Expanding Fiji Tourism Market Brings New Opportunities

Expanding Fiji Tourism Market Brings New Opportunities For Developers

Bayleys Real Estate (Fiji) has been appointed to market four fully approved development sites within the pioneering tourism development at Naisoso Island, Fiji.

Bayleys Fiji Managing Director and partner Philip Toogood sees the timing of the sale coincide with the expanding opportunities within the Fiji tourism development market and has received positive early interest in all four properties.

“The growth of Fiji’s tourism sector has come in waves. The first wave brought the first large resorts in the 1970s and the second wave saw the emergence of Denarau in the late 1990s.

Mr. Toogood believes the next surge in development is now well underway and gathering significant momentum, “the 2014 Fiji elections have delivered confidence and stability to the market and we’re seeing some of the original resorts undergoing refurbishment and expansion, along with the emergence of exciting new developments like Naisoso Island.

“With limited opportunities on Denarau, Naisoso Island is the obvious destination for resort developers and operators and we’ve already seen serious interest in these four properties.”

The Opportunity

Naisoso Island is a 449,400m2 (44.94ha) freehold master-planned tourism development located in close proximity to everything that’s important in Fiji: the beach, the ocean, the Mamanuca and Yasawa Islands, reliable infrastructure and major transport hubs including Nadi International Airport.

Naisoso Island is an exciting example of the future of integrated Fijian resort development, and one that will create and influence new directions in how Fiji approaches the growing international demand for premium tourism destinations.

The specific development opportunities offered for sale are:

• 4.74ha beachfront development site, ready for immediate commencement of a 178-unit apartment style luxury resort;
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• 3.99ha oceanfront front site set aside for a five-star resort;
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• 2.39ha oceanfront site set aside for a four-star resort; and
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• 3,094m2 site identified for a wellness and spa centre.
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The Naisoso Island development also features a waterfront marina retail site, which was recently sold and is now under construction. This project will see office space, shopping, restaurants and a proposed marina apartment development added to the growing community on Naisoso Island.

Property developer Mr. Bob Lowres is seeking to move forward with the project and has appointed Bayleys to negotiate the sale of the remaining development sites.

With the majority of the residential home sites on the exclusive island now sold and new multi-million dollar homes starting construction almost weekly, Mr. Lowres believes the time is right to invite other developers to share in the opportunity at Naisoso Island.

Mr. Toogood sees the design of future resorts at Naisoso Island taking advantage of “the seaside vista across Nadi Bay and towards the Mamanuca Islands is quite beautiful and all four sites offered for sale allow for some amazing design possibilities that would be quite different to what’s available on Denarau”.

Tender closes on 2nd July 2015.

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