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SINGAPORE

Bank of Maldives puts Mahadhdhoo Island on the market

JLL Hotels & Hospitality Group appointed to handle the sale


SINGAPORE, 4 May 2017 JLL's Hotels & Hospitality Group has been retained by Bank of Maldives to offer for sale Mahadhdhoo Island, situated in Gaafu Alifu Atoll, the Republic of Maldives.

Nestled within the pristine waters of the Maldivian archipelago, Mahadhdhoo Island is accessible via a 45-minute flight to Kooddoo Airport, followed by a 20-minute speedboat journey. Occupying a land area of approximately 119,000 square metres, Mahadhdhoo is one of 82 islands that form the Gaafu Alifu Atoll – home to some of the most recognisable luxury and upscale resorts in the country. The project, originally planned as a 87-villa resort, presents maximum flexibility for an incoming investor to complete the full construction of the development based on their brand specifications and operational requirements. Upon acquisition of the island, the investor will also gain ownership of a direct 50-year lease agreement with the local Ministry of Tourism, which may be extended following its expiration in 2056.

Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia Pacific said, "Mahadhdhoo Island represents an exceptional opportunity for an investor to acquire a Maldivian resort at a favourable rate. The Maldives remains a global gateway resort destination and is top of the list for buyers from Asia Pacific and the Middle East."

JLL is seeking offers in excess of USD 300,000 for Mahadhdhoo Island. An incoming purchaser will also have the option to explore attractive financing terms that could be considered by Bank of Maldives, subject to satisfactory lender due diligence.

The Expression of Interest process on Mahadhdhoo Island will close on Thursday, 18 May 2017. Interested parties are requested to contact Nihat Ercan (+65 6494 3933 / nihat.ercan@ap.jll.com) or Irina Chadsey (+65 6494 3906 / irina.chadsey@ap.jll.com). 


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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit http://www.jll.com/.

 

JLL has over 50 years of experience in Asia Pacific, with 36,000 employees operating in 94 offices in 16 countries across the region. The firm won the 'World's Best' and 'Best in Asia Pacific' International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics.  www.ap.jll.com.