The Vanuatu National Provident Fund (VNPF) Board will be awarding a contract to a new contractor soon to complete renovation of the former Club Vanuatu building in the heart of Port Vila Town.
VNPF has retendered the contract for the property renovation after works were stopped due to structural issues which required re-designing.
Previous construction works were conducted by Island Construction Ltd.
General Manager (GM) of VNPF, Parmod Achary, conveyed the submission and opening of the tenders was done yesterday in a transparent process.
“There were four bidders. They were from Vt990 million to Vt1.3 billion. The consultants are now working on the evaluation,” he said.
“It is not necessary that any tenders will be accepted. We will go for the best contractor that fulfills our requirement.”
According to the GM, re-designing of the property has already been completed by Kramer which was engaged as the Project Manager.
He said: “Kramer was awarded because of its strength in this kind of job”.
The project is in line with VNPF’s strategic shareholding goal with the National Bank of Vanuatu (NBV), he said.
“We want to ensure NBV gets the premium space in Port Vila so that they can create above average return for our members.”
Former Club Vanuatu is one of the many failed investments of VNPF.
The property has not generated any returns to the fund since it was purchased several years ago at Vt300 million.
Once fully repaired, the property will be generating approximately Vt4 million a month, according to GM Achary.