The development of an integrated resort on spectacular Naisoso Island in Nadi is ramping up as interest grows in Fiji’s resurgent tourism economy.
Property company Relcorp (Fiji) Limited, associated with Australian expatriate and Fijian citizen Bob Lowres, has released one of the last freehold development sites on the island, which fronts the calm waters of Nadi Bay and is just five minutes from Nadi International Airport.
The move follows the recent sale of 9.7-hectares of the island to a group of prominent local businessmen and New Zealand’s CP Hotel Group. That deal includes a site earmarked for a five-star resort that will be operated by a world-renowned hotel brand.
Relcorp also has sold 122 residential lots on Naisoso and about 30 homes have already been built, as has a 26-berth marina and a bridge connecting the island with the mainland.
The 5-hectare site now the subject of a tender campaign sits adjacent to the 5-star resort site and is on the beachfront.
Relcorp is seeking approval to subdivide the parcel into five 1-hectare beachfront lots that will be sold separately or in one line.
The entire site currently holds approval for 178 apartments, however Relcorp is seeking a higher density of development along with the subdivision.
Lowres said the land was a rare offering because it was freehold, and would attract generous stamp duty and tax incentives not available in other areas of Fiji, as part of its Master Planned Tourism Approval.
He said apartments planned for the land could be used for permanent or holiday occupancy.
“This is an integrated resort island that people can live on,” he said.
The tender campaign for the land has been launched as Lowres prepares to unveil his own plans to develop 48 apartments on Naisoso Island.
Relcorp settled on the purchase of Naisoso Island in 2006 for $8 million. As a property developer for over 35 years in Australia, Lowres became bored in semi-retirement and started looking for development opportunities in Fiji.
Lowres said his vision for a prestigious masterplanned resort development on Naisoso Island had survived two major cyclones in Fiji, the effects of the Global Financial Crisis and loss of significant sales due to the Christchurch earthquakes.
He praised the Fijian Government’s effort to make the country’s planning and development process easier to navigate.
“We are now operating in a more streamlined and development-friendly environment as we capitalise on the renewal of interest in Fiji as a beautiful, safe and affordable holiday destination,” he said.
Relcorp was founded in 1983 and developed a large number of residential, retail, commercial and industrial projects across Brisbane.
These included Fountain Plaza, a $20 million shopping centre in Deagon, a 30-hectare industrial development in Deception Bay, Waterford Street luxury riverfront penthouses, a range of house and land projects and a range of townhouse and villa projects.
Naisoso Island has a number of major markets in line with Fiji’s resurgent popularity, not least of these being New Zealand which has been a popular investor in the islands for many years now.
Increased interest is also coming from Australia and the USA.
Naisoso Island’s proximity to Nadi International Airport, Namaka and the Port of Denarau – the gateway to the islands – makes it a strong investment proposition.
The developers hope to create a destination brand for Naisoso Island that can encompass all aspects of the island and allow the island to mature through the sale of other sites and the creation of other high quality hotel operators on strategic locations of the island.
“Naisoso Island is a pristine island in the middle of the Pacific surrounded by clear blue waters within just minutes of Fiji’s main international airport,” Lowres said.
“Residents can already access hotels, cafes, restaurants in the area and we hope the fulfilment of our masterplan, which includes the further sale of strategic sites for hotel operators, will see Naisoso Island achieve its full potential.
“Existing residents love Naisoso and we look forward to unlocking the island to newcomers as the Fijian economy continues to improve and this world class destination continues to be unlocked internationally.”
Fiji’s recent years has brought significant economic changes alongside a matured political system that has seen industry advances in infrastructure, health, medical services and education. These changes have created a more attractive destination for investors and holidaymakers alike.
The tender campaign for the development sites on Naisoso Island closes 27 April.
For more information visit naisosoisland.com.
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