Thai developer Singha Estate to invest $311.5 mln in Maldives integrated tourism facility
A total of USD 311.5 million will be invested in developing Emboodhoo Falhu in Maldives as the largest integrated tourism facility in Indian Ocean, developer Singha Estate of Thailand has announced.
Singha Estate, the real estate development arm of well-known Asian brewery Boon Rawd Brewery, has secured a 50-year lease on Emboodhoo Falhu, which is one of the largest lagoons in the Maldives, and has announced plans to develop the entire area into the largest integrated resort in the Indian Ocean.
Nine artificial islands are being developed on land reclaimed from the lagoon, which is located very close to capital Male and the main Velana International Airport.
Singha Estate expects to make an initial investment of USD 83 million while the total investment is likely to reach USD 311.5 million, Chief Financial Officer Methee Vinichbutr said at an investor briefing in Thailand last month. Resorts on the first two islands are expected to be operational in July 2018, he said.
The company has earlier announced a partnership with world-renowned Hard Rock Hotels to manage the first phase. A separate contract has been signed with Cafe Del Mar to setup one of its world-famous beach clubs in the integrated resort.
In addition to the Cafe Del Mar beach club, the first phase will comprise a yacht marina, shopping promenade, more than 20 food and beverage destinations, a centre devoted to both local culture and marine life, meeting and wedding facilities, and more than seven different hotel brands to choose from.
A similar integrated tourism development project has been kick off in the Maldives by Singapore-based developer Pontiac Land Group.
The project involves developing the Rah Falhu lagoon, accessible by a 45-minute boat ride from capital Male, as an integrated resort. The integrated facility will consist of three luxury resorts managed by international hotel brands, a yacht marina and a tourism academy.
Over the past three years, dozens of uninhabited islands have been leased to local and foreign resort developers. Several international brands have entered into the market, increasing the number of resorts to 120. That number is set to increase as the government has announced the opening of some 20 new resorts by the end of this year.