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Pacific Point, the subsidiary company of New Zealand-based Skyking Pacific Ltd, has commenced work on a multi-million dollar integrated residential and resort development project at Wainadoi, outside Suva.
The project’s master plan includes a five-star residential sub-division, a 80-room boutique hotel on a brand new 84 berth marina, and a shopping complex.
Earthwork had commenced at the site, 24 kilometres out of Suva, in November 2007 and is over 50 per cent complete.
The two property owners – Kevin Storey and Brent Gibson said of 14 of the contracted 26 months for earthwork at the site had lapsed.
Storey said pre-sales had taken off with 70 per cent acquired by the international market including New Zealand, UK and Australia.
He said the remaining 30 per cent will be launched in the local market.
Residential lots are being sold at $329,000 plus VAT.
Storey said the current earthwork stage had been funded with potential funding in place for the retail and hotel development.
“We’re obviously very excited about launching our five-star gated residential community in Wainadoi. We have been working in the last four years to develop this project after we saw a need on this side of the island for an integrated resort style residential subdivision, similar to what we see in Denarau,” Gibson said.
He said the emphasis around the residential component of the development was security.
“We’re very conscious of the need for security for the local market as well as the international market and with that in mind, the property will be gated and security will be paramount from the road, the Queens Highway,” Gibson said.
“We have engaged a security company from NZ to put our security programme together, and it will also include emergency services including medical and fire,” he said.
As for the hotel, the company was talking to a group of different international operators who were interested in managing the hotel on their behalf, with the remaining essential services to be looked after by the parent company’s utility subsidiaries to be set up.
“We are also working with a ferry operator and looking to run a ferry service inside the reef to Suva city as a commuter service from the marina to Suva city,” he said.
The company has so far spent $18 million, with an additional $113 million to be spent on earthworks, completing roading and essential services and completing the hotels and apartments.
