FOR the first time, buyers are being offered a piece of Moreton Island, near Brisbane, Australia. The new beach-front villas are being sold on the basis of a registered 99-year sub-lease within the Tangalooma resort on the island, 20 kilometres east of the Queensland capital, which has direct flights to Hong Kong. Complete with wild dolphins swimming outside the front door, it is an opportunity to buy a unit integrated with an established holiday resort, and with access to all of Tangalooma's recreational, restaurant, shopping, pool and transfer facilities. The resort introduced what has become a popular hand-feeding programme for wild dolphins last year. Each evening the resort's dolphin handlers arrange for guests to feed the dolphins at scheduled feeding times, depending on the tide and weather. The first 28 of the new resort Cocos villas are being built near the beach, immediately north of the existing resort buildings. The sub-leases will be registered with the Queensland State Government Lands Department in the name of the buyers and become the title document held by individual villa owners. The design of the villas, which have unrestricted views of the beach and Moreton Bay, include variations on covered timber balconies off the master bedrooms, timber privacy screens, lattice and sunscreens at the side and timber trellises around back doors. There are also corrugated steel awnings over the back door, terracotta-tiled front terraces, with a fitted gas bayonet for barbecues, and sun decks off living and dining room areas. The interiors will feature natural, oiled timber staircases to the top levels; sitting rooms and studies with built-in bunks upstairs; some with sitting rooms downstairs, with lattice screen louvred doors and kitchens with gas-heated hot water and cooking facilities. Each villa will have telephone points on both levels. Construction of a new resort centre has begun and there are plans for a proposed new sports complex of tennis and squash courts. Where a charge applies for a service or facility within the resort structure, the villa owner or their friends will not pay any more than other resort guests or time-share owners. The resort has holiday and time-share accommodation available in 134 units. Tangalooma is serviced by regular vehicular and passenger barges and light aircraft flights, taking 15 minutes from Brisbane Airport. Prices are from A$162,000 (HK$858,000), for a two-bedroom, two-storey beachfront villa and up to $225,000 for three bedrooms. Tangalooma Island Resort has a Perpetual Lease from the Crown over the entire resort property. The present permanent population is less than 200 people. Moreton Island itself is 97 per cent designated National Park and recreation reserve managed by the State Department of National Parks and Wildlife. ''This is a unique chance to buy your own piece of paradise,'' said marketing agent Nial Logan of Barry Tyson Real Estate. Fixed charges per unit for the year, including all administration costs, are about $3,124 per villa, per year. For further information call (617) 355-1188.