The Vuda Area is growing with tourism and quality residential property
development given its prime location. Purchasers of Stage 2 sites may see the
opportunity for long term capital growth potential on their investment as the Vuda
area develops. Already along the First Landing beach are several quality residences
with more being planned. The Vuda area has a country living appeal, which is
different to other built up tourism/residential integrated developments in the Nadi
area. Pricing is competitive so now is a good time to invest.
The Beachfront Lots are each just over a quarter acre in size. Each lot has over 18
metres of beachfront. These six Beachfront Lots are the only beachfront
property remaining for sale in the First Landing residential and resort
development as Stage 1 has sold out. These magnificent Beachfront Lots are on
a white sand beach with westerly views of the nearby Mamanuca Islands. The Near
Beach Lots range is size from a quarter acre to just over one third acre.
These Beachfront and Near Beach Lots are a unique real estate investment and are
priced competitively when compared to other beachfront and near beach properties
on the market.
The sub division plan showing the individual lots is attached. Stage 2a is currently
selling. Water, electricity and telephone services will be supplied to each lot. If
required lots will be connected to a waste treatment plant instead of owner installed
septic tanks.
Also available for sale within this subdivision is one luxury Beachfront Villa and
one luxury Tropical Garden Villa near the beach. Each villa has two bedrooms
with lounge and kitchen, private yard and swimming pool. Each villa comes with
over a quarter acre block of land so there is enough space to construct an additional
two bedroom unit on the property. The villa can be used as a residence or managed
as resort inventory with annual owner occupancy periods. More information is
available upon request from First Landing Beach Resort & Villas (see contact
address below).

LOT SELLING PRICES
The Lot selling prices are attached. Prices are in Fijian dollars and exclusive of
12.5% value added tax (vat). This tax may be claimed back under certain
circumstances which we can discuss with prospective purchasers. Purchasers will
secure their lot 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. We expect to be able to issue title at the
end of 2010 or early 2011.

LAND TENURE AND THE NATURE OF THE INVESTMENT
Purchasers will receive a native lease title to their lot under an arrangement similar
to strata title. The term of the sublease will expire on 31 December 2105. Native
title comprises approximately 85% of the land in Fiji. All native land in Fiji is
administered by the Native Land Trust Board who issues all leases. Many of the
large integrated tourism and residential developments in Fiji are on Native Land,
including the Sheraton Villas, Hilton Villas, and Radisson Apartments. The nature
of the title allows for use as either residential or income as the lot is within the First
Landing Integrated Tourism and Residential Development at Vuda Point. There is
provision in the lease for compensation of improvements on the land if the lease is
not renewed at the end of the lease year term in 2105.
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. Purchasers who seek to live in Fiji can
obtain residential permits. If required First Landing can recommend local law
firms experienced with the First Landing sales documents and process to act for the
purchasers.
Annual rent payable to the NLTB is $F1,000 for a quarter acre lot and $F1,320 for
a one third acre lot. In addition there is a modest contribution to the maintenance of
any common areas, rubbish removal, security services etc depending on the
services provided although some are required such as security, common area
maintenance etc. There is provision for 5 yearly rent reviews based on published
Fiji Government indices such as CPI. If the lot is used for income purposes the
annual rent is calculated as a percentage of gross revenue earned (2.75% up to
3.5%).
There is building design and construction requirements to ensure the type of
residence built 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. To help facilitate construction of residences on the lots First
Landing can recommend local architects and builders with solid experience. One
of the architects has designed the First Landing villas and another has purchased a
beachfront lot at First Landing to construct accommodation units. There are also
neighbourhood rules to ensure compatibility of occupancy with other residences
and the resort within the integrated development. It is intended that once
development is completed there will be a body corporate of lot owners to look after
the annual operations and maintenance of the subdivision.
BACKGROUND ON FIRST LANDING BEACH RESORT & VILLAS
First Landing Beach Resort & Villas has been established for 16 years. The resort
is located at Vuda Point having the only white sand beachfront in the Nadi Bay
area. First Landing is in an ideal location to access numerous activities on the
mainland and nearby islands. See www.firstlandingfiji.com The Vuda Yacht
Marina borders the resort and has a yacht club bar & restaurant, coffee shop,
general store and ships chandlery. The marina has long term berthing facilities. See
www.vudamarinafiji.com Legend recalls the first First Fijians arrived on the beach
at First Landing, so the area has important historical and cultural aspects.
The current resort is located on 6 acres comprising lush tropical gardens along the
white sand beach. There are 36 bures at a quality 3.5 star standard. In addition
there are three garden villas and one beachfront villa to a 4.5 star standard
managed by the resort. First Landing actually started as a restaurant and still has its
popular steak and seafood beachside restaurant located at the resort. The resort has
a fresh water swimming pool, boutique, tour desk, Health and Beauty
Aromatherapy Centre for massages and all beauty treatments, kayaks, scuba
diving, daily trips to nearby islands for snorkeling or fishing and a small resort
marina. The resort is unique in the Nadi and Lautoka area given it’s more
traditional and authentic Fijian atmosphere. Owners of the Beachfront and Near
Beach Lots have access to these resort facilities.
First Landing is well received by the international travel companies marketing Fiji.
Over 50% of the guests are from Australia and New Zealand with the rest from
North America, United Kingdom, Ireland, Europe and Fiji.
First Landing Beach Resort & Villas is owned and operated by Barstock
Investments (Fiji) Limited. Barstock is also a resort and residential development
company. The principals of Barstock are:
1. Mr. George Stock – Director (Fiji Citizen) originally involved in the export
seafood business in Fiji and the founder of the company.
2. Mr. James Dunn – Director (United States Citizen) who has been a resident
of Fiji for 33 years and was the Forestry Manager for Fiji Pine Limited for
20 years prior to his involvement in First Landing.
5
3. Mr. Phillip Taylor (Australian Citizen) who was a partner with Coopers &
Lybrand and Pricewaterhouse Coopers in Fiji for 13 years, prior to his
involvement in First Landing.
FUTURE DEVELOPMENT
First Landing has another 35 acres of adjacent land on which future tourism and
residential development will take place. This land is adjacent to the existing resort
and subdivision. First Landing also has approval for a foreshore development
lease for 33 acres in front of the Resort and Stages 1 and 2, which considers plans
to deepen the lagoon and form islands which may increase the value of all property
at First Landing. 30 acres of prime ocean view residential land two kilometers
from the resort has also been acquired on a 99 year lease. The adjacent Vuda
Yacht marina has plans for future expansion which will further complement the
First Landing plans.
Fiji’s National 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 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 and Near Beach Lots are the only remaining residential
property on or close to the beach in the development. This investment opportunity
gives the purchaser ground level entry at competitive pricing with potential for
downstream capital growth. Further stages of development will be subject to
appropriate funding structures and market demand studies.
CONTACT FOR INFORMATION
For more information about the Beachfront and Near Beach Lots or the Villas
please contact Jokhan Realtors on 70 74 505 or 99 20 505: