Chip Eng Seng and Park Hotel Group form joint venture to develop new resort in Maldives
Singapore’s Chip Eng Seng Corporation Ltd (CES) and Park Hotel Group have entered into a Joint Venture Agreement to invest in a resort project in the Maldives.
The joint venture was announced last Thursday.
The joint venture has entered into a Sales and Purchase Agreement for the resort with Kodhipparu Investment Private Limited for USD 65 million. With the joint venture, the Park Hotel Group has been appointed to manage Grand Park Kodhipparu, Maldives, scheduled to open in 2017.
According to the Park Hotel Group, the 120-villa Maldives resort is the group’s second partnership with CES, following the management agreement for Park Hotel Alexandra.
“We are committed to growing our brand presence and to be able to fulfil this vision with our trusted partners like CES allows us to access new markets with increased confidence as we seek to combine resources and capabilities to achieve scalability, efficiency and success. Maldives, with its pristine natural landscape and ‘one island, one resort’ concept has established itself as a leading and an exclusive resort destination over the years,” said Allen Law, Chief Executive Officer of Park Hotel Group in a press statement.
“Ongoing government initiatives such as the 2016 yearlong marketing campaign, expansion plans for the Male International Airport backed by a strong destination brand image as well as additional flight options from key feeder markets signal a continued positive tourism outlook for Maldives. This, combined with the rising affluence in Asia, a segment that has shown consistent growth also ensures an anticipated healthy performance in hotel occupancy and average room rates.”
Grand Park Kodhipparu, Maldives is located in North Male’ Atoll and a 15-minute speedboat ride from Ibrahim Nasir International Airport.
According to the hospitality group, the resort was designed by the world-renowned hospitality design firm, Hirsch Bedner Associates.
“The luxury resort features 120 idyllic villas comprising a range of beach-front pool villas, overwater villas with direct access to the crystal-clear turquoise waters and overwater pool villas that come with a private infinity pool.”
The resort will offer two restaurants, a harbour beach club and pool bar. Recreational facilities including a swimming pool, gymnasium, sunrise yoga deck, wellness centre with spa and salon treatments, water sports and dive centre, children’s activity centre and specialty shops will also be available.
Raymond Chia, Executive Chairman of CES said: “We are delighted to acquire Chip Eng Seng’s first resort property in Maldives as part of the Group’s strategy to expand our Hospitality Investment portfolio.”
“We are confident that our partnership with Park Hotel Group, one of the most established and fast expanding Asian hospitality brands, will be a winning formula as we aim to continue our successful partnership following the opening of our first hotel, Park Hotel Alexandra. We believe we will create a new and very special hospitality experience for our guests when the resort opens in 2017.”
Park Hotel Group, named one of Asia Pacific’s best hospitality groups, manages, owns and develops Park branded hotels around the Asia Pacific.
Established in 1961, the group has grown from its first hotel in Hong Kong to its current portfolio of 15 properties across 8 countries and 11 cities.
Managed under the luxury ‘Grand Park’ and upscale ‘Park Hotel’ brands, our Asia Pacific hotels have access to over 4,200 rooms in the region’s key gateway cities.
Grand Park is a luxury hotel brand synonymous with premium accommodation, facilities, service and comfort designed for discerning business and leisure travellers. The Grand Park brand can be found in Singapore, Maldives, China and Japan.
Park Hotel is an upscale hotel brand symbolising utmost convenience, personalised services and high standards of amenities carefully crafted to please business and leisure travellers. The Park Hotel brand can be found in Singapore, Malaysia, Indonesia, Hong Kong, South Korea and Australia.
In addition to Grand Park Kodhipparu, Maldives, the group will open two other hotels, Park Hotel Farrer Park in Singapore and Park Hotel Yeongdeungpo, Seoul next year.
Chip Eng Seng Corporation Ltd (CES) is one of Singapore’s leading construction and property groups. The company’s core businesses are in property development, property investment, construction and hospitality.
The history of Chip Eng Seng Group goes all the way back to the 1960s, when its founder, Lim Tiam Seng started the business as a building subcontractor for conventional landed properties. As the business grew, the company began taking on the role of a main contractor.
In 1982, the company won its first Singapore Housing and Development Board (HDB) project as a main contractor. With that, the company continued to establish its position in HDB public housing construction.
In the 1990s, the Group diversified into property investment and development of residential, commercial and industrial properties.
CES has won the “Most Transparent Company – Construction Category”, of the Investors’ Choice Awards by the Securities Investors Association (Singapore) (SIAS).