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By Shereel Mills Patel

SUVA, Fiji (Fiji Daily Post, Nov. 1) - Yaqara Group Limited (YGL) has signed another agreement with Resorts & Properties International Limited (RPI) to develop residential lots at the Yaqara City site.

This is in addition to a March 2007 agreement for RPI to own a 25 percent interest in YGL and the sub-lease to RPI of two waterfront sites for the two 200-room hotels at the Yaqara Studio City site, including the 5 Star deluxe brands

Managing Director Lyndon Driscoll said in a statement that RPI and YGL have agreed to allocate a minimum of 325 acres to be subdivided into 1,000 one-quarter-acre lots, or other configuration as agreed between the two parties.

"This is to attract further international investment and interest to Yaqara Studio City and to Fiji and to accelerate activity and community building on site."

Discoll said ‘IVANA’ had been formed in association with Ivana Trump - the multi millionaire former wife of US real estate mogul Donald Trump - who is to be a shareholder in RPI.

[PIR editor’s note: According to its website, Resorts and Property International, based in Sydney, is also involved in development of a resort in Vanuatu called the Ivana Vanuatu Resort Casino & Spa.]

Under the existing agreement, RPI will purchase a 25 percent equity interest in YGL via a share placement for a total of FJ$6.76 million [US$4.42 million] made up of FJ$4.05 million [US$2.65 million] in cash and FJ$2.71 million [US$1.77 million] in shares in RPI at initial offer price of AU$1 [US$0.92] per share.

"RPI will contribute FJ$2.5 million to YGL infrastructure funding under agreed financing arrangements and will contribute to rates for internal road usage and its proportion of maintenance, replacement and operation of certain infrastructure equipment," said Discoll.

With regards to the subdivided lots, he said development would be undertaken in appropriate stages because the company believed the scale of the Yaqara Studio City demanded significant initial development impetus through a large scale offering such as this.

"Under the agreement with RPI, AU$2 million from the investment funds being provided by RPI to YGL will be allocated for the initial planning, development and international promotion and financing of land for the development," he said.

Driscoll said this would include business and market feasibility plans, master and subdivision planning and design, architecture, hydraulics, infrastructure planning and design, studies and surveys, securing contracts for civil works, legal, marketing and promotion.

It is intended that the land will be developed by YGL in conjunction with RPI through a Special Purpose Vehicle (SPV) or other structures agreed between them.

RPI has agreed to provide certain Development Services to YGL and the SPV for the development of the land including securing possible development participants and partners; assistance with the structuring, raising and securing of development finance.

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