INVESTOR INFORMATION MEMORANDUM

Transcription

Lifestyle Investment Opportunity
27 FREESTANDING 2 BEDROOM VILLAS
INVESTOR INFORMATION MEMORANDUM
1
Tal fa and Welcome
to Samoa
Contact Andrew Betteridge
+685 69 999 to discuss financing
options on your Sinalei Villa today.
2
anz.com/samoa
© ANZ Bank (Samoa) Limited.
Stunningly Sinalei
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conte nt
EXECUTIVE SUMMARY6
1.
THE DEVELOPMENT
7
2.
THE PRICE LIST
17
3.
THE OWNERS27
IMPORTANT NOTE
The contents in this document is for information purposes only Purchasers are strongly recommended to seek their own
and should not be relied upon to make any investment decisions independent financial, legal, and tax advice before entering
without obtaining sound independent financial advice.
into a binding Purchase and Sale Agreement to acquire a
Sinalei Premium Villa.
The document contains marketing information only and the
contents are subject to change from time to time. The terms and Whilst this information memorandum contains financial
conditions advised in this information memorandum do not form projections, they do not provide any guarantee that the results
any contractual obligations binding on Sinalei Premium Villas will be achieved and there are no guaranteed investment
Limited, Tropic Resorts Limited, JST Management Limited, Sinalei returns. The returns derived by owners are subject to a
Reef Resort and Spa, or their advisors and consultants.
combination of factors outside the control of Sinalei Premium
Villas Limited.
Contractual obligations between a Purchaser and Sinalei Premium
Villas Limited, Tropic Resorts Limited, JST Management Limited The occurrence of any unexpected and unforeseen events
and Sinalei Reef Resort and Spa is contained in the Purchase and may affect the investment returns to owners. The risk in this
Sale Agreement, Title Lease, and Management Agreement with JST investment rests entirely with the owners and no guarantee is
Management Limited.
provided that the forecast returns will be achieved.
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4.
SAMOA GENERAL FACTS
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5.
REGISTRATION OF INTEREST 37
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executive summary
Sinalei Reef Resort & Spa was developed by the Late Tui Annandale, her husband
Joe, and Joe’s sister Sose Annandale and opened for business in 1996.
The existing resort consists of 30 keys for over 4 different accommodation offerings.
There is increasing demand for quality accommodation at the level planned for the
Sinalei Premium Villas so the Annandale’s have agreed to expand the current resort
by undertaking this development, and offering you a chance to be part of it.
1. the development
Sinalei is located on the southern coast of the main island (Upolu) in Samoa, some
40 minutes comfortable drive from the international airport. It is a stunning location,
with a magnificent outlook to the South Pacific Ocean; whose waters share Sinalei’s
beachside. The resort is 10 minutes from the district hospital, and boasts all the
usual resort activities, including a 9-hole golf course.
The Sinalei Premium Villa development will include 27 stunning 2 Bedroom
“Courtyard” Villas of 430M2, each boasting individual swimming pools, private
barbeques and cooking facilities, with each surrounded by lush tropical gardens.
There will be a Sinalei Premium Club House that will contain a swimming pool, retail
shops, a convenience store, and a striking traditional Samoan Fale clubhouse.
Each Sinalei Premium Villa will be available for purchase; as an owner you will be
entitled to 28 luxurious nights’ accommodation per year. These nights will be split,
with 14 nights to be used in the peak period and 14 nights in the off-peak period.
These 28 free nights cannot be accumulated and must be used within the calendar
year. Inclusive of Villa ownership, you will be entitled to use all of the amenities that
Sinalei Reef Resort & Spa has to offer including use of the golf course, tennis court,
club house, resort pool, beach & spa.
The remaining 337 nights will form part of the Sinalei Reef Resort & Spa room
inventory. The floor plan of these stunning Villas allows each Villa to be used either
as a 2 bedroom Villa, or 2 x individual resort suites.
Expected Case Feasibility studies indicate a 7-year average return on investment of
13.59% with 43.86% of Villa Revenue being paid to owners.
Current plans are for construction to commence on October 2014.
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SINALEI PREMIUM VILLAS | the development
1.1 DEVELOPMENT OVERVIEW
The Site Plan showing the proposed location of the
Sinalei Premium Villas. The white structures are
existing Sinalei Reef Resort & Spa rooms and facilities.
