Million Dollars in Land Deal
One of the world’s best beaches, Balawi Beach in Nacula, Yasawa, located 50 miles from Lautoka, will soon be home to a world-class 7 star hotel trading as One and Only.
It is an investment by one of the largest tourism operators, Doubloon Investment Pte Ltd owned by Kerzner.
Yesterday, landowners of the Mataqali Navunikavika and Mataqali Yavusaratu both of the Yavusa Drola of Malakati Village, in Nacula, Yasawa received the payment of lease offer from Doubloon Investment Pte Ltd.
The iTaukei Land Trust Board (TLTB) facilitated the lease with due consideration on fair and equitable return to the landowners providing $4.1 million as premium with annual rental commencing at $1.6 million on commencement of operation. Chief executive officer Tevita Kuruvakadua thanked the two landowning units and the Momo na Ratu ni Drola for consenting for their land to be used for the tourism project.
The project will create a lot of benefits to the landowners and nearby villages around Malakati Village and will also contribute to tourism development in Fiji and the national economy.
The high-end tourism luxury resort development is an investment of approximately $300 million.
The 7-star resort would house a 50 ultra-luxury resort villa, 12-15 branded residential villas, 5 food and beverage outlets, luxury spa, fitness centre, outdoor pool, water sport activities and a beach club.
Preliminary topographical survey work is underway with all approvals need to be obtained from other stakeholders before developments commences.
ITaukei-ni-Qele
According to the iTaukei-Ni-Qele Volume 2, 2022, Turaga na Ratu ni Drola, Apenisa Momolevu said the investment was good news to them. Ratu Apenisa said they were delighted and looked forward to the development of the beach resort. He said that the villagers of Nacula would always look for employment opportunities at nearby hotels such as Blue Lagoon, Oarsman Bay, Nanuya Island Resort, and Paradise Cove, while others would sell coconuts and fish to the hotels.
Ratu Apenisa also hopes that the development would be a source of better opportunities for the landowners, as development would mean the improvement of infrastructures and amenities such as road construction, and supply of electricity and water, and mostly the provision of job opportunities.
The first four years of operation is expected to be tax free, while
the finance for 50 per cent of the development cost is available from the Fiji Development Bank – 10 per cent, or Bank of the South Pacific at 7.5 per cent, terms to be negotiated. Meanwhile, medias were invited to cover the handover yesterday, however, 10 minutes before the scheduled time, they were told that it was a closed event.
Read tomorrow’s edition to know more about the investor, Doubloon Investment Pte Ltd.