VANUATU - L'Met Du Pacifique Resort $6.9M - $3.0M Cash + $3.9M Contracoin (56%)

VANUATU - L'Met Du Pacifique Resort $6.9M - $3.0M Cash + $3.9M Contracoin (56%)

DEVELOPMENT OPPORTUNITY
The hard yards have been done the resort requires an extensive fit out but the structural works are there in the form of 18 villas and main buildings so it's now a case of getting on with the cosmetics.

The first 18 beach front villas are near completion. All components of the villas are custom made; complete in-situ concrete board marked walls, floor & roof, concrete benches, day beds, cast-in-place basins and handmade light fittings, in-built furniture, sunken baths along with timber herringbone windows which are hand -carved from local timbers by local craftsman and hand-cut stone floors.

With the regional microscope squarely on the Pacific we are seeing major investment come into the region with such vehicles as the Asian Development Bank which is charted with providing AUD

$400bn in development funding for upgrades to infrastructure, IT, tourism and energy.

The Vanuatu Government welcomes foreign investment. Development of tourism industry and its significant contribution to the growth of the national economy has gained recognition by the government; and is the reason tourism industry is featured prominently in national development planning. Australia and New Zealand remain Vanuatu's main tourism market.

While this will remain so, Vanuatu is progressing developments to tap into the Asian tourism market.

There is a valuation available that was done for the Westpac Bank on the 22nd June 2022 by Apis Property Valuation Services which shows the following:

Sales Comparable Approach – VUV 568,000,000 or AU $ 7,173,897

Depreciation Cost Approach – VUV 554,000,000 or AU $ 6,997,075

Vanuatu is only 2.5 hours flying time North East of Brisbane and 3.5 hours from Sydney, Australia. It's a little over 2 hours from Auckland, New Zealand. There are regular flights from New Zealand, Honiara, Australia, Noumea and Fiji.