5 Jun 2008

Multi million dollar industry introduced in Fiji

11:15 am on 5 June 2008

A business concept in the tourism industry that is proving to be a multi-million dollar industry in the United States has been introduced in Fiji.

The plan is to test the viability of the concept known as "fractional ownership".

Taunovo Bay Resort & Spa Fiji is introducing this "unique" concept on its strong confidence in Fiji's viable industry.

Though either owning a tenth of a fraction of exquisitely-built luxury villas or owning it outright can prove extravagantly expensive, the resort says this concept boasts security and an opportunity to own affordable asset and generate rental income.

Resort managing director and chief executive officer, Mitch Hagerman told Fiji Live that this unique concept would grow into a popular business model that would generate interests in potential owners and holiday makers.

He says it will cost US $266,000 to own a tenth of the villa or $2.3 million US dollars to own the entire luxury villas.