Koro Island property

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Name:	Koro Island property
Region:	Fiji, South Pacific
Location:	Matana South Seas
Development:	Non-developed
Title:	Freehold
Type:	Island Parcel
Price:	USD 25,000,000 convert
Status:	For Sale
Size:	806.00 Acres / 326.18 HA

About Koro Island property

Matana South Seas Plantation has been accurately and exotically described by no one better than Captain Bligh of His Majesty's ship "Providence". During his historical journey from Tahiti to Batavia in 1789, he wrote, "the island of Koro is of good height, it is easternmost of the islands I discovered and passed and recorded in my log book on May 6, 1789, on the Bounty's Launch. Nothing can exceed its beauty. I place it in 17' 11"S." The fee-simple title/s to the large landholding estate of 806 acres (whole) described as "Matana Plantation", is contained but continguous land titles, as follows, being part of Koro Island.

Acreage

Certificate of Title 5588 - Koro Island (part of) known as "Matana" consisting of 806 Freehold (fee simple) acres. "Matana" consists of the 4 following land titles:

Folio C.G.500 known as "Nadawa" consisting of 86 acres
Folio C.G.357 known as "Matana" consisting of 276 acres
Folio C.G.473 known as "Nola#1" consisting of 234 acres
Folio C.G.499 known as "Wailolo" consisting of 211 acres

The above separate but contiguous land title holdings offers the new owners development options over the entire or parts of "Matana", as the case may be.

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Property Taxes: None

The Landholdings

The map of Koro Island herein shows the position of the extensive northwest landholdings, the harbours of Vatumatau Bay, plus the magnificent beach promontory knows as Wailolo Point or Nola Point. The location of the approximate 4 miles of white-sand beach frontage which bounds the whole western frontage to the entire estate is also shown. Only 8% of the land in Fiji is available in fee. All other (92%) is held in trust for the Fijian People.

History

Matana is an extensive former copra-producing estate, of the same type which in the Fiji have been acquired and then re-developed for resort and related residential usage in the hands of new owners. The property is one of the few fee-simple or freehold estates on Koro Island. which itself has been untouched by the inroads of time and development, but which falls within a location and climate-belt lending itself to alternate re-development options, as described, subject to the usual authorities' consents. Koro Island has it's own airport serviced by Fiji Air, the inter-island airline center.

Topography

Ranging from sea level at the approximate 4 miles of white sand beach frontage to 500' above (along the timber-line to the eastern boundary of the estate), the extensive landholding/s possesses stunning sunsets, varying contours within valleys, promontories, slopes and flats for alternative re-development options, without any major building constraints. There are no authorities' utility supplies of electric power, telephone, or water supplies available. The land is serviced by a number of running streams, waterfalls and creeks, providing ample water supply sources for any major development.

Improvements

Matana is linked to the coastal roads serving Koro Island by plantation roads and tracks. The current owner located the road through the plantation high in the hills thus preserving the pristine beaches. Situated on an elevated plateau are a number of plantation worker quarters of the board & batten type, which have no material value in relationship to the overall value of the extensive landholding site.

Method of sale

The Plantation is being sold "as is" as a property transfer with cost of transfer and 2 per cent stamp duty to the account of purchaser. Upon settlement of completion date, vacant possession shall be granted. Transfer of title/s will be in accordance with the laws of Fiji.

Government Incentives for Hotel Development

No corporate tax on profits for 20 years
Duty free entry of all capital, equipment, machinery and plant.
There shall be a 100% write-off on all capital expenditure in any one year during a period of eight years within the same period. Losses can be carried forward for six years

International Access to Fiji

The South Pacific and Fiji Islands in Particular are well served by International air and maritime transportation. Direct flights are available from and to Japan, United States, Hawaii, Australia, New Zealand, New Calendonia, Vanuatu and other islands of the South Pacific. The Koro Island Airport is only 30 minutes by air from the Fiji's Nadi International Jet Terminal. Fiji Islands is a member of the British Commonwealth. Islanders are English speaking.

Adjacent Development

Five hundred acres adjacent on the southern boundary is Dere Bay REsort and Estates DEvelopment. Half acre beach access estate lots sell for $125,000 (or $250,000 US per acre).

General

The above report had been prepared by us on information supplied, which is considered correct, but which is not warranted and prospective purchasers are to rely on their own enquiries. Owner purchased the plantation in 1971.

Price: US$25 Million

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Regional Information

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Koro Island property Inquire Map

Fiji, South Pacific
806.00 acres / 326.18 ha|USD 25,000,000