A GROUP of adventurous Kiwi surfing businessmen are investing about $US140million ($F300m) in a development project that includes a luxury hotel, 73 Fijian-style privately-owned villas and employment opportunities for about 350 people.
The Vunabaka development project on Malolo Island by Vunabaka Bay Fiji Ltd started earthworks in July last year and hopes to complete those earthworks by October this year.
However, the project completion date has been set for March-April 2016 and will feature the 100-acre luxury hill-top, marina and beachfront resort about 35 minutes by boat from Nadi International Airport.
Vunabaka Bay Fiji Limited managing director Andrew Griffiths told this newspaper the vision of the group, who were not traditional developers, was to build holiday homes.
“Vunabaka will feature the luxury hotel called Island Grace and it will be in the middle of the resort but the overall development is called Vunabaka,” he said yesterday.
“Construction started a year ago after several years of feasibility assessments, planning and design.
“The development of the stage one marina, coastal reclamation, beach beautification, power, water and gas reticulation will be completed by October-November this year.”
Mr Griffiths said works were progressing well on time and on budget.
He said they were shifting 500,000 cubic metres of earthworks for building the marina, construction of the first villa and staff quarters and amenities.
“We’ve already built a number of staff accommodation, kitchen and cafeteria, and a boat shed.
“We’ve employed about 100 so far and by end of the year we hope to employ about 300-350 people.”
Mr Griffiths said the site on Malolo Island was on a 99-year lease from local landowners and the local community would receive 10 per cent of all land sales.
“The local community also has a 21 per cent stake in the continuous operating entity that would run the resort,” he said.
Vunabaka has been financed through owner equity along with a development loan against pre-sales through the Fiji Development Bank.
