Landowning units receive $4.1m
24 November, 2022, 6:02 pm
Two landowning units in Nacula, Yasawa yesterday received $4.1 million in premium for the lease of their land for a high end tourism project.
A statement from the iTaukei Land Trust Board (TLTB) said the landowners would also receive an annual rental of $1.6 million when the tourism project commences operation.
The landowners belong to the landowning units of Navunikavika and Yavusaratu of the Drola clan in Malakati Village.
The payment was made by Doubloon Investment Pte Ltd.
The statement states TLTB facilitated the lease “with due consideration on fair and equitable return to the landowners”.
TLTB chief executive officer Tevita Kuruvakadua thanked the Momo na Ratu ni Drola for approving their land for the tourism project “which is anticipated to have a lot of benefits on landowners and neighbouring villages”.
The statement states Kerzner, who owns Doubloon Investment Pte Ltd, recently acquired a tourism lease on Balawi Beach to build a high-end $300 million tourism luxury resort.
The company is planning to develop a seven-star resort to accommodate a 50 ultra-luxury resort villa, 12-15 branded residential villas, five food and beverage outlets, luxury spa, fitness centre, outdoor pool, water sport activities and a beach club.
Preliminary topographical survey work is underway with all approvals need to be obtained from other stakeholders before developments commences.