Long-term investment

An aerial view of Naisoso Island. Picture: SUPPLIED

An aerial view of Naisoso Island. Picture: SUPPLIED

A PROPERTY company that has spent more than $11 million since buying Naisoso Island 12 years ago has released one of the last freehold development sites on the island.

Relcorp (Fiji) Ltd has so far sold 122 residential lots on Naisoso and about 30 homes have already been built, including a 26-berth marina and a bridge connecting the island with the mainland.

A statement from the developer yesterday said the development of an integrated resort on Naisoso Island in Nadi was ramping up as interest grew in Fiji’s resurgent tourism economy.

It said the property company was associated with Australian expatriate and Fijian citizen Bob Lowres.

According to Mr Lowres the five hectare site now the subject of a tender campaign sits adjacent to the five-star resort site and is on the beachfront with just five minutes from Nadi International Airport.

The statement stated that Relcorp was seeking approval to subdivide the parcel into five one ha beachfront lots that would be sold separately or in one line.

It said the entire site held approval for 178 apartments, however Relcorp was seeking a higher density of development along with the subdivision.

Mr Lowres 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 Mr Lowres prepares to unveil his own plans to develop 48 apartments on Naisoso Island.

The tender campaign closes on April 27.

According to Mr Lowres 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.

Mr Lowres has been a property developer for more than 35 years in Australia before he became bored in semi-retirement and started looking for development opportunities in Fiji.

He 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.

According to the statement the move to release the last freehold lots follows the recent sale of 9.7ha 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 was founded in 1983 and developed a large number of residential, retail, commercial and industrial projects across Brisbane.