Grand Park Kodhipparu from Park Hotel Group to open in Maldives in 2017
The Singapore-based Park Hotel Group has formed a partnership with the construction and property company, Chip Eng Seng Corporation Ltd, to bring a new luxury resort to the Maldives. The Kodhipparu Island Resort in the North Male Atoll was purchased for US$65 million, and is due to open to guests in the second quarter of 2017 with 120 luxury villas.
Two Singapore companies have teamed up to acquire a private island resort in the North Male Atoll in the Maldives. The construction and property group Chip Eng Seng Corporation Ltd and the Park Hotel Group have partnered to purchase the Kodhipparu Island Resort for US$65 million.
The luxury resort in the Maldives is scheduled to open to guests in the second quarter of 2017. Located just 15 minutes by speedboat from Male International Airport, the resort will have 120 beachfront, overwater, and overwater pool villas, as well as upscale facilities. The property will be developed by the hospitality design firm Hirsch Bedner Associates, and it will be managed by the Park Hotel Group under the name of Grand Park Kodhipparu, Maldives.
Nihat Ercan, the Executive Vice President of JLL Hotels & Hospitality Group, Asia, the exclusive advisor who acted on behalf of the resort owner, Kodhipparu Investment Private Limited, explained:
“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.”
“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.”
Facilities at the luxury private island resort will cater for all ages and include an infinity swimming pool, a modern fitness centre, a children’s activity centre, a wellness centre and spa, a harbour beach club and pool bar, and a sunrise yoga deck for private or group classes. The property will also serve local and international cuisine at its two gourmet restaurants, and guest can choose from indoor and outdoor settings with views of the turquoise ocean.
The Singapore-based Park Hotel Group owns and operates more than 15 upscale hotels and resorts in eight countries including Singapore, China, Indonesia and Japan. The company has been named as the “Best Regional Hotel Chain” in the TTG Travel Awards over the last consecutive five years. This year, the hotel group plans to open the Park Hotel Farrer Park in Singapore and Park Hotel Yeongdeungpo in Seoul, and it will be making its debut in new destinations including Australia, Malaysia and South Korea in the near future.
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