Singapore

Famous Millionaire in Background GPH, Suva, for Cathay Hotels of Singapore

Subject to certain conditions

being complied with, the tender

of Cathay Hotels Ltd., of Singa

pore, for the purchase of the Grand Pacific Hotel, Suva, has

been accepted by the Govern

ment of Fiji. r[E hotel was built by the Union Steamship Co. Ltd., of New Zea land, in World War I period, and was controlled and managed by that company for over 40 years.

When the lease of the land approached expiry, late in 1958, the Co. decided that it would surrender the lease to the Government and accept from the Government an amount equal to the present value of the whole property, as provided for in the original contract.

The Government prepared accord ingly, and advertised the property for sale by tender.

Three tenders were received on the closing date (March 31) Cathay Hotels Ltd. (through Sir Percy McNeice, who appears to be the governing director of the Co.); Hotels of the Crown Colony of Fiji Ltd. (through Mr. Barry Philp, well known proprietor of the Mocambo Hotel, Nadi, who is under stood to have substantial American backing); and Eastern Hotels Ltd. (through Miss Vera Marshall, on behalf of the interests which own the Labasa Hotel, in Fiji). £120,000?

The price offered by Cathay Hotels Ltd. is “whatever price the Government has to pay the present leaseholders” and it is expected this this will be about £120,000 Fijian (£135,000 Aust.).

It is reported that Cathay Hotels Ltd. has provided 2i million Malay dollars (about £325,000 Aust.) for this Fiji enterprise, and that the Co. will reconstruct and modernise the existing building, and construct a two-storey extension of the hotel (to provide another 30 rooms, with bathrooms and air-conditioning) and a modern swimming-pool.

The Co. has asked permission to introduce key personnel to Fiji— presumably Chinese —to help run the hotel and train additional personnel.

Cathay Hotels Ltd. is well known

in Singapore. It owns and manages hotels. The Co. is part of the empire of the famous Mr. Lok Wan Tho, who is one of the top-ranking multi-millionaires of Singapore, and who has large interests, not only in hotels, but in shipping, rubber, etc.

He is, for example, chairman of the Singapore Telephone Board.

If the contract is made, it will represent an interesting extension of Singapore enterprise and invest ment to the Colony of Fiji.