Place in the sun at Fiji resort
Expressions of interest are being sought for a renowned resort for sale on the Fijian island of Vanua Levu with huge expansion potential to capitalise on Fiji’s surging tourism.
Set in lush tropical surroundings on Fiji’s second largest island, Koro Sun Resort and Rainforest Spa markets itself as a “reef to rainforest heaven”.
Rated among Fiji’s top five hotels in Tripadvisor’s 2023 travellers’ choice awards, it has hosted production teams filming top international TV shows such as Survivor and The Bachelorette.
The resort sits just outside Savusavu. It features a 4.5-star hotel with 56 guest suites, multiple restaurants, bars and pools, an award-winning luxury rainforest spa, plus an array of recreation amenities and activities.
Opened in 2000 and operated and developed by the original family owners ever since, the resort is being offered to buyers with vacant possession as a freehold going concern. The sale includes a large landholding
ripe for development to cater to soaring visitor demand amid an accommodation shortage.
Fiji’s tourism industry has bounced back vigorously post-Covid, attracting record February visitor arrivals of nearly 55,000 this year, up 16 per cent year-on-year. Tourism is the country’s biggest foreign
exchange earner, contributing more than a third of GDP.
Koro Sun Resort, Hibiscus Highway, Savusavu, Vanua Levu, Fiji, is being marketed through Rick Kermode, Layne Harwood and Paul Dixon of Bayleys Real Estate via expressions of interest closing Wednesday May 8.
“Rarely do high-quality, established freehold going concern operations, with a strong trading history and sound investment fundamentals, come to the market in Fiji,” Kermode said. “Koro Sun enjoys a proven reputation and income and rates consistently among Fiji’s preferred resorts. Vacant possession will allow new owners to bring their own brand, engage a new franchised operator or self-manage the business.
“It’s sure to attract significant buyer interest. With waterfront real estate becoming a rare and expensive commodity in many countries, coastal properties in Fiji often sell at prices considered affordable internationally,” said Kermode.
Harwood said the location on Vanua Levu – seen as Fiji’s next major growth area – would enable buyers to purchase more affordably than on Fiji’s main island and benefit from ongoing development and infrastructure improvements.
“These include roading improvements and a new marina in Savusavu Harbour that offers 137 berths for superyachts. The Government is also evaluating the location of a new international airport and has created tax incentives for investors/developers in the region.”
The sale includes 48ha of freehold land plus a nearly 2.9ha foreshore area on a long-term Crown lease.
The resort occupies just over 12ha of the freehold land. The balance is undeveloped land in rainforest rising into a hillside with expansive views. This land and the leasehold coastal area have identified development potential.
The 36ha of undeveloped freehold land north of the resort is earmarked for subdivision into 64 large residential lots. Alternatively, it provides scope to expand the resort.
Part of the foreshore lease area and freehold resort land are earmarked for 20 new villas and bures. Additionally, 13 fully-serviced freehold lots in a residential subdivision northwest of the resort, owned by the vendor, could be made available as part of the sale.