A Foreshore Head Lease has been signed for the $350 million Vunabaka development which means all 45 lots of the first phase can now be titled.
Vunabaka directors Michael Lucas and Andrew Griffiths met with Attorney-General Aiyaz Sayed-Khaiyum and Tui Lawa Ratu Seva Lalabalavu to commemorate the signing of the lease.
Mr Griffiths said this means the buyers can complete their transaction as the lots can now be titled and settled.
He said with the funds they receive through the sale, they can pay down the majority of their Fiji Development Bank loan and borrow some more to go into Stage 3 development.
“Buyers can complete their transaction and allow us to pay down the majority of our FDB loan,” he said.
“That has been a catalyst for us to then go and reinvest in Stage 3 which is a further 35 residential lots.”
The next stage
Stage One and Two of the marina construction and land reclamation and beach formation has been completed for the Vunabaka marina and beachfront resort on Malolo Island.
This means work can now focus on completion of the much-anticipated Island Grace Hotel and Vunabaka residences.
Vunabaka Bay (Fiji) Limited is now making an investment in all the civil works to undertake the investment.
Mr Griffiths sees this as a really big positive for investment in Fiji that they have had the opportunity to sell all of these lots and further invest.
Work began on the Vunabaka project in July 2014, with 65 per cent of the first residential lots pre-sold.
Both Mr Lucas and Mr Griffiths agree that the support from the Fijian Government and Tui Lawa has been exceptionally strong.
The Vunabaka project has been financed through owner equity along with a development loan against pre-sales from the Fiji Development Bank.
Over 150 local construction workers are on-site currently, with that number expected to grow to 350 by end April.
It’s anticipated that overall the project will see more than $350 million worth of investment in the Fijian tourism sector.
The Vunabaka group – who describe themselves as passionate water guys – have been committed from the start to sharing the success of the project with the community.
As the majority of the lots sit on native lease, the three mataqalis – Taubeni, Vunakavika and Taubere – are set to receive 10 per cent of all land sales and have a 21 per cent stake in ancillary activity profits.
Source – http://fijisun.com.fj/2015/03/03/vunabaka-receives-foreshore-head-lease