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Fiji Timeshare Association

 
The Fiji Timeshare Association was formed in May 1996 when a group of timeshare people decided there definitely was a need to form a separate association for Fijian timeshare industry because of the following reasons:-
  1. Fiji is a rapidly emerging market for the timeshare industry, which, is a major player within tourism worldwide.

  2. To foster the orderly growth of the industry within Fiji

  3. To promote and educate the Government Industries and their departments, the public on the value of the timeshare industry and the benefits of ownership
The sectors of the timeshare industry that the association represents include:-
  • Timeshare OwnersResort
  • Committees Professional Advisors
  • Developers and Promoters
  • Sales and Marketing Companies
  • Resort Managers and Management Companies
  • Exchange companies that facilitates exchanges between resorts
The Timeshare Association has it's own "Code of Ethics" which some of it's provision are:-
  • To protect the consumers
  • To protect the public against misrepresentation
  • Members at all time must act in a professional manner
  • To instill the highest ethical standards among our members
  • To provide a five day cooling off period to ensure that no one is pressured into buying a product they can't afford
  • All settlement moneys must be held in trust, until title is available.
The resorts currently involved in timeshare in Fiji are:-

Fiji Palms Beach Club
(Pacific Harbour)


Naigani Resort
(Naigani Island)
 
Malolailai Lagoon Resort
(Malololailai Island)
 

Wyndham Vacation Resort
(Denarau Island)
Fiji Timeshare Association Member Back to Top  
TrendWest opened in May 2000 with 76 timeshare units and was the first purpose built timeshare resort in Fiji. TrendWest has in September 2001 expanded to a total of 135 units. The Fiji Timeshare Association has 9 members. It annually appoints a Board of Directors who meet at least twice a year to assist the timeshare industry develop in an orderly fashion here Fiji.
Introduction Back to Top  

The timeshare story began in France in 1967 with a project called "Superdevoluy High Alps" near St. Etienneen-Devoluy. It is believed a group of European holiday makers, unable to afford their own private villas in this prestige area and disgruntled with the rising price of rental accommodation, combined finances to buy and share a single villa. Each member of the group agreed to use the villa for a pre-determined period each year, and to pay on a shared basis the annual cost of upkeep. Thus, today's thriving Timeshare industry was born.
The idea of owning a valuable piece of real estate and being able to use the property for one's annual holidays soon caught on. Holiday skiers in both Atistria and Switzerland, also the victims of spiraling holiday costs; soon began merging their resources to purchase holiday chalets. It wasn't long before this innovative concept made its way across the Atlantic. It was the Americans, in fact, who borrowed the computer industry term of "Timeshare" which, together with the phrase, "Holiday Ownership", are now synonymous with what is now the world's fastest growing travel and tourism sector.
Several million families own their holidays at more than 5,000 resorts located in over 90 countries. Major hotel chains like Hyatt, Hilton, Marriott and Disney, along with other well-respected companies are developing luxury timeshare resorts in desirable locations around the world.
What is Timesharing?

Timeshare or Holiday ownership is the way millions of families around the world have secured luxury holidays for a lifetime at today's prices. With Timeshare you can actually own the right to occupy a holiday villa or apartment at a resort property for one or several weeks each year, depending on your holiday requirements. Year after year, this villa or apartment, along with the resort facilities are yours to use and enjoy and is paid for by your initial purchase price plus an annual management/ maintenance fee to provide for the cost of maintaining the resort in good condition.
Many of us would like to enjoy our own luxurious holiday home. Cost considerations, however, often make this just a dream, but even if the price was not a major consideration, it would be doubtful whether there would be any real value in buying a holiday home outright to use for only two or three weeks each year. Apart from the high initial outlay, it would need to be furnished, insured and maintained. Annual rates would need to be paid, while gardening, cleaning and local management would have to be arranged on a year-round basis.
Timeshare offers a solution - a thoroughly modern concept, it gives you all the benefits of owning a holiday home, and all you pay for is the time you use.
How Timesharing Works Back to Top  

The concept of Timeshare is simple. Once construction is complete and each apartment or villa is furnished to luxury standards, the developer divides each accommodation unit into 51 parts, with each division being a period of one week. At least one week in each apartment is set aside for maintenance and the rest is available to purchase in weekly intervals.
A person buying a week or weeks in that property secures full right of ownership on an annual basis and the ownership duration can be as short as 10 years or more typically, in perpetuity. Included in these rights is the exclusive use of a range of resort facilities, such as tennis, sauna, spa, swimming pool, squash and gymnasium.
By buying only the number of 'weeks' one actually needs, the Timeshare purchaser is getting all the advantages of actual ownership for only a fraction of the cost of outright purchase.
Types of Timesharing Schemes

There are three basic types of resort timeshare, ownership used in Fiji: title-based, unit trusts and right-to-use. Although less common, co-share and points-based club ownership forms also exist. A brief description of each legal structure is provided.
Title-Based
Under the title-based scheme each timeshare purchaser receives an undivided interest in property. The interest is determined by the number of intervals (or weeks) owned. For example, if a resort has 24 units there would be 1224 intervals for purchase (i.e., 24 x 51 weeks, with at least one week per year reserved for maintenance). For each interval acquired, the purchaser is entitled to 1/1244th undivided interest in the property. This type of holiday Ownership is a deeded interest (i.e., owned outright forever), thus, making it possible to sell, lease rent or will the timeshare. The resort land is generally leased to the club (or public company) for a 99-year period.
Co-owners of real estate are eligible to a "share" or membership in the club. Membership permits owners to use and occupy the resort for a chosen week. Club members are involved in the overall operation and management of the resort, which is governed by Articles of Association and bylaws. The latter define rules and regulations for members as well as privileges and prerogatives. Articles of Association can cover qualifications for membership, election of a committee, the types of time available, rental of unused time, annual maintenance levies, special levies and suspension of timesharing rights.
Unit Trust
In a unit trust scheme, buyers acquire a unit in the trust, and their right to use their timeshare interval is governed by the terms of the constitution. Unlike the title-based scheme, unit holders have no direct control over the manager.
Right-to-Use
Under right-to-use, the buyer has leased occupancy rights for a specified number of years (i.e., 25 or 30 years), with no ownership interest and no title to any property. There may be limitations on the rental or resale of the interest. After the membership period ends the occupancy reverts back to the owning entity (e.g., developer).
Co-Share
Co-share or co-ownership is a halfway scheme between timeshare and outright purchase. Usually the property is divided into quarters, twelfths or less, hence giving rise to its other name, "fractionals".
Club Ownership/Points
Club ownership gives the buyer occupancy rights to a number of different resorts within the club without having to go through the exchange process. Owners are usually sold a set number of annual occupancy days in the form of points to be used according to a specific formula. However, the basic form of ownership is still either title-based, right-to-use or may be a combination of both.
Resort Management Back to Top  

Under most systems, it is usual for an Owners Club or Association to be established so when the resort is fully operational, the Timeshare owners themselves have a say in respect to the operation and management of the resort. The Club or Association is responsible for ensuring maintenance of the resort, as well as the establishment of a budget and levy to be paid by each owner as a contribution towards such upkeep.
Interval Ownership

Interval ownership implies that the timeshare resort property is divisible in time. Several types of intervals (or vacation weeks) are available to the buyer at the time of purchase, depending on the structure of the resort scheme. These include fixed, floating or holiday times.
Fixed time is purchased by the owner for use at the same time each year (e.g., Christmas holidays). The ownership periods are pre-fixed by the calendar year, either by date of calendar weeks; usually in numerical sequence 1-51. The starting week may vary slightly from year to year.
Floating time implies that ownership is not restricted by the calendar year, except for allocated fixed weeks. Seasonality may also have an impact upon availability, depending on the location of the resort.
Most resorts have a high, medium or low season. For example, an owner of a summer week may choose to holiday any time during the summer months. However, competition between existing owners for these prime weeks in a desirable location can impact on availability. Other resorts have reserved some floating weeks to guarantee owners access to the resort during school holiday times. These intervals are referred to as Holiday Fixed Weeks and owners pay higher premiums for this time slot.
Maintenance Cost

An annual maintenance fee is necessary to maintain and preserve the value of the timeshare property. A budget is calculated and shared equally among all timeshare owners of each Resort. The yearly levy is used to cover the costs of maintenance (e.g., housekeeping, repairs and replacements) and management of the resort (e.g., administration, accounting, legal fees, taxes, insurance). All members contribute in proportion to the number of weeks they own.
Exchange Systems

Exchange Companies operate in Fiji which enables Timeshare owners, the flexibility to trade their holiday week for another resort in one of many locations worldwide. The exchange system works much like a bank savings account, allowing timeshare owners the opportunity to bank a holiday week any year they consider they will probably not use it, and save it till the following year, or exchange it for a different holiday location at a resort of their choice in the same year.
The exchange works on some basic guidelines. It must be a fair exchange. The week withdrawn must be the same or lesser seasonal value than the one deposited, and the number of occupants staying with you at the exchange resort must not exceed the occupancy of the unit that you have exchanged into.
Confidence In Your Purchase Back to Top  

As members of the Fiji Timeshare Association, all are required to abide by our Code of Ethics and Code of Practice in all aspects of the timeshare industry, consumers should feel confident that their decision to purchase is the right one.
A Timeshare purchase is a lifestyle decision, a commitment to future holidays for you and your family not only a financial one. Be aware of your legal rights and do not sign any agreement until you understand and are happy with all the provisions in that agreement.