PROPERTY PORTFOLIO
PROPERTY PORTFOLIO
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, "one-island-one-resort" concept
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.
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.
Notable accolades include:
• Agoda.com Gold Circle Award 2015
• Best Luxury Beauty Spa - Winner 2013 - World Luxury Spa Awards
(1)
The property was valued by Jones Lang LaSalle Property Consultants Pte Ltd using
the Discounted Cash Flow approach.
(2)
Based on the average exchange rate of US$1.00 = S$1.3710.
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 Bar, Kuredhi Bar and
Castaway Island dining
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 2015:
US$78.0 million
MASTER LEASE DETAILS
Master lessee:
Maldives Bay Pvt Ltd, a
subsidiary of Banyan Tree Holdings Limited
Term of lease:
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
FY 2015 KEY FINANCIALS
Rental income:
S$10.2 million
(2)
(US$7.4 million)
Net property income:
S$9.1 million
(2)
(US$6.6 million)
Average occupancy rate:
56.9%
InOcean Villa, Exterior
65
Annual Report 2015
