57
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 of
26 natural atolls with over 1,100 islands. Maldives’ tropical climate, white beaches,
rich marine environment and ease of accessibility from Europe, the Middle East
and Asia have firmly established the island paradise as a top-tier destination for
luxury tourism.
Jumeirah Dhevanafushi is located at the southern edge of Maldives archipelago in
the Gaafu Alifu Atoll occupying the exclusive Meradhoo Island and its surrounding
crystal clear lagoon. The resort is accessible via a 55-minute domestic flight from
Malé International Airport to Kaadedhdhoo Airport, followed by a 15-minute
speedboat journey.
Opened in November 2011, the 35-villa Jumeirah Dhevanafushi features 16 over-water
villas and 19 beachfront villas each with its own private pool, with two additional
beachfront villas expected to be completed and operational by second quarter of
2015. The resort competes at the top end of Maldives luxury market and its extremely
spacious villas are among the largest in Maldives, with one- to two-bedroom options
ranging from approximately 200 to 340 sq m. The luxurious beachfront villas occupy
the main island of Meradhoo and located some 800 metres away are the over-water
villas, which boast high 6.3-metre ceilings and full length floor-to-ceiling windows
that provide panoramic views of the Indian Ocean from the bedroom, bathroom
and living room.
Jumeirah Dhevanafushi offers a wide range of dining, leisure and spa options within
the property including four food and beverage outlets, a spa, an over-water gym,
a yoga platform, two infinity edge pools, a dive centre and water sports centre, a
library and a resort shop.
Since its opening, the resort has received numerous accolades, including Conde
Nast Hot List: World’s Most Amazing Swimming Pools 2013, Hot List: "Extraordinary
Honeymoon Hotel Award" 2014 Winner, Conde Nast Johansens Talise Spa Award:
Best for Couples - Runner Up 2014, TripAdvisor Certificate of Excellence Recipient
2012-2014 as well as TripAdvisor "Traveller's Choice" Winner 2013. Its spa was also
named Best Luxury Emerging Spa (Indian Ocean) Continent Winner 2013 by World
Luxury Spa Awards.
PROPERTY DETAILS
Number of guest rooms:
19 Beachfront
Villas, 16 Over-Water Villas
Number of food & beverage outlets:
Four outlets comprising an all day dining
restaurant, pan-Asian cuisine restaurant in
an over-water setting, casual BBQ beach
dining venue and a cocktail bar
Other facilities:
PADI 5 Star Dive & Water
Sports Centres, Talise SPA, Over-water
fitness and yoga studios, Two infinity edge
pools, 24-hour Butler Services, Library and
resort shop
Land area:
53,576 sq m
Title:
50-year leasehold interest
commencing from 15 June 2006
Vendor:
Xanadu Holdings Pvt Ltd
Purchase price at 31 December 2013:
US$59.6 million
Valuation
(1)
as at 31 December 2014:
US$62.0 million
HOTEL MANAGEMENT AGREEMENT
DETAILS
Operator:
Jumeirah Management
Services (Maldives) Private Limited
Term of Hotel Management
Agreement:
1 November 2011 to
31 October 2046
KEY FINANCIALS
Net property income from the
property for FY 2014:
S$5.7 million
(US$4.5 million)
(2)
Ocean Revive
