SET-listed property firm Singha Estate Plc expects the US$311.5 million development of tourist facilities and hotels in the Maldives will remain on track despite a delay in the transfer of the concession.
Singha’s chief financial officer Methee Vinichbutr said the concession to develop the large-scaled project on nine islands in the Maldives, which was scheduled to transfer from Boon Rawd Brewery Co, owned by the same shareholder, the Bhirombhakdi family, to Singha this September is delayed for three months.
Boon Rawd is talking with the Maldives government about dividing the lease contract into two phases.
“The delay will not affect the development plan, as it is already started,” he said.
The project will be on Emboodhoo Falhu, one of the largest lagoons in the Maldives, including nine islands where Boon Rawd received a 50-year plus 49-year concession from the Maldives government.
The first phase will cover three islands with a total investment of US$311.5 million from 2017-20.
The largest development for one island is a mixed-use township including a transit resort with 200 keys, retail and entertainment, duty-free shops, a cultural and marine life centre, a multipurpose hall, 50-berth marina and beach club.
The second island will have a Hard Rock Resort for family guests with 201 rooms. Construction on the first two islands will be completed in July next year, and revenue will be booked in the second half of 2018, he said.
The third island will have an upscale lifestyle resort with 120 rooms, scheduled for completed in July 2020.
“Tourism business opportunities in the Maldives are expanding as there are more flights from low-cost airlines and the government is expanding runways and building a bridge to link the airport with Male,” said Mr Methee.
He said subsidiary Nirvana Daii Plc will export construction materials for the project.
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