The Koro Sun Resort & Rainforest Spa in one of Fiji’s most
exclusive hotel pockets has been listed for sale through CBRE Hotels and
Wests Realty Fiji.
Strong growth in Fiji’s tourism market is
expected to underpin significant interest in the recently expanded
resort, which is being offered for sale by way of an international
Expressions of Interest campaign that will close on June 12, 2014.
CBRE
Hotels Regional Director Rob Cross said Koro Sun was one of only two
resorts in Fiji offering direct waterfront bures – a significant visitor
attraction.
Situated near Savusavu on the northern island of
Vanua Levu, Koro Sun Resort is located in close proximity to two of
Fiji’s most exclusive 5 Star resorts: Jean-Michel Cousteau Fiji Island
Resort and Anthony Robbin’s Namale Resort.
The award-winning
resort is situated on a private lagoon and offers more than 60 hectares
of freehold land – a rarity in Fiji where only around 7 percent of land
holdings are freehold tenure.
“Fiji has been one of the
strongest performers in the Asia Pacific hospitality market over the
past three to five years,” Cross said.
“It has experienced a surge
in visitation during this period which has led to unprecedented growth
in both occupancy and revenue. This, combined with a limited new supply
pipeline, augers well for Fiji tourism and is expected to drive strong
interest in the Koro Sun offering.”
Koro Sun is being offered for
sale on behalf of the U.S.-based Young family who bought the hotel in
1998 after visiting the area on a diving trip and falling in love with
Fiji and the beauty of Savusavu.
At the time, the resort consisted
of 16 basic bures and a large tract of land. Today, Koro Sun Resort
comprises a unique offering of 43 bures and villas, including 11 new
overwater/edgewater bures that opened in February this year, as well as
two restaurants, three bars, the new Edgewater Beach Club, three
swimming pools, a spa and recreational centre, two tennis courts and a
nine-hole golf course.
There are also 13 unsold lots in the
adjoining, freehold Koro Sun Resort Community as well as 36.4385ha of
undeveloped land with preliminary approval for 64 lots.
Cross
added the resort offered a wide array of accommodation product, from
one-and two-bedroom bures to the recently opened Edgewater bures and
villas which open directly onto the Koro Sea.
This new precinct
also features the Edgewater Beach Club and Wai Bar, an-adult-only
waterfront wet edge pool and swim up bar facility.
He added:
“Koro Sun Resort has been owner operated by the Young family since 1999.
It is being offered for sale with vacant possession, thereby affording
an incoming purchaser the opportunity to re-brand, re-position,
owner-operate or introduce new management to the property to capitalise
on the continued strength of the existing established brand in the Fiji
tourism market.
“There is also considerable potential to expand
the existing property, which offers approximately 30 acres of resort
land, plus 13 lots, 99-year foreshore lease and 90 acres of undeveloped
rainforest land.”
Koro Sun is situated in a Tax-Free Region where
significant tax exemptions are available to newly incorporated
business’s investing capital within the region.
Koro Sun Resort is
located a 15-minute drive from the quaint town of Savusavu, “the hidden
paradise” on the south coast of Vanua Levu, Fiji’s second largest
island. The resort is surrounded by natural vegetation and fronts the
Koro Sea to the south and lush virgin rainforest/ mountain ranges to the
north. The resort has also been recently awarded the Top Deluxe
Accommodation at the prestigious AON awards in Fiji 2014.
Andrew Batt, International Group Editor of PropertyGuru Group,
edited this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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