Kohdhipparu sold to Singapore Company for USD 65 million

Kaafu Atoll Kohdhipparu Resort being developed by Kohdhipparu Investments has been sold to a Singapore Company for USD 65 million.

While Singapore’s Park Hotel Group joined with Chip Eng Seng to buy the island, Park Hotel is working to open the island resort Grand Park Kohdhipparu in the second quarter of next year.

Kohdhipparu was sandbank previously before a private company reclaimed the land around it and was sold to the Owner of Ameen Construction, Abdulla Mohamed.

Following the sale, Abdulla proposed a resort to be built there and the proposal was approved in 2013. To build the resort, Abdulla’s Top Deck Investments formed a joint venture company Kohadhipparu Investment with the government with 90-10 share in 21 May 2013.

The resort at Kohdhipparu was approved in 2013 in agreement to build 100 housing units and 50 luxury villas at Hulhumalé.

Park Hotel’s buy on Kohdhipparu marks the first resort by the company in the Maldives.

Under the “one Island, One Resort” concept, the Maldives has been elevated as global tourist destination.

CEO of Park Hotel Group, Allen Law said that government projects such as expanding the airport to accommodate more flights along with the 2016 tourism marketing campaign would develop the Maldivian tourism significantly.

The resort, Grand Park Kodhipparu, is scheduled to be opened with a total of 120 villas with a combination of beach and lagoon villas.