Lot sales have picked up at Natadola Beach Land Estates after a reduction to $350,000 (VEP) in land prices last month.
Owned by the Fiji National Provident Fund, estate management confirmed that the price reduction has attracted much interest from the local market, with 11 lots sold within days of the announcement.
It anticipates the sale of more home lots by mid-2019.
“A model home is currently being constructed on the site to provide interested buyers with a virtual feel of the estate,” a statement confirmed.
“It is expected that this model home will encourage more investors to purchase lots.”
The estates offer more than 44 lots spread on the hills above the InterContinental Fiji Resort & Spa and close to the championship Natadola Bay Golf Course. Both properties also come under the FNPF’s property portfolio.
Security has been a focal feature of the estates, with 24-hour security for the gated community, which boasts panoramic views of Natadola Beach.
“This ensures the safety, security and privacy of the home owners which is paramount to NBRL. The gated community will also enable homeowners to live freely within their own homes compared with the standard community.
“Along with that, gated communities create a scarcity effect, with few homes within these neighbourhoods typically available for sale at the same time, adding more bite to the value.”
NBLE confirmed that all buyers of the sold lots are now working on their structural plans, which are expected to be submitted for vetting prior to any construction, with NBLE establishing building guidelines.
“This guideline is to ensure that each home is compliant to the Fiji standards and also structurally intact to withstand cyclones.”
NBLE added that higher standards of home quality could be expected and stricter building codes to promote design uniformity.
“That means more comparable sales and better value for all the homeowners within the community.
“Meanwhile buyers can have a choice and benefit from land purchase, build a luxury home and even lease it out to nearby resorts or business houses for weekend, holiday homes or executive residents.”
Buyers will also be spared typical 99-year land rental charges as part of a special pre-paid arrangement with the I Taukei Land Trust Board, which administrates Fiji’s Native land titles.
Interested buyers can visit their website, www.natadolabeach.com.fj for more information.