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'Fractional Ownership' Resort Launched In Fiji

A Fiji resort is the first in the country to offer freehold or fee simple fractional ownership" of its multi-million dollar villas, the on-line news service Fiji Live reports.

The six-month-old Taunovo Bay Resort & Spa Fiji is launching the "timeshare" concept in the country. Timeshare or fractional ownership is popular in the U.S., and has become a mainstay of the tourism industry in parts of Hawaii.

Investors will be offered a one-tenth freehold ownership of a Taunovo Bay villa, which is valued at NZ$340,000. The investment includes the land.

"It’s going to be unique in that it is freehold and instead of you being to get to use only ten per cent of the time, you actually own a 10 per cent of the freehold title,” resort Managing Director and Chief Executive Officer Mitch Hagerman told Fiji Live.

“This is a really attractive way to own a vacation home because you don’t have to own the whole home, you just own a proportion of the home that you would probably use."

 

Originally published Pacific Magazine  June 5, 2008

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