Chip Eng Seng Partners Park Hotel Group to Buy Maldives Resort

Singapore construction and property group Chip Eng Seng will make its foray into Maldives, together with Singapore-based Park Hotel Group, with the acquisition of Kodhipparu Island Resort for US$65 million.

The deal is the ninth resort JLL has sold in Maldives since 2012, taking the group’s resort sales in the archipelago to US$500 million and over US$600 million in the Indian Ocean region.

Located in the North Malé Atoll, the resort has 120 villas and is a 15-minute speedboat ride from Malé International Airport.

Set to open in second quarter of 2017, the resort is under development by design firm Hirsch Bedner Associates, and will offer two restaurants, a harbour beach club, an infinity pool and bar as well as comprehensive spa facilities.

The resort will be managed by Park Hotel Group as Grand Park Kodhipparu, Maldives.

“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. This paired with its positive economic outlook is attracting Asian investors seeking to enter the international market,” said Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia. “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.”

Excluding the Kodhipparu sale, the Maldives has seen more than US$120 million in investment transactions so far in 2016.

Tourist numbers to the island nation reached 1.23 million in 2015, a 2.4% increase on the previous year according to JLL’s report Hotel Destinations Indian Ocean.

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