6 Sep 2006

Investors buy two million dollar Cook Islands property under new act

9:38 am on 6 September 2006

The New Zealand hotel developer, Tim Tepaki, has bought his first resort in the Cook Islands with a group of investors under the Unit Titles Act, with more purchases planned.

Mr Tepaki says up until now, the Cooks has been operating under the 1915 Act which made it impossible to buy a hotel in unit titles.

Last week saw the final transfer of more than 1.3 million U.S. dollars for 8 units at Manea Beach Bungalows and Villas at Muri, under the Kia Orana Group - a subsidiary of the Tepaki Group.

He says more purchases under the new Act, are in the pipeline.

"We've actually got another one - Lagoon Lodges under offer, and several others. Lagoon Lodges, has 21 units. The concept here is to try and bring all those owner/operators to bring them all under the same umbrella and market the stock out there jointly."