The proposed development does not include the Overwater Fales shown but is a development that could
follow at some later stage.
Sinalei Resort
Google Earth image taken May 5th, 2014
Sinalei Premium Villas
Google Earth image taken May 5th, 2014
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The development comprises 27 stunning Courtyard Villas,
each with 2 bedrooms flanking an open lounge with
cooking and entertaining facilities catering to outdoor
living. Each Villa has two swimming pools affording
options of more intimacy and privacy.
Right: The Sinalei Premium Villa floor plans.
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1.2 INTERIOR DESIGN OVERVIEW
5 star luxury comes standard with
all bedrooms. Designed with a
contemporary tropical feel, these
rooms will set a new standard in
hospitality in the region.
These provide some views of the proposed interior
design; the openness of a traditional Samoan Fale
Stunning ensuites with free
standing baths and outdoor
showers are standard in all villas.
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Each Villa will contain the following Fixtures, Fittings and Equipment:
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Bedroom
Living/ Outdoors
Kitchen
KING SIZED BEDS
BEDSIDE TABLES/NIGHT STANDS
BEDSIDE TABLE READING LIGHTS
SHEERS AND BLACKOUT
CURTAINS
ACCENT BED CUSHIONS
KING SIZE PILLOWS
KING SIZE PILLOW PROTECTORS
KING PILLOW CASES
FITTED KING SHEETS
FLAT KING SHEETS
TAILORED VALANCE
MATTRESS PROTECTORS
INSET DUVET
DUVET COVERS
DECORATIVE THROWS
ROOM SAFE
DINING CHAIRS
CASUAL CHAIR
DINING TABLE
UPHOLSTERED LOUNGE
UPHOLSTERED LOUNGE CHAIR
COFFEE TABLE
CASUAL LOUNGE
LOUNGE CUSHIONS
COFFEE TABLE
ARTWORK
OUTDOOR SETTING (TABLE,
CHAIRS, FOOT REST)
CASUAL DINING SET ( TABLE AND
4 CHAIRS )
TABLE KNIVES
TABLE FORKS
DESSERT SPOONS
SOUP SPOONS
TEA SPOONS
DINNER PLATES
OATMEAL BOWLS
STACKING CUPS
SAUCERS
SUGAR BOWL WITH LID
TEA POT
COFFEE PLUNGER
MUGS
ASHTRAY - CLEAR
ENTRÉE PLATES
WINE GLASSES
GLASS TUMBLERS
PLATE MATS
COOKS KNIFE
CARVING KNIFE
PARING KNIFE
COOKS FORK - STAINLESS STEEL
MELAMINE TURNER BLACK
MELAMINE SPOON - HEAVY DUTY
GRATER
TONGS
Entertainmet Systems
VEGETABLE PEELER
CAN OPENER
CORKSCREW WING LEVER
CUTTING BOARD
SALAD BOWL
COLANDER
STEEL SAUCEPAN - LARGE
FRYING PAN
WASTE BIN
COAT HANGER
IRONING BOARD WITH COVER
ICE BUCKET
ACCESSORY TRAY
PORTABLE LUGGAGE RACK
F & P REFRIGERATOR
F & P WASHING MACHINE
F & P CLOTHES DRYER
CLOCK RADIO
IRON
STAINLESS STEEL TOASTER
STAINLESS STEEL KETTLE
1600 WATT HAIRDRYER
ELECTRIC COOK TOP
F & P DISH WASHER
MICROWAVE
STAINLESS 2 BURNER BBQ
EXTRACTION SYSTEM
SOUND SYSTEM / DOCKING
STATION
DVD/CD PLAYER
42” FLAT SCREEN TVS
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2. price list
1.3 LEGAL STRUCTURE OVERVIEW
1.6 CONSTRUCTION AND DESIGN TEAM
The development will be conducted under the “Unit Titles Act – 2009”. Using the URL below
may download a PDF version:
The Villas and the development have been designed by Raymond Prasad of Tropicx Design
Studio based out of their Australian and Fijian offices. Tropicx has extensive experience with
resort developments within the region and will be leading a team of architects, engineers
and project managers for this project.
