The Queen Victoria School Old Boys Association is targeting around $1 million in equity contributions from its members as it moves into property investment through a new mixed-use development in Toorak, Suva.

The association plans to initially involve 48 old boys, with each expected to contribute about $20,000 towards the project.

QVSOB Worldwide President Alipate Ledua said the limited number of investors was linked to the Reserve Bank of Fiji’s rules for small and medium enterprises, with the association looking to expand investment opportunities for old boys once the first development is completed.

“Right now, we’re planning for it, always to give in 20,000 each. And that’ll come up to around one million,” Ledua said.

He said 10 old boys had already contributed at the time of the project’s launch, with more members expressing interest.

The development will be funded through a combination of member equity, the value of the land and a bank loan.

Ledua said construction was expected to take two to three years, depending on factors including the availability of construction materials, banking arrangements and legal processes.

The project will comprise two main developments.

The first will be a two-storey clubhouse, with the ground floor planned to include restaurants, laundromats and conference facilities.

Ledua said the location, surrounded by hospitals, presented an opportunity to provide services that could complement the needs of those facilities.

The second development will be a five-storey apartment building, featuring three-bedroom apartments.

For the QVSOB leadership, the project represents a shift away from traditional fundraising towards building an investment base that can generate long-term returns for members and future generations of old boys.

Ledua said the association had existed since the early 1970s and the intention was now to build on that legacy through more professional investments.

He said previous fundraising activities had not always produced the desired results, prompting the move towards investments that could provide tangible benefits to members.

The longer-term plan is to create more investment opportunities for old boys once the Toorak development is completed, potentially including models where members can buy individual units.

Prime Minister Sitiveni Rabuka, who attended the launch, welcomed the initiative and described it as an investment venture that fitted with other developments taking place in the area.

Rabuka said the project represented a modern move into the world of investments and finance and congratulated those behind the initiative.

The QVSOB Toorak project is now expected to move into its next phase as the association works towards securing the targeted $1 million in member equity and finalising financing and development arrangements.