In a historic rate for Fiji real estate, 149 land lots have sold within 6 months at Fiji’s newest, upmarket neighbourhood.
The success of Denarau Waters has been a phenomenal testament to the vision of developers, Avoser Limited, and the affluence of locals compromising the bulk of buyers.
As the residential arm of Avoser’s new Denarau Island development, the waterfront precinct is located on the previously unsettled, southern side of Denarau.
“We’ve had an extremely successful run with all three stages of Denarau Waters, and while they’ve sold out quickly, they wont be the last,” notes Avoser director, Ananth Reddy.
“Stage 4 of Denarau Waters will be released once we’ve completed construction on the whole development, so the company can realize higher capital gains.”
Denarau Waters’ first stage was launched in 2015 and sold 59 lots within 3 months. This success was closely followed by Stage 2, where 41 lots sold in 1 month and Stage 3, which launched last month and sold 33 lots within four weeks. An additional 16 commercial and apartment lots were sold separately.
Property values at Denarau Waters have also been boosted after a recent valuation by international property valuers, Knight Frank (New Zealand).
For Stage 1, assessments settled the average uplift on valuation at 29 percent, and Stages 2 and 3 at 11 percent.
As is common practice for property developments such as Denarau Waters, the first stage is often the cheapest, with prices steadily increasing as further stages are released.
The uplift was concluded from what Knight Frank valued what the market value should be, compared to what the lots were sold for.
These valuations have been particularly rewarding for initial buyers, and those rushing for land lots at the Pacific’s most anticipated tourism landmark.
After all, Denarau has long been the centre of Fiji’s travel and lifestyle hub, though residential developments have been a blue-moon offering.
Adding to the lure of Denarau Waters is its natural peace and tranquillity on the quiet side the island, where lots measure 1000 sqm, and command 20 meters of water frontage.
These lots will be ready for settlement next year, with nearby commercial lots also selling out quickly. The new Denarau Island will compromise a series of retail and tourism precincts and feature a new Holiday Inn Resort and commercial marina.
Fiji’s real estate scene has never packed so many rapid sales within a short period, with more exciting developments to come by Avoser.