| TRUE, Singapore companies have bought properties all over the world and even on mountains and islands. But has any one of them bought an island? Very few (Banyan Tree being one of them with its asset in Maldives), and Roxy-Pacific Holdings is just about to do that. Yes, it's an island for US$31 million. Care for some marlin fishing in the Maldives, anyone?  From the international airport in Male, the capital of Maldives, visitors catch a 45-minute seaplane ride to the Zitahli Kuda-Funafaru Resort & Spa. Photo: CompanyAnnouncing the deal last Friday evening, Roxy-Pacific said it had entered into an agreement to acquire "leasehold interests over the island known as Kudafunafaru situated at Noonu Atoll, the Republic of Maldives."  Executive director Chris Teo (right). NextInsight file photo.The island is in essence a hotel resort, as the picture above quickly tells you. The resort is the Zitahli Kuda-Funafaru Resort & Spa, and Roxy-Pacific executive director Chris Teo and a senior colleague had the pleasure of staying over as part of their due diligence. Check out Agoda for an idea of the cost of a stayover -- it's not something everyone can fly over on a whim! A villa during the first week of March, for example, starts at US$953 a night (not including taxes).  Noku Roxy is next to the Kyoto Imperial Palace and near key tourist spots such as the Shimogamo Shrine, Nishijin Textile District and Teramachi Street. Photo: CompanyAt this juncture, Roxy-Pacific has not revealed the seller's identity. The acquisition is subject to the approval of the Maldives government and several conditions precedent. It is on a vacant possession basis and does not involve the transfer of any business obligations, said Roxy-Pacific. Roxy-Pacific's hospitality asset portfolio looks set to welcome a high-end asset to complement a mid-range one (the long-time Grand Mercure Singapore Roxy in Singapore), and a recent acquisition, the newly-refurbished boutique hotel Noku Roxy in Japan. In due course, another high-end hotel will be ready for visitors: the Roxy Resort in Chalong Bay, Phuket, which is currently under development. These new assets -- in addition to its property development and investments in Australia in recent years -- are further evidence of Roxy-Pacific aggressively taking wings (or making a big splash, as the case may be) overseas. See also: ROXY-PACIFIC: Landbanking to lead to stronger 2017/2018 profits |
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