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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.
Offering Maldivian resort styles, Angsana Velavaru is
positioned for romantic vacations and family and group
getaways. 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:
• Destination Reader’s Choice Awards 2017 – Top 10 Best
Hotel in Maldives
•
Agoda.comGold 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$1.3865.
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, Castaway
Island Dining, Azzurro Bar and Kuredhi Bar
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 2016:
US$66.0 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 2016 KEY FINANCIALS
Rental income:
S$8.3 million
(2)
(US$6.0 million)
Net property income:
S$7.5 million
(2)
(US$5.4 million)
Average occupancy rate:
48.2%
InOcean Villa
65
Annual Report 2016
PROPERTY PORTFOLIO