The Unit Titles Bill will allow investors to hold title to portions of a building without owning the lease of the land that it sits on. Originally drafted to assist just one project, the final bill, which contains 17 amendments, will cover any project.

Previous similar projects aimed at international investors have been dealt with on a one-off basis. The extension of the new bill to make it general has excited opposition from conservationists and local residents who fear for their scarce land resources.

Opponents of the bill also argue that the legislation contradicts current land tenure laws that have "protected our shores from ownership of property in the Cook Islands by foreigners".

Residents of the Cook Islands have assembled two petitions against the new law, but according to Clerk of Parliament Nga Valoa, these will have to go through a verification procedure before they can be returned to the MPs who agreed to present them. Valoa said that once the bill has received Royal Assent, it will become the Unit Titles Act 2005.

Fearing that a glut of new apartment blocks will put a strain on the local infrastructure, environmental groups are now calling on the government to set aside 5% of its budget annually to maintain water, sewage and waste facilities.