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Expanding Tourism Market Brings New Opportunities

Expanding Tourism Market Brings New Opportunities
The resort development phase of Fiji’s latest large-scale residential and tourism destination – Naisoso Island Resort - offering three hotel sites and a wellness spa site– has been placed on the international market for sale.
May 14
08:51 2015

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

Bayleys Fiji managing director and partner Philip Toogood sees the timing of the sale coincide with the expanding opportunities within the Fijian tourism development market.

He has received positive early interest in all four properties.

“The growth of Fiji’s tourism sector has come in waves,” Mr Toogood said.

“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 Fijian elections have delivered confidence and stability to the market,” he said.

“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. Mr Toogood said Naisoso Island is an exciting example of the future of integrated Fijian resort development.

He said this is one that will create and influence new directions in how Fiji approaches the growing international demand for premium tourism destinations.

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

The majority of the residential home sites on the exclusive island are now sold and new multi-million dollar homes are starting construction almost weekly.

Mr Lowres believes the time is right to invite other developers to share in the opportunity at Naisoso Island.




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