S Hotels & Resorts Announces Joint Venture to Develop Third Island ResortLearn more
News and Press
S Hotels & Resorts Announces Joint Venture with a Strategic Partner to Develop an 80-key High-end Lifestyle Resort in the CROSSROADS Maldives
Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts Public Company Limited (“SHR”) revealed, “On November 14, 2019, S Hotels & Resorts entered into a Joint Venture Agreement in accordance with the investment in a high-end lifestyle resort on Island 3 of the CROSSROADS Maldives project with our strategic partner, Eco World Developer Company Limited (EWD) – a conglomerate business partner from Myanmar who invests in various business sectors including properties, mining, automotive, and food and beverage businesses. This agreement marks another remarkable milestone for the Company to explore the expansion of hospitality business in this region.
The Resort on Island 3 of the CROSSROADS project will be composed of 80 spacious villas with majority of the inventory as water villas at a price point of $900-$1,000 per night, which strengthens CROSSROADS position with a more diversified portfolio in the market. We expect to start the construction in 2020 and to commercially open by 2022. The Island 3 Resort would also enable the Company to expand our offerings to experiential travelers in the Maldives. In addition to our newly opened resorts, SAii Lagoon Maldives, Curio Collection by Hilton on Island 1 and Hard Rock Hotel Maldives on Island 2. With the advantage of prime project location, just 15minute speedboat ride from the international airport, and The Marina @ CROSSROADS providing one-of-a-kind fully integrated lifestyle tourist facility offering a luxurious 30-berth yacht marina, beach club, restaurants, retail shops, multipurpose event hall and various leisure activities; having an exceptional partner such as EWD allows the Company to be even more confident to the further realize success of CROSSROADS project after the ground-breaking CROSSROADS Maldives project and as well to successfully achieve our revenue and earning target.”
More details on the joint venture structure, i.e. shareholding percentage, construction budget, other key terms and conditions will be disclosed to investors in due course.
The Highly Anticipated Megaproject, CROSSROADS, is Officially Launched in the MaldivesLearn more
News and Press
The Highly Anticipated Megaproject, CROSSROADS,
is Officially Launched in the Maldives
Malé, Maldives – 19 September 2019 – After two years in development, CROSSROADS, the largest integrated leisure and entertainment destination by Singha Estate Public Company Limited, Thailand’s leading real estate developer.is finally ready to open their door on its two of the nine islands.
The first island is home to the vibrant lifestyle district and heart of the megaproject, Marina @ CROSSROADS – an 11,000 sqm., retail and entertainment space. Due to its proximity to the city, the attraction serves to inspire the meeting of cultures between locals and visitors, very much the same way the country had done in the past, catering to a variety of lifestyle inclinations including luxury shopping, fine dining, a state-of-the-art event hall, and PADI-certified watersports and dive centre. A transit hotel, SAii Lagoon Maldives, a Curio Collection by Hilton, targets short-term visitors who can utilise the facilities at the town centre during their stopover for connecting flights. The sustainable development aspect of the project can be seen through the efforts made at Maldives Discovery Centre, an interactive educational-centre-cum-museum that promotes environmental conservation and Maldivian local arts and crafts. Another is Marine Discovery Centre, one of the region’s most advanced marine life laboratories, that hosts biologists who carry out research and longitudinal studies on sea-life and coral propagation through a Junior Coral Curator programme and a clownfish release initiative that span within the area of 64,000 square meters.
The second island is Hard Rock Hotel Maldives, developed and managed by S Hotels & Resorts. The hotel introduces memorable music-inspired stays featuring a full range of signature experiences and facilities for all ages. Hard Rock Hotel Maldives is also considered to be the brand’s first Maldivian outpost.
Mr Chutinant Bhirombhakdi, Chairman, Singha Estate Public Company Limited, said, “With CROSSROADS, we are making history. By being the largest integrated leisure and entertainment destination in the Maldives, CROSSROADS is going to redefine vacation experience in the Maldives and the entire Indian Ocean region while also being deeply sustainable and considerate of its environment, history, and culture.”
Mr. Naris Cheyklin, Chief Executive Officer, Singha Estate Public Company added that while setting sight on promoting tourism and the local economy, CROSSROADS’ is also committed to its mission of “building big, protecting the small” – fashioning a megaproject while promoting the livelihoods of its inhabitants.