SUNBIZ

Nila Beach Resort On Sale But At A Lower Market Price Than Expected

Owner Mohan Chinnusamy said yesterday that he had initially wanted to sell the resort for between $18m - $20m, but the effects of the coronavirus pandemic had forced him to lower the price to $16m.
23 Apr 2020 15:18
Nila Beach Resort On Sale But At A Lower Market Price Than Expected
Minister for Agriculture, Waterways and Environment Mahendra Reddy with Nila Beach Resort owner Mohan Chinnusamy at Nila Beach Resort, Vuda, Lautoka on April 22, 2020. Photo: Charles Chambers

Nila Beach Resort, situated at Vuda Point, in Lautoka is now being sold on the market for $16 million.

Owner Mohan Chinnusamy said yesterday that he had initially wanted to sell the resort for between $18m – $20m, but the effects of the coronavirus pandemic had forced him to lower the price to $16m.

“Most buyers have decided to wait and see how this pandemic goes and then they would decide,” Mr Chinnusamy said.

He said he had attracted a lot of interest from viable investors both locally and internationally.

The property has 14 villas, a restaurant and swimming pool with part of the foreshore already worked on as part of the expansion project.

“Once the pandemic is over, if no one buys it then I will continue with the project plans I have in place.

“I have already spent $10 million on the first two stages which have been completed.”

The third stage, he said was supposed to begin last month, but had been put on hold.

The total investment on the expansion project is spread through 10 different stages of construction, with eight left being earmarked for a total investment of $70m.

Current situation at Nila

Meanwhile, Mr Chinnusamy said he had 20 staff who were rotated in a team of six throughout the week.

He said he wanted his workers to have some money and that was why he wanted all of them to do shift work at the resort.

“The resort is still open, it is a nice quiet place, good for the family and our restaurant is still open,” he said.

Feedback: charles.chambers@fijisun.com.fj

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