PLANS are in the pipeline for an exciting new development on the Naisoso marina and commercial precinct in Nadi, though lips are sealed as the new developer moves forward with the planning process.
This new marina development is also an indication of the new investment approach taken up by owner and developer of Naisoso Island, Bob Lowres.
“I wanted to do everything myself on Naisoso Island and I pushed hard to make that possible,” Mr Lowres said.
“But you can’t do everything and I think the best way for the project to move forward quickly is to welcome new financial partners.
“Over the next year or so, while the balances of the villa lots are being sold, I’ll be looking at divesting some of our resort sites and welcoming new investors, much like we did with the marina and commercial site.”
Aside from bringing in more investment, he said, the addition of new partners was projected to further propel the brand of Naisoso’s affluent lifestyle trademark.
It’s a market that’s become a key operational arm of the island, with Nyssa Berryman of Naisoso Island Resort Villas, overseeing the operations of properties on the rental market and holiday lettings.
The Naisoso Island Resort Villas recently won the World Luxury Hotel Awards for Excellence in Service in the Luxury Villa Resort category.
The lure of Naisoso’s privacy, security and tranquil settings has attracted accommodation rates of up to $1800 per night and returns of 6 per cent for some owners.
“We are extremely satisfied with the current position Naisoso Island Resort Villas is in for both owners and future investors,” Ms Berryman said.
“Not only have we stamped our mark as a unique luxury within Fiji’s dominant tourism sector, but we are achieving returns for owners that exceed rival investments.
“Although delayed, our business plan is rolling out, and even in these early days confidence in our product, and our management and service continues to strengthen.
“To be earning such strong returns as the island is still developing, signifies that Naisoso Island will be the leading development in Fiji for investors.”
With a renewed pace, Mr Lowres is also confident that 2016 will regain momentum for the island’s projects.
“In the last 12 months, we’ve sold and settled blocks and welcomed more than a dozen new residents onto the island.
“I think the Fiji real estate market is growing really well; the Government has provided a stable and positive environment for businesses to prosper.
“There are several new developments that have sold really strongly and there’s no doubt that exciting times are ahead for Naisoso Island and other developers in Fiji.”
It has been a sometimes rocky journey for Mr Lowres, the Brisbane property developer who transformed a small unassuming islet into the tourist town’s most coveted and exclusive neighbourhood.
And despite a series of speed bumps the project has continued to thrive — albeit maybe not as fast as the developer, would have initially liked
Mr Lowres snapped up the island in 2004, with big plans for a resort styled master-planned tourism and residential development.
“It’s been an all-consuming passion,” Mr Lowres said.
The project consists of a waterfront gated resort villa and residential precinct, four future resort sites, a sold-out private marina and a commercial and retail precinct overlooking the marina.
The first resort development was to be the Peppers Naisoso Island Resort, originally due for completion this year; however the project has been put on hold.
The project was a promising strata-titled residential and tourism development to be managed by the Mantra Group’s Peppers brand.
About $70million of sales were achieved, however, he said, the timing of the project was not ideal.
“Walk before you can run; the market probably wasn’t quite ready for a development of that size,” noted Mr Lowres.
“We still receive dozens of enquiries each month about the Peppers project, and I think once we decide to get started it’ll be a great project. I might take a slightly more conservative approach next time around.”
Despite this setback, he said, the jewel in the crown of Naisoso Island is the “Naisoso Residences”, a private, peaceful and fully-secure resort villa and residential community of luxury villas and family homes along Naisoso’s dreamy beach and riverfront.
Over the past few months interest in the residential precinct has surged, signifying a strengthening market and Mr Lowres is confident it wouldnot take long to sell the 20 or so blocks remaining in the project.
On the personal frontier, Mr Lowres has contended with a recent health scare — which one could only assume was the result of his single-minded commitment to the project.
However his devotion to the project has not been unrewarded, and those unfamiliar with Naisoso Island may be surprised at its continued progress in the past year and a half.
Property owners are now steaming ahead and building homes, with more than $50m of personal housing construction projects either completed or underway.
And given the island’s attractive incentives for both local and foreign buyers, 2016 is projected to bring in more activity, with a further six homes scheduled to start construction in the new year for the company.
On the resort front, Mr Lowres recently sold his marina and commercial site.