4 Apr 2005

Cook Island Developer confident Unit Trust Bill will go through and provide funding for new hotels

7:41 pm on 4 April 2005

A Cook Island developer Tim Tepaki says he's confident the Unit Titles Bill will be passed by Parliament.

The Bill proposes the developer can sublease a developed property to investors.

Tim Tepaki says the bill is a way to fund the development of two hotels - the Captain Cook Resort on Rarotonga, with a sister resort on Aitutaki.

The Capital Cook is on the site of the half built Vai'manga Hotel, which had lain idle for years, until Mr Tepaki reached agreement last year to complete the project.

Mr Tepaki, who proposed the bill, says critics just don't understand its concept.

"Oh you will have people inventing things, but the proof is going to be what parliament does, and I'm telling you my prediction is parliament will wholeheartedly support the bill."

Tim Tepaki says he will target New Zealand investors to buy into the two hotels.

The public have until the end of the month to make submissions on the Bill.