SEO Version
annual report 2012
51
The Maldives is a nation of coral islands scattered across the Indian Ocean, consisting 26 natural atolls with over 1,100 islands.
Maldives’ tropical climate, white beaches, rich marine environment and “one-island-one-resort” concept, have frmly established
the island paradise as a top-tier destination for luxury tourism.
The property is located at the southern edge of the Maldives archipelago in the South Nilandhe Atoll. It occupies the island of
Velavaru, one of the more intimate lagoons in the Maldives. The Angsana Velavaru resort is a 40-minute scenic seaplane ride
from Male International Airport. It comprises 79 beachfront villas and 34 water villas, providing guests the opportunity to enjoy
two distinct experiences at one resort.
Angsana Velavaru is the frst resort to introduce the concept of standalone water villas, which are exclusively positioned at the
edge of the reef about one kilometre away from the main island. The upmarket resort ofers a wide range of dining, leisure and
spa options and facilities within the property including three restaurants and one bar, a cooking school, gallery, beach pavilion,
marine conservation lab and a kids club. The design style is intended to blend tropical lifestyle, the Maldivian experience and
the comforts of modern living. The resort is designed in the Maldivian style with coconut leaf thatched roofs for the villas and
sandy foors at the restaurants, bars and the lobby. Guests are also able to indulge in a wide array of culinary options ranging
from European to Asian cuisines at the Resort’s restaurants or within the private setting of a nearby picnic island.
Property Details
Number of guest rooms:
79 Beach Front Villas
34 Water Villas
Number of food & beverage outlets:
4 outlets comprising Kaani Restaurant, Funa Restaurant, Azzuro and Kuredhi Bar
Castaway Island dining and a cooking school
Other facilities:
Angsana Spa & Gallery
Extensive recreational activities
Marine Conservation Lab
Kids Club
Beach Pavillion
Land area:
67,717 sq m
Title:
50-year leasehold interest commencing from 26 August 1997
Vendor:
Maldives Bay Pvt Ltd
Purchase price at 31 January 2013:
US$71.0 million
Valuation
(1)
as at 16 November 2012:
US$72.5 million
Master Lease Details
Master lessee:
Maldives Bay Pvt Ltd, a subsidiary of Banyan Tree Holdings Limited
Term of lease with master lessee:
10 years from 1 February 2013
Minimum rental income:
Minimum rent of US$6.0 million per year guaranteed by master lessee / Banyan
Tree Holdings Limited, subject to maximum rent reserve of US$6.0 million for
the lease term
(1) The property was valued by CBRE Pte. Ltd. using a combination of the Capitalisation Analysis, Discounted Cash Flow Analysis and Direct
Comparison Method.
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