Chip Eng Seng in JV deal to invest $89 mil in Maldives resort

SINGAPORE (Oct 7): Chip Eng Seng, the construction and property company, and Park Hotel Group, on Thursday announced they have entered into a joint venture agreement to invest in Grand Park Kodhipparu resort in the Maldives.

The JV has entered into a sale and purchase agreement with Kodhipparu Investment for US$65 million ($89 million). Under the deal, CEL Development, a wholly-owned subsidiary of Chip Eng Seng, holds an interest of 70% in the resort project, while Grand Park Maldives, a member of Park Hotel Group, holds the remaining 30%.

Park Hotel Group has been appointed to manage Grand Park Kodhipparu which is scheduled to open in the second quarter of 2017. The 120 all-villas resort is Park Hotel Group’s second partnership with Chip Eng Seng, following the hotel management agreement for Park Hotel Alexandra which opened last year.

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