Fletcher joins time-ownership group in Fiji

Press, 24 December 1980, Page 7

Fletcher joins time-ownership group in Fiji

PA Auckland New Zealand. Fijian, and Hong Kong business interests have joined forces to promote timeownership holidays at Fiji’s Pacific Harbour. A joint-venture company, Eden Enterprises (Fiji), Ltd, has bought Beachside Apartments at Deuba and is refurnishing the 14 two-bedroom units to international standards in readiness for the sales opening on January 31. Partners in the development, known as Fiji Palms Beach Resort, are Fletcher (Fiji), Ltd, a wholly owned subsidiary of Fletcher Holdings Ltd: Reddy Contractors, Ltd, of

Fiji; and Resmar (Fiji), Ltd, a sister company of Resmar Holdings, Ltd, of Hong Kong. Resmar Hong Kong is an associate of Resort Marketing Honolulu, an organisation with several years experience in the developing and marketing time-ownership projects.

Stage 1 of the project, which is adjacent to the Beachcomber Hotel, will offer inflation-proofed annual holidays to local, New Zealand, and other overseas residents. A further 20 apartments, planned for 1982 and 1983, will provide more accommodation.

Ti m e-ownership, the fastest-growing area of the tourist industry in the

United States, is a system of multiple ownership. The apartments in the Deuba development will be leased to purchasers at a peppercorn rental for time slots of one or more specified weeks. These time-shares will cost between $5OOO and $6500.

The general manager of Eden Enterprises, Mr H. J. MacLeod, said, that because Fiji had no strata title legislation, each purchaser would acquire one share in a co-operative society and receive a cross-lease for 99 years over an apartment and nominated time period.