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, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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