Following on from this the Pezula Group has launched their latest development, the Pezula Private Island and Residence Club, located on its own private tropical island in the Seychelles in the Indian Ocean.

For 21 days a year in perpetuity buyers can get a piece of the island residences as part of a fractional ownership scheme.

Only 10 houses are being built and Pezula state that a maximum of 80 people will be resident on the private island at any one time.

The year is divided into two six-month periods, March to August and September to February. Each member is assigned to a specific reservation cycle and the 21 days will rotate annually between the reservation cycles. Members may also choose not to use up their 21 days' allocation and their time can be placed into the rental programme. Thirty percent of the rental income is paid to the hospitality operator who made the rental reservation; the remaining 70% is distributed between the members in the rental pool and the Pezula Private Island & Residence Club Reserve.

Similar to a five-star resort, the island will include facilities such as beach restaurants, a 24-hour boat service to Mahe, where the international airport is situated, a helicopter service to transport guests to other islands and a butler and housekeeper to maintain the residence.

The houses have been designed with privacy as a crucial element, therefore it is impossible for other guests to walk past or see into the houses, pools or terraces.

In the multimillion-euro development the houses will be around 4,300sq ft (400sq m), each with four bedrooms (two master suites, two senior suites) and all with ensuite bathrooms. Living space includes an open-plan livingroom/diningroom, kitchen, timber decks and private swimming pool.

Membership of the scheme also gives the 140 owners access to the Pezula Portfolio of International Residences, which includes the Pezula Resort Hotel and Spa on the island or alternatively the group's South African resort.

Pezula also has a deal with the Registry Collection (www. theregistrycollection. com) where its members can get access to a range of lifestyle and leisure resorts around the world, from American ski resorts like Sun Valley and Jackson Hole to exotic island locations and retreats in areas such as Tuscany.

Located just 15 minutes from the main island of Mahe in the Seychelles, the Pezula Private Island is situated in the southwestern Indian Ocean between Africa, India and Madagascar. The island has a healthy population of plant- and bird-life and is home to turtles and giant tortoises.

The Republic of Seychelles is an archipelago consisting of 116 islands, of which 33 are inhabitable. Ninety percent of the population live in the capital, Victoria. Located on Mahe, it is the smallest capital city in the world. The local climate is tropical, remaining hot and humid for most of the year with an average temperature of 290 Celsius.

Since its independence in 1976, the Seychelles has become a popular upmarket tourist location and growth in the country's economy has come from tourism, which employs around 30% of the labour force and accounts for more than 70% of its earnings.

However, its economy was hit by the drop in tourism after the 9/11 attacks. The country is trying to reduce its dependency on tourism and in 2004 the Seychelles Investment Bureau was set up to increase investment and also reduce the national debt problem.

Around 130,000 tourists visit the country each year and in terms of tourists per capita it is ranked 13th in the world.

Growth in recent years has been sluggish and, while it rose in 2004, in 2005 it fell by three percent, with many observers saying this is due to a need for a revaluation of the currency.

Members effectively own shares in the club which are fully tradable. Prices start from 216,262 for 21 days a year, in perpetuity. "Once all 140 shares, which represent only 80% of the available time at the resort giving owners more flexibility, are sold, there will be no more. The limited supply can only fuel demand and based on the model at Pezula Private Residence Club in South Africa, I have no doubt that this equity-based investment will show great returns, " believes Keith Stewart, chairman of Pezula Group.

The Seychelles International Airport is located six miles south of Victoria and direct flights from London are operated by Air Seychelles, Emirates and British Airways, with regular flights also from Dubai, Munich, Paris and Rome.