availability of suitably qualified technical and management personnel

 

5. JOINT VENTURE COMMERCIAL TERMS (INDICATIVE)

The Joint Venture shall be structured on the following indicative basis, subject to negotiation and final agreement:

 

5.1 Land Contribution

PRB shall contribute the development site as its equity contribution

Land ownership shall remain vested with PRB at all times

 

5.2 Developer Contribution

The Developer shall provide 100% of project financing, including design, approvals, construction, and operational setup

 

5.3 Revenue Sharing Framework

Net Operating Revenue (after agreed operating expenses) shall be shared as follows:

Public Rental Board: [30–50]%

Joint Venture Partner (Developer): [50–70]%

Final revenue sharing percentages shall be determined based on financial returns, risk allocation, and capital investment.

 

5.4 JV Term

Indicative JV term: 25–40 years, inclusive of construction and operational periods

At expiry, the development shall revert to PRB, free of encumbrances, unless otherwise agreed

 

5.5 Asset Control

PRB shall retain equal approval rights over:

• Major tenants
• Changes to use
• Disposal or assignment of JV interests

 

6. TENDER SUBMISSION REQUIREMENTS

Tender submissions must include not limited to the following:

 

1. Legal & Corporate Documentation

Certificate of Incorporation / Registration

Ownership and shareholder structure

Board resolution authorising submission

Statutory declaration confirming legal standing and compliance

 

1. Financial Documentation

Audited financial statements (last 3 years)

Bank reference or funding commitment letter

 

1. Concept Development Proposal

Architectural concept design suitable for Raiwaqa

Compliance with planning and zoning requirements

Sustainability and lifecycle considerations

 

1. Revenue & Commercial Model

Detailed revenue generation strategy

Financial projections and cash flow forecasts

Sensitivity and risk analysis

 

1. Indicative Tenancy Plan

Proposed tenant mix and target market

Floor-by-floor indicative tenancy layout

Rationale for revenue optimisation

 

 

1. Project Delivery Programme

Indicative construction and completion timeline

Risk management framework

Health, Safety & Environmental (HSE) policies

 

7. EVALUATION CRITERIA

Tenders will be evaluated on:

• Compliance with mandatory requirements
• Financial strength and sustainability
• Quality and feasibility of development concept
• Revenue generation potential
• Experience and delivery capability
• Value to PRB

 

8. SUBMISSION DETAILS

Submission Method: Sealed envelope / electronic submission

Tenders are to be marked “Tender 01/2026 – Raiwaqa Joint Venture Opportunity” & addressed to:

The General Manager

Public Rental Board

P O Box 5275

Raiwaqa

 

Late, incomplete, or conditional tenders will not be considered. and all electronic submissions shall be uploaded to the PRB website www.prb.com.fj no later than 3.00pm on Friday 17th April 2026.

 

Contact person is Maloni Daurewa on telephone 3387787 or email at tender@prb.com.fj

 

9. DISCLAIMER

 

PRB reserves the right to:

• Accept or reject any or all tenders
• Amend or cancel this tender process
• Enter negotiations with one or more tenderers
• Not be bound to accept the lowest or any tender