PRIME BEACHFRONT LOTS!!!!
       ONLY SIX AVAILABLE
OVERVIEW

First Landing Beach Resort & Villas will be selling six beachfront lots each approximately 1/3 acre (1454 square metres). Each lot has 25 metres of  beachfront. These lots are located within a small private and exclusive subdivision next to the existing resort at Vuda Point. Also included in the subdivision are four existing luxury villas (one beachfront  and three tropical garden)  each on ¼ acre of land.

These are magnificent beachfront lots  are  on a white sand beach with westerly views of the nearby Mamanuca Islands. This exclusive subdivision is 15 minutes from Nadi International Airport and Lautoka City. This subdivision is part of the 50 acre First Landing integrated tourism and residential development at Vuda Point.

These beachfront lots are a unique real estate option in the Nadi/Lautoka area and  are priced competitively when compared to other beachfront properties  on the market.  While First Landing intends to expand the integrated resort and residential area, the detailed plans are not yet finalized, however it is very likely these 6 lots will be the only beachfront property offered for sale by First Landing. 

The lots are zoned residential and tourism thereby giving owners the option to earn revenue when not in residence. The existing popular First Landing villas and bures are indicative of the type of design that would be appropriate for residential and tourism (income) purposes. Each beachfront lot could easily have a two bedroom villa with a large lounge & kitchen plus  swimming pool and connected by a covered walk way to a free standing two bedroom bure. This would allow the owners to have  maximum flexibility and earning potential. Further details about design, construction and management of villas and bures are available from First Landing Beach Resort & Villas.

SELLING PRICE IN FIJI DOLLARS

Prices are from $F590,000 plus Fiji value added tax of 12.5%.  Investors will secure their purchase by the payment of a deposit, currently 10% of the purchase price, into a solicitor’s trust account on entering into a binding purchase & sale agreement.  Settlement will take place on completion of any conditions in the contract including necessary government approvals and the issuing of the title sublease by the Native Land Trust Board.  It is anticipated that settlement will take place within 60-120 days of exchange of contracts.

LAND TENURE AND THE NATURE OF THE INVESTMENT

Purchasers will receive a native lease title to their beachfront lot under an arrangement very similar to strata title overseas.  The term of the lease is 99 years (less one day) effective from 1 January 2006. Native title comprises approximately 85% of the land in Fiji and is the most common form of title on which the major resorts and residential properties in Fiji are built. All native land in Fiji is administered by the Native Land Trust Board who issues all leases. The nature of the title allows for use as either residential or tourism as the lot is within the First Landing Integrated Tourism and Residential Development at Vuda Point.

Owners can, in the future, sell their property for which a sale  premium is paid to the Native Land Trust Board. This premium for on sale by the owner is 5% of the unimproved capital value if the land is used primarily for residential purposes and   2% of the sale value if the land is used primarily for tourism purposes.  Owners  can also use the land as security for bank finance. Foreign investors are able to borrow funds in Fiji to purchase their land subject to commercial bank lending policies and requirements in addition to Reserve Bank of Fiji approval. This can reduce currency risk for prospective investors and allow them to take  advantage of the tax deductions available on interest.

There is provision in the lease for compensation of improvements on the land if the lease is not renewed at the end of the 99 year term. 

Annual rent payable is based on $F4,000 per acre per year plus a modest contribution to the maintenance of any common areas or support services. It is estimated this annual rental for the 1/3 acre lot would be $1,500 to $F2,000. There is provision for 5 yearly rent reviews based on published Fiji Government indices such as CPI.  If the lot is used tourism purposes the annual rent is calculated as a percentage of gross revenue earned which is currently 2.75%.

There are building design and construction requirements to ensure the type of villa constructed on the land is in keeping with the theme of the overall development at First Landing. Also any building will be subject to the normal Fiji Government planning approvals.  There are also neighbourhood rules to ensure compatibility of occupancy with other residences and  the resort within the integrated development.

BACKGROUND ON FIRST LANDING BEACH RESORT & VILLAS

First Landing Beach Resort & Villas has been established for 12 years. The resort is located at Vuda Point on a white sandy beachfront of 400 metres, the only one in the Nadi Bay area.

First Landing is 15 minutes from Nadi International Airport and Lautoka City and 20 minutes by boat across Nadi Bay from Denarau Island. The resort is in an ideal location to access numerous activities on the mainland and nearby islands. The Vuda Yacht Marina borders the resort and has a yacht club bar & restaurant, coffee shop, general store and ships chandlery.

The current resort is located on 6 acres comprising lush tropical gardens along the beach. There are 37 bures at a quality 3.5 star  rating. In addition to  the three garden villas there is one beachfront villa  managed by the resort. First Landing actually started as a restaurant and still has the popular steak and seafood beachside restaurant located at the resort. The resort has a  large fresh water swimming pool, boutique, tour desk, health and beauty spa, water sports and scuba diving services.

The resort has enjoyed high annual average occupancies of around 75% over  2005 and 2006, and anticipates a return to such levels as the political situation in Fiji normalizes after the events of December 2006. First Landing is well received by the international travel wholesalers marketing Fiji. The Resort was awarded the Fiji Hotel Association best resort in the Quality Accommodation category in 2002.

FUTURE RESORT DEVELOPMENT

First Landing have recently secured a 99 year lease over an additional 42 acres of  prime beachfront and ocean view  land  on which future tourism and residential development will take place. First Landing have also made an application for a foreshore lease over the reef in front of the resort which could secure a further 33 acres of crown lease for development over the water.  Future plans may provide for “scraping’ of the reef to create 24 hour water at the beachfront which could increase the value of all property at First Landing. 33 acres of prime ocean view residential land two kilometers from the resort has also been acquired on a 99 year lease.

The 42 acre lease adjacent to the existing resort has the option for a  residential development component which will add to the growth and reputation of the Vuda area as an alternative destination to the high density large hotel projects of Denarau, Momi and Natadola. The adjacent Vuda Yacht marina has plans for future expansion which will further complement the First Landing plans.

The Fiji Tourism Development Plan for the period 2007 – 2010 indicates the importance of the area where First Landing is located (within the Nadi Corridor) stating “The proposed vision for the tourism in the Nadi Corridor is to be Fiji’s tourism gateway, offering a thriving Fijian resort destination and provide the hub for access to the rest of Fiji”.

These beautiful  beachfront lots are the first product available in the First Landing integrated resort development and give an investor the opportunity to gain ground level entry at competitive pricing. Further stages of development will be subject to appropriate funding structures and market demand studies.