Bookmark & Share
Singapore-listed construction and property group Chip Eng Seng Corporation has entered into a joint venture agreement with Park Hotel Group to invest in a resort project in Maldives worth US$65 million.
Chip Eng Seng’s unit will hold a 70 percent stake in the joint venture, while the remaining 30 percent will be owned by Park Hotel’s subsidiary.
Under development by hospitality design firm Hirsch Bedner Associates, the 120 all-villas resort will be managed by Park Hotel Group as Grand Park Kodhipparu, Maldives.
Located in the North Malé Atoll, the resort is a 15-minute speedboat ride from Malé International Airport, and is set to open in the second quarter of 2017.
“As an investment destination, the Maldives provides a transparent policy-making environment and generous incentives for foreigners, including full ownership rights, legally-backed investment guarantees and the ability to fully repatriate profits,” said Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia. JLL served as the exclusive advisor of the resort owner, Kodhipparu Investment Private Limited.
“This paired with its positive economic outlook is attracting Asian investors seeking to enter the international market.”
“As a result, we’re starting to notice a rising trend of Southeast Asian, and in particular Singaporean property developers, who are drawn to the market because it offers high yields underpinned by healthy trading fundamentals.”
Grand Park Kodhipparu, Maldives is Chip Eng Seng’s second partnership with Park Hotel Group, following the hotel management agreement for Park Hotel Alexandra which opened last year.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles:
Ascendas-Singbridge in joint venture to redevelop former CPF building