7 Apr 2005

Cook Islands developer defends proposed Unit Titles Bill

4:20 pm on 7 April 2005

A developer dismisses concerns in the Cook Islands over his proposed Unit Titles bill, that it might change the way leasehold land is dealt with.

The bill proposes to offer a title to anyone investing in a unit within two planned hotel developments.

Tim Tepaki of the Tepaki group says the bill will encourage foreign investment.

But critics say the bill would allow land to be sold, with Cook Islanders losing control.

Mr Tepaki says a lot of people don't like him increasing the land value, because it makes it beyond their reach to get land, and he's offering landowners a 1% clip on unit titles sold.

"A lot of people don't like me doing that because I'm stuffing up their little paradise. But the thing is if we don't do it now to raise our economy more on par to the likes of Fiji and places like that, well we are forever a banana republic aren't we?"

Tim Tepaki of the Tepaki group