Singapore firm to acquire Maldives resort for USD31 million

Roxy-Pacific Holdings of Singapore has entered into a sale and purchase agreement to obtain the leasehold rights over the island of Kuda-Funafