August 20, 2008

South Pacific Development Group Secures Land Deal for $450 Million Resort in Samoa

HONOLULU, Aug. 20 /PRNewswire/ -- Hawaii-based South Pacific Development Group (SPDG) has obtained a 120-year lease for 600 acres of prime oceanfront land on Savaii Island in Samoa to develop the Sasina Village Resort.

The luxury resort's first phase will feature a hotel, timeshare units, championship golf course, and cultural center to be followed in later phases by additional hotels, private residences and a recreational marina. The overall development cost is estimated at $450-500 million.

SPDG CEO Jesse James and Faumuina Liuga Tiatia, Minister of Natural Resources and Environment, recently signed the land lease agreement in Apia, Samoa. The size of the acreage and duration of the lease is unprecedented in Samoa.

"These transactions successfully demonstrate our company's ability to be a leading player in an area destined to emerge as one of the South Pacific's most sought-after tourist destinations," said James.

SPDG is meeting with potential hotel partners, co-developers and investors interested in having a financial stake in its development projects.

"There's been a tremendous amount of interest," said James. "Our potential partners sense that Samoa's unique cultural appeal and tropical beauty are about to be discovered by travelers yearning for a destination that offers the rewards of ecotourism and cultural tourism and the South Pacific's romantic allure."

Sasina is located on Savaii's rural north shore and is known for its adherence to historical Samoan traditions. The village of Sasina has additional acreage of pristine land set aside for development on which SPDG has first right of refusal.

James says SPDG is committed to preserving Savaii's culture, tradition and environment. "It's what makes Samoa and Savaii special in the first place, and we want very much to keep it that the way." Resort structures will be less than four stories tall and setback 500 feet from the shoreline.

Leasi Vainuupo Nuusa, High Chief of the village of Sasina, said the project is a positive development for Sasina that will create job opportunities, spawn a new lumber industry, and allow farmers to sell produce to the resort.

Savaii is one of the South Pacific's most serenely beautiful destinations. It offers an astonishing range of sights from volcanic craters, scenic waterfalls and lava tubes to rainforest canopy walks, blowholes, surfing, snorkeling, and lovely beach settings alongside traditional Polynesian villages.

South Pacific Development Group

CONTACT: Jesse James, +1-808-946-8616, [email protected]

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