the new

Fijians in on the new land bonanza

From L. J. WILKINSON in Lautoka A recent agreement between

Fiji Resorts Limited, owner

operators of Fiji’s plush tourist

resort, The Fijian hotel on Yanuca Island, and eleven Fijians who jointly own the

island, spells an uplift in pros

perity all round for Fijians sitting

on chunks of land suitable foi

tourist development.

For $20,000 a year, the island’s owners have agreed to lease all its 120 acres to the company, a United States orientated group headed by Pan American pilot Captain George Wilson, and, in addition, receive one per cent, of the hotel’s gross revenue, when it exceeds $1,800,000 a year.

Previously the company leased hall the island at a virtually nominal rental, erecting on it a luxury hotel designed by American architects, which attracts Fiji’s more affluent visitor in droves.

Buzz of excitement

The lucrative package-deal was en gineered for the 11 owners of the island by Adi Lady Lala Mara, wife of the colony’s Chief Minister, Rati Sir Kamasese Mara, and has senl a buzz of excitement through Fijiar ranks all over the colony.

A golden era is now expected b> many who include, in their holdings acres of coastal land and virtually al] the palm-studded, picture-book islands in the group.

Deals, which were in the offing tc many land speculators visiting the colony, and more genuine tourisi development-minded folk, have sud denly come to a halt while Fijiar land owners have a second think about the situation, and study the terms of the agreement between Fij; Resorts and Yanuca’s owners.

Most of the Fijian land is ad ministered for them by the Native Land Trust Board (Yanuca being 2 comparatively rare exception) whose yardstick in the past has been mode rate rental over a reasonable numbei

of years, usually for agricultural or industrial purposes.

Now the boom is on, and, under the management of Dr. Rusiate Nayacakalou, a PhD and astute businessman in his own right, the Trust Board is reviewing the entire structure of rentals, especially land with tourist potential.

A yardstick of $lOO an acre rental, plus 2i per cent, of revenue of any enterprise using the land, is currently rumoured in development fields.

Other deals are expected to include an equity holding in tourist organisa tions for the land owners, as well as hefty rentals and commissions off the top.

Tourist goldmine

This awakening by Fijians, and their direct advisors, that they are sitting on tourist goldmines has come as a shock to a gaggle of carpet baggers circulating the colony, snap ping up options on land left, right, and centre and produced grandiose schemes of colossal development to meet the tourism boom.

In February, many found the Fijians very reluctant to even discuss possible leases or hedging on earlier unsigned agreements while they rush off to seek sound advice.

Back at Yanuca, Adi Lady Lala has talked the 11 owners into form ing a special company to administer their future income.

Already they have agreed to funnel half the rental into a housing scheme loan for their village, a portion to an investment portfolio and a modest sum per annum to be split directly among them.

Reaction to the Yanuca agreement was aptly summed up by Ratu Jeremaia Tavaiqia, the Tui Vuda, and owner of several “paradise” islands in Nadi Bay.

"Realistic" prices

He’s an astute businessman too, who has gone on record to say that he is glad to see, at long last, people who are prepared to pay realistic prices for desirable Fijian land and islands for tourist development.

It is reported that Ratu Jeremaia has terminated negotiations with an Australian speculator looking at a 30-acre island in Nadi Bay, and re turned his deposit.

Some tourist developments are on freehold land which passed out of Fijian hands anything up to 100 years ago. Fijians can expect rake-offs only from native-owned land which is now never sold outright but leased for periods of up to 30 years.