55
ANNUAL REPORT 2014
(1) The property was valued by CBRE Pte. Ltd. using a combination of the Capitalisation
and Discounted Cash Flow approaches.
(2) Based on the average exchange rate of US$1 = S$1.2688.
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 firmly established
the island paradise as a top-tier destination for luxury tourism.
The property is located at the southern edge of Maldives archipelago in the South
Nilandhe Atoll. It occupies the island of Velavaru, one of the more intimate lagoons
in Maldives. The Angsana Velavaru resort is a 40-minute scenic seaplane ride from
Malé International Airport. It comprises 79 Beachfront villas and 34 InOcean villas,
providing guests the opportunity to enjoy two distinct experiences at one resort.
Angsana Velavaru is the first 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. Facilities within the resort include three restaurants,
two bars, a private picnic island, an award winning spa, a cooking school, a lifestyle
gallery, a marine conservation lab and a kids' club. Winner of Agoda.com’s Gold
Circle Awards 2012 and its spa, the recipient of World Luxury Spa Awards’ Best
Luxury Beauty Spa 2013, the design style of the resort blends a tropical lifestyle,
the Maldivian experience and the comforts of modern living.
PROPERTY DETAILS
Number of guest rooms:
79 Beachfront
Villas, 34 InOcean Villas
Number of food & beverage outlets:
Three restaurants and two bars 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, PADI 5 Star Gold Palm
Dive Centre, Kids Club, Beach Pavilion
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 31 December 2014:
US$82.5 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
KEY FINANCIALS
Rental income from the property for
FY 2014:
S$11.9 million (US$9.4 million)
(2)
Net property income from the
property for FY 2014:
S$10.9 million
(US$8.6 million)
(2)
InOcean Villa
