ANANTH Reddy has been in the land development business for about a decade.
He has seen it all, he says, but nothing could compare with the phenomenal success his company, Avoser Ltd, has had with his pinnacle project to date — Denarau Waters.
Released to the market in 2015, 139 of the 144 (stage 1 only) lots have been sold and the remaining five available sites are expected to be sold soon.
Land sales at any address is often a long drawn out affair, however, the success of Denarau Waters is testimony to Mr Reddy’s ethical and principled approach to doing business.
This is evident through the backing of financial institutions and investor confidence in the project even though the development is still under construction and due for completion next year.
Mr Reddy said the fact that Denarau Waters has been touted as the most successful property sell-outs in Fiji’s history has been the result of the enabling environment in the country, combined with the opportunity to purchase a slice of paradise on one of Fiji’s most sought after addresses.
“It has been nothing short of amazing,” he shared.
“We sold out the first 59 lots and a few weeks later sold the second precinct in the space of two weeks.
“We did not want to release the third precinct but the overwhelming response from the market and realtors could not be ignored and when we opened that up, it went like hotcakes.
Right now, we have five lots remaining and the way things are going, they won’t be available for too long.”
And what does a slice of paradise cost?
“Our lots are upwards of $629,000 and what this buys you is a 1000 square metre canal-front lot.”
When quizzed about buyer demographic, Mr Reddy said 95 per cent of those who bought sites were locals.
“It just goes to show that our local people are investor savvy and there’s a very large affluent group of people in Fiji that we don’t realise exists, until an opportunity like Denarau Waters comes along.
“There are those buying lots to build homes, there’s another group that’s investing for capital gains and then others that just want a Denarau address.”
Bayleys Real Estate, a leading Real Estate Agency in the South Pacific, has experienced strong sales and continued demand in the Denarau Waters development.
Bayleys Real Estate has a few lots remaining and interested parties should not hesitate in contacting them as soon as possible.
This article first appeared in The Fiji Times on June 23, 2016.