http://samoa.parliament.gov.ws/documents/acts/Unit%20Titles%20Act%202009%20-%20
Eng%20(Passed%20by%20Parliament).pdf
Sinalei Premium Villas Limited (SPVL) will be a legally incorporated Company that will serve
as the Body Corporate (BC). The Body Corporate will assign the management of the Villas
to JST Management. JST have managed Sinalei since it opened in 1996. There will be
agreements that will incorporate such things as maintenance plans and operational rules
that will be binding on the Villa Owners. Village Owners automatically become members of
the Body Corporate. Each Villa Owner will have Strata Title over the Villa and Leasehold Land
that the Unit occupies.
fiji islands
australia
m + 679 999 6619
t + 679 623 1010
tropicx@gmail.com
m + 612 4141 05597
t + 612 9734 8046
tropicx@gmail.com
level 1
jacks industrial estate
navo
1/1 blaxland avenue
newington, nsw
2127
1.4 CONSTRUCTION INSURANCE OVERVIEW
1.7 SINALEI GUEST MINIMUM AGE RESTRICTION
Sinalei Premium Villas Limited will carry sufficient project construction insurance to mitigate
the risks of the builder defaulting on his obligations.
A copy of the Insurance certificate will be sent to each Villa owner.
Part of the outstanding success of the Sinalei Reef Resort & Spa is attributed to their
minimum age policy of not accepting guests under 12 years old. This policy will apply to
the Sinalei Premium Villas development and may be changed from time to time if deemed
commercially viable.
1.5 PROJECT MANAGEMENT TEAM
The project will be managed by Tropicx Design Studio.
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SINALEI PREMIUM VILLAS | price list
2.1 VILLA BUYING PRICES
Samoa has a Value Added Goods & Services Tax of 15% (VAGST). The developer has made an application to the
Government of Samoa for the VAGST applying to the purchase of the Villas to be offset against the developer’s VAGST, to
result in NIL VAGST being payable by the Villa owners.
If the Government of Samoa does not approve this offset arrangement, then Villa owners may receive a refund from the
Government of Samoa for the VAGST they paid when buying their Villa.
Villa buying Prices
Excludes VAGST
Villa Profit
SELLING PRICES
SAT$
Share %
OVP1
Ocean View Premium
$1,600,000
3.8647%
GVP1
Garden View Premium
$1,400,000
3.3816%
GVP2
Garden View Premium
$1,400,000
3.3816%
3.3816%
VILLA #
GVP3
Garden View Premium
$1,400,000
GVP4
Garden View Premium
$1,400,000
3.3816%
The Developer reserves the right to amend the prices below at any time. They will advise all interested buyers by email
should this be necessary.
GVP5
Garden View Premium
$1,400,000
3.3816%
GVP6
Garden View Premium
$1,400,000
3.3816%
GVP7
Garden View Premium
$1,400,000
3.3816%
Villa payments will be on a progressive basis as follows:
GVP8
Garden View Premium
$1,400,000
3.3816%
GVP9
Garden View Premium
$1,400,000
3.3816%
• 10% Refundable Deposit on signing the Expression of Interest.
• 15% Non-Refundable Confirmation of Interest payment due no later than 20 business days after lodging your
Expression of Interest.
• 25% on the achievement of 50% of the construction
• 25% on the achievement of 90% of the construction.
• 25% on the issue of a Completion and Occupation Certificate.
GVP10
Garden View Premium
$1,400,000
3.3816%
3.3816%
The balance of the purchase price after paying the 25% non-refundable deposit will be held in a separate Trust Account
maintained by KRUSE ENARI & BARLOW, Barristers and Solicitors, Apia, Samoa; the funds are transferred to Tropic Resorts
Limited on the exchange of a Completion and Occupation Certificate.
The major commercial banks in Samoa have indicated that they are prepared to assist local individual investors with
finance if required on a case-by-case basis.
There is an “early bird” discount of 7.5% off the total buying prices below for all deposits received by July 31st, 2014.
GVP11
Garden View Premium
$1,400,000
GVP12
Garden View Premium
$1,400,000
3.3816%
GVP13
Garden View Premium
$1,400,000
3.3816%
GVP14
Garden View Premium
$1,400,000
3.3816%
OVP2
Ocean View Premium
$1,600,000
3.8647%
OVP3
Ocean View Premium
$1,600,000
3.8647%
GVP15
Garden View Premium
$1,400,000
3.3816%
OVP4
Ocean View Premium
$1,600,000
3.8647%
OVP5
Ocean View Premium
$1,600,000
3.8647%
OVP6
Ocean View Premium
$1,600,000
3.8647%
OVP7
Ocean View Premium
$1,600,000
3.8647%
OVP8
Ocean View Premium
$1,600,000
3.8647%
BFP1
Beach Front Premium
$1,900,000
4.5894%
BFP2
Beach Front Premium
$1,900,000
4.5894%
BFP3
Beach Front Premium
$1,900,000
4.5894%
BFP4
Beach Front Premium
$1,900,000
4.5894%
100.0000%
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2.2 VILLA ANNUAL COSTS
2.3 THE INVESTMENT RETURNS
Every Villa owner will receive a “Villa Owner’s Policy and Procedures Manual,” which will contain:
The Developer has prepared detailed 7 year financial feasibility forecasts for an “Expected Case”, plus 2 Sensitivities to
the Expected Case; 1 with a 30% decrease to forecast occupancy and revenues, and the other with a 30% increase. A
summary table of the feasibility results is:
1.
2.
3.
4.
Details on how to make reservations and the cost of this service;
Payment of the Owner’s share of the Villa net income;
Future costs that are withheld from net income distributions; and
Additional information on what is expected of the Owners when using their Villas.
AVERAGE OVER 7 YEARS
There are annual costs that will need to be paid by the Body Corporate on behalf of the owners such as:
1.
2.
3.
4.
5.
Comprehensive total loss insurance cover, including cyclone and loss of profits;
Contribution to a Furniture, Fittings and Equipment (FFE) sinking fund;
Maintenance of your Villa and the common facilities including the Sinalei Premium Villas Club House;
Administration costs of the Body Corporate; and
The Land Lease costs payable to the Landowner.
The Body Corporate will advise the Owners of the above costs on an annual basis, and will deduct them from their
quarterly payments.
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Expected Case
Occupancy Decrease 30%
Occupancy Increase 30%
61.98%
43.39%
80.58%
% of Revenue to Owners
43.86%
36.21%
47.98%
7 Year Average ROI
13.59%
7.85%
19.32%
$8,403,558
$5,882,490
$10,924,625
Average Occupancy
F,F & E Reserve end 7 years
Based on experience in similar developments, the Body Corporate will deduct 10%, rising to 15% in the 6th year, of Villa
Rooms Revenue and place this into an F, F & E Reserve Trust Fund maintained by the ANZ bank in Samoa. These funds
will be used to pay for periodical rooms upgrade that will be necessary from time to time. The last line on the table
above shows the expected value of the F F & E Reserve Trust Fund at the end of 7 years without any deductions for costs.
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Demand for this level of accommodation
2.4 FINANCIAL FORECASTS
According to Michael Londregan, Managing Director of Virtuoso, Australia, New Zealand and Asia, “the impact of both
an increasingly sophisticated traveller and the prevalence of unique luxury product is driving double digit growth for
Virtuoso in Australia and New Zealand. In a market that is polarising to product that has commoditised and products that
are bespoke we continue to play an important role in introducing increasing numbers of our clients to unrivalled special
travel experiences.”
Financial Forecasts have been prepared for 7 years in accordance with the Uniform System of Accounts for the Lodging
Industry. They have been prepared using what is referred to as “Constant Currency/Dollars”; meaning that the forecasts
do not provide for any inflation of both revenues and costs.
Companies and Markets.com noted, “despite the worldwide recession, the luxury travel market is expanding rapidly.
After a significant decline in 2009, the global luxury travel market recorded healthy growth in 2010, and cemented its
recovery in 2011. This growth in global luxury travel is expected to continue over a forecast period to 2017. The luxury
hospitality industry in the Asia-Pacific region registered a significant growth of 18% in 2010 and 11% in 2011. In fact,
the luxury travel market is the fastest-growing segment of the travel industry worldwide. While a high level of comfort
and service, and exclusivity are still key elements for luxury travellers, experiential travel and sustainability are playing
an increasingly important role. “
Detailed Financial Forecasts are available for use by your financial advisers; please let us know if you require these.
The Forecasts assume that Villa Owners do not use more than their 28 nights Owner’s Entitlement.
As the proposed Sinalei Premium Villas development will offer a different level and type of accommodation to the
existing Sinalei Reef Resort and Spa, it is not appropriate to use Sinalei’s historical monthly room occupancy percentages
for forecasting purposes, however these are presented for information, along with some explanations for lower than
expected months.
According to Tourism and More, a consulting firm that specializes in safety, security, and associated services and provides
training and certification to law enforcement, security, and travel and tourism professionals, “there is no one definition
of upscale travel. Upscale or luxury travel is determined by a range of products, from offering the unusual in the way of
scenery and cuisines to breathtaking decors, to an integrated travel experience that combines everything from gourmet
foods to spa experiences.”
For Samoa the future is bright with the prediction of increased demand for luxury travel experiences. The arrival of
the Sheraton brand in Samoa is an important indication that Samoa is ready for luxury travel product. Sheraton will
become the first international brand to arrive in Samoa, as Starwood Hotels & Resorts has announced the signing of two
separate management agreements. The Aggie Grey’s Hotel & Bungalows and Aggie Grey’s Lagoon Beach Resort & Spa
will become the Sheraton Samoa Aggie Grey’s Hotel and the Sheraton Samoa Aggie Grey’s Resort respectively.
This will open up more demand for upscale and luxury travel experiences offerings in Samoa, and Sinalei Reef Resort &
Spa will be well placed to offer a new upscale travel experience with its luxury Sinalei Premium Villas.
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2.5 SINALEI REEF RESORT & SPA HISTORICAL OCCUPANCY
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2005
36%
51%
54%
25%
60%
74%
76%
75%
68%
64%
53%
32%
2006
59%
56%
62%
59%
74%
84%
85%
88%
91%
78%
63%
47%
2007
42%
48%
56%
54%
52%
67%
72%
74%
78%
74%
60%
30%
2008
40%
50%
66%
71%
82%
89%
81%
88%
87%
83%
61%
55%
2009
45%
45%
71%
42%
55%
69%
81%
86%
75%
0%
0%
0%
2010
3%
2%
2%
87%
81%
89%
88%
90%
82%
80%
79%
61%
2011
47%
46%
66%
63%
68%
85%
83%
87%
78%
59%
41%
38%
2012
26%
33%
47%
57%
51%
73%
90%
89%
80%
86%
74%
54%
2013
64%
60%
66%
45%
47%
79%
85%
92%
84%
77%
43%
39%
*Tsunami hit Sinalei September 29th 2009
*Re-opened Sinalei April 2010
*Rugby World Cup in NZ - October 2011
* Cyclone Evan hit Sinalei December 13th 2012
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2.6 THE PURCHASE PROCESS
Each buyer will execute a Sale & Purchase Agreement to buy a nominated Villa. The Sale & Purchase Agreement links the
buyer to a particular Villa number, and hence buying price. The investor will receive title free of encumbrances:
• Lease over Freehold Land or Sub-Lease over Customary Land.
• Improvements to that land in the construction of their Villa.
Villa payments will be on a progressive basis as detailed below.
• 10% Refundable Deposit on signing the Expression of Interest.
• 15% Non-Refundable Confirmation of Interest payment due no later than 20 business days after lodging your
Expression of Interest.
• 25% on the achievement of 50% of the construction
• 25% on the achievement of 90% of the construction.
• 25% on the issue of a Completion and Occupation Certificate.
The balance of the purchase price after paying the 25% non-refundable deposit be held in a separate Trust Account
maintained by KRUSE ENARI & BARLOW, Barristers and Solicitors, Apia, Samoa. The funds will be transferred to the
developer, in exchange for the Completion and Occupation Certificate.
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2.7 SAMOAN GOVERNMENT REQUIREMENTS FOR FOREIGN INVESTORS
There are currently no formal government requirements or process for a foreign investor to undergo when investing in
Samoa. However, there is an application form in order to register with the Ministry of Foreign Investment Enterprise as
a foreign investor investing in Samoa.
3. the owners
In order to register as a foreign investor you must provide a certified copy of your current passport and a recent passport
size photo as part of the buying process and the lodgment of this will be handled by the Villa Sales team.
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SINALEI PREMIUM VILLAS | the owners
3.1ENTITLEMENTS
3.2 THE HOTEL MANAGEMENT
28 nights free accommodation per year – 14 nights during the peak season and 14 nights during the off-peak season.
These 28 free nights cannot be accumulated and must be used within each calendar year.
JST Management Limited has managed Sinalei Reef Resort and Spa since it opened in 1996 and will manage the
additional room inventory from the Sinalei Premium Villas. A copy of their Management Agreement will be available
should you require it.
Discount for Villa stays outside of the 28 free nights entitlement; Peak Periods (May-October) - 25% discount off Rack
Rates, Non-Peak Periods (November-April) - 50% discount off Rack Rates
Use of Sinalei Premium Villas Club House including swimming pool, retail shops & convenience store.
Use of Sinalei Reef Resort & Spa Facilities (Golf, Tennis, Spa, Beach, Water Sports, Fishing Charters, Snorkel Tours, Ava I
Toga Restaurant, Laumosooi Restaurant, Uncle Harry’s Bar, Conference Room)
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Owners will be advised immediately if there are any changes in management.
JST Management Limited have just handed Sinalei Reef Resort & Spa the “Trip Advisers Certificate of Excellence for
2014”, for the 3rd consecutive year.
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4. samoa general facts
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SINALEI PREMIUM VILLAS | samoa general facts
General Information
Samoa is a postcard of natural beauty consisting of
ten islands, each offering very distinct and different
environments to explore. From the rainforest covered
rugged volcanic mountain peaks of the two main islands
to the vast valleys leading down to a coastline ringed with
a necklace of white sandy beaches. Within these lush
green fertile valleys, grow banyan trees towering above
the rainforest canopy, which is full of tropical blooms and
numerous varieties of vegetation.
Cascading waterfalls dropping into rivers that cut jagged
lines through the valley floor as they make their way
to the ocean. The coastline is a wonder in itself, with
sparkling white sand beaches; in some places stretching
for miles, and here and there are walls of sheer cliffs that
drop straight into the Pacific.
And beyond the beaches out into the blue lagoons are
scattered the rest of the islands that/ make up the Samoa
archipelago, some inhabited, others with only nature’s
wildlife, protected by the fringing coral reef that keep
the powerful force of the Pacific Ocean at bay. Home
to people proud of their strong Fa’a Samoa - cultural
heritage, that live alongside these natural wonders.
Government
Parliamentary democracy with a unicameral legislative
assembly consisting of 49 members, elected by citizens
aged 21 years and over of whom 47 are matai (chiefly
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titleholders) and 2 (untitled) represents the part and nonSamoan population. The Prime Minister selects 12 other
parliamentarians to form a Cabinet. General elections
are held every five years. The Human Rights Protection
Party has been in power for an uninterrupted 28 years.
The 1990 Village Fono Act gives village councils authority
over village law and order, health and social issues.
Independence
On the 1st January 1962 Western Samoa became the
first Pacific Island Country to gain its independence from
colonial rule. In 1997 the word “Western” was removed
from its name to become the Independent State of
Samoa, and celebrates Independence on 1st June every
year.
Legal
Samoa has a Westminster legal system based on
the English legal system as adopted by many of the
Commonwealth countries. It is also a Parliamentary
democracy where its Parliament is elected through
universal suffrage every five years and a Prime Minister
and Cabinet manage the day-to-day affairs of the country.
Judiciary
Samoa’s court system consists of two District courts and
a Supreme Court manned by six local judges, and an
Appeal Court that sits once or twice a year and is overseen
by overseas judges. There is a separate Land and Titles
Court that deals with matters relating to customary land
ownership and ‘matai’ (chief) titles.
Climate
Samoa enjoys warm, tropical conditions throughout
the year. During the rainy season (November to April),
temperatures rise into the 30s. Those hot temperatures
are moderated by the Pacific Ocean trade winds.
Significant daily rainfall is the norm, with the heaviest
amounts falling on the southeastern slopes. Samoa
is also subject to Cyclones (November to March). The
period May to November is normally cooler and drier
with highs in the mid 20s. Evenings are cooler and often
breezy.
Samoa Facts at A glance:
Official Name Independent State of Samoa
Population 176,908 (2006 estimate)
Capital City Apia (38,900)
Languages Samoan, English
Official Currency Tala
Religions Christian (99%)
Land Area 2,830 sq km (1,093 sq miles)
Latitude/Longitude 13º 35S, 172º 20W
Highest Point Mt. Silisili, 6,070 ft. (1,857 m)
Tourism Visitor Arrivals
2011 - Visitor Arrivals in 2011 were 127,604
2012 – Visitor Arrivals in 2012 were 134,694
2013 – Visitor Arrivals in 2013 were 124,677
Seat Capacity into Samoa
2011 – Seat Capacity into Samoa in 2011 was 209,277
(2013 unconfirmed)
Total Properties Operating in Samoa
As of January 2014 there were 134 hospitality
accommodation properties operating in Samoa with 1,897
rooms consisting of 3,821 beds.
Commonly used words to describe Samoa
Friendly People, Great Beaches, Beautiful, and Culture &
Experience.
Commonly visited attractions in Samoa
Lalomanu Beach, To Sua Ocean Trench, Swimming with
turtles, Robert Louis Stevenson’s Museum & Tomb, Piula
Cave Pool and Papaseea Sliding Rocks.
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Foreign-controlled companies are subject to thin
capitalization requirements, so that if the company has a
Swimming, relaxing, snorkeling, fishing, sailing, shopping, debt-to-equity ratio of more than 3:1, they cannot claim a
sightseeing, cafes/restaurants, kayaking, surfing & cultural deduction for interest on debts that exceed that ratio. Tax
laws also include transfer pricing rules.
activities.
Activities for Tourists in Samoa
Corporate and Personal Taxation
Dividends
Income Tax is levied under the Income Tax Act 2012 on the
taxable income for the previous calendar year. This new
simplified tax code came into effect 1 January 2013. The
company tax rate is 27%.
Dividends paid by resident companies are tax-exempt
income in Samoa.
Non-resident companies (i.e. a reregistered overseas
company) are charged 27% tax on their taxable income
derived from sources in Samoa to the extent attributable to
business carried on through a permanent establishment in
Samoa.
Withholding tax of 15% is payable on interest earned on
bank deposits.
The top marginal tax rate for individuals is also 27%. This
applies to assessable income over SAT$20,000 per annum.
Personal Income Tax:
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Withholding Tax
Capital Gains Tax
Capital gains tax is levied at 27% on profits arising from the
disposal of capital assets sold within three years of the date
of acquisition.
Depreciation
Annual Income Earned:
Tax Rate:
Income Not Exceeding SAT 12,000
Nil
SAT 12,001 – 15,000
10%
15,001 – 20,000
20%
Over 20,001
27%
Depreciation is available either according to a straightline depreciation method or a declining balance method
(accelerated depreciation). Depreciation is also permitted
on intangible assets, such as intellectual property; customer
lists, marketing intangibles and other contractual rights.
Value Added Goods and Services Tax (VAGST)
Double Taxation Agreements
Samoa’s consumption tax, or ‘VAGST’, is levied on the supply of most
goods & services at a rate of 15%. There are certain exempt supplies
(e.g. local food, financial services, transport fares, electricity) and
zero-rated supplies (e.g. exports). VAGST is also payable on imports
at a rate of 15%. Businesses register for VAGST as part of the
business license process. VAGST returns must be filled every two
months.
Samoa does not have any double taxation treaties
in place. However, a Double Taxation Agreement
between Samoa & New Zealand is currently being
developed.
Stamp Duties
Stamp duty is charged on a range of written instruments, including
transfers and leases of land and security documents. Stamp duty is
mostly nominal.
Samoa has signed Tax Information Exchange
Agreements with Australia, New Zealand and a
number of European countries. These agreements
generally provide for exchange of information,
on request, in other criminal and civil tax matters.
Implementation of these agreements is governed by
the Tax Information Exchange Act 2012. Information
Current as of 1 August 2013.
For land transfers, stamp duty is applied on a sliding scale:
Property Value:
Stamp Duty:
Less than SAT$50,000
1% of the property value
SAT$50,000 – SAT$99,999
SAT$500 + 2% of the excess above SAT$50,000
SAT$100,000 – SAT$199,999
SAT$1,500 + 3% of the excess above SAT$100,000
SAT$200,000 or more
SAT$4,500 +4% of the excess above
Stamp duty on leases is levied at a rate of SAT$0.40 for each
SAT$100 of the annual rent.
35
5. registration of interest
36
37
SINALEI PREMIUM VILLAS | registration of interest
Lodging your Expression of Interest
You may lodge your interest through the Sinalei Premium website:
http://www.sinaleipremium.com/expression-of-interest/
First Come, First Secured
All sales will be conducted on a first come, first secured basis. The
required deposit must be paid by the stipulated date; otherwise the
Villa automatically goes back into the inventory for sale.
Sinalei Premium Villas Contact
All sales related queries
should be sent to:
ALISE STUNNENBERG
Project Sales Executive
sales@sinaleipremium.com
Or
GALEN STEINWEG
Project Management Assistant
enquiries@sinaleipremium.com
Accountants & Lawyers in Samoa:
Accountants:
BETHAM & CO
Chartered Accountants and Business Advisors
Betham&co. House, Vaitele Street, Lalovaea
P.O. Box 859, Apia, Samoa
Tel: +685 24337
Fax: +685 24336
Email: terrybetham@gmail.com and ernestb@bethamco.com
Website: www.bethamco.com
LESĀ MA PENN
Certified Public Accountants
Lesa ma Penn Compound
Fugalei St by the Bridge
P.O. Box 1599, Apia, Samoa
Tel: +685 20321 / 20322
Fax: +685 23722 / 21335
Email: office@lesamapenn.ws
Lawyers:
CLARKE EY LAWYERS
Partners: Daryl Clarke, Fiona Ey
38
Senior Associate: Leinafo Taimalelagi
Barristers, Solicitors & Notary Public
Level 1, Lotemanu Centre
Convent Street
Matafele, Apia
P O Box 6335, Apia, SAMOA
Tel: +685 28012/28013
Fax: +685 28014
Email: clarke@clarkelawyers.net or ey@clarkelawyers.net
Website: www.clarkelawyers.net
KRUSE, ENARI & BARLOW
Partners, Herman Kruse, Tuala K Enari
Barristers, Solicitors & Notary Public
2nd Floor SNPF Building
P O Box 2029, Apia, SAMOA
Tel: +685 21895/21406/22234
Fax: +685 21407
Email: dhkruse@keblegal.ws / enarilaw@keblegal.ws
COMMODITY
RICHARD’S LAW FIRM
Richard Tapeni Faaiuaso
Barristers & Solicitors
One Stop Building, Airport Road, Vaigaga
PO Box 95 Apia, SAMOA
Tel: +685 23545
Fax: +685 26978
Email: ricardo.rtf@lesamoa.net
SCHUSTER, BETHAM, ANNANDALE
Lawyers, Notaries Public, Consultants, Mediators
Partners: Raymond Schuster, Mareva Betham-Annandale, Jason
Annandale
Ground Floor, P.A.M. Building, Tamaligi, Apia, SAMOA
Tel: +685 29291
Fax: +685 29263
Email: enquiries@schusterannandale.com
Website: www.schusterannandale.com
Average Price Data
March 2014
Commodity
October
November
December
January
February
Cocoa Beans
$2,730.70
$2,755.17
$2,824.54
$2,819.43
$2,992.76
March
$3,041.67
Arabica
C 128.83
C 122.75
C 126.74
C 135.03
C 176.28
C 216.06
Robusta
C 90.01
C 85.67
C 95.50
C 92.93
C 101.14
C 111.90
Beef
C 178.07
C 183.31
C 185.95
C 187.46
C 190.25
C 198.00
Coconut Oil
$985.00
$1,303.75
$1,269.00
$1,270.00
$1,362.00
$1,394.00
Copra
$663.00
$756.25
$846.00
$848.00
$915.00
$926.00
Hard logs
$304.31
$297.36
$287.35
$286.60
$291.84
$290.92
Hard sawn wood
$876.96
$878.25
$892.83
$897.78
$902.19
$905.74
Gold
$1,316.58
$1,275.86
$1,224.45
$1,244.27
$1,299.58
$1,336.08
Info Source: www.indexmundi.com/
Sinalei Premium Villas sincerely acknowledge the generous
contribution and support of Pacific Islands Trade and Invest in the
KEY
publication of this Information Memorandum.
Cocoa Beans = US$ per metric tonne
Arabica = US Cents per pound
Robusta = US Cents per pound
Beef = US Cents per pound
Coconut Oil = US$ per metric tonne
Copra = US$ per metric tonne
Hard logs = US$ per cubic meter
Hard sawn wood = US$ per cubic meter
Gold = US$ per Troy ounce
Abbreviations
$ = US Dollar
C= US Cents
Find more at www.pacifictradeinvest.com
www.sinaleipremium.com

INVESTOR INFORMATION MEMORANDUM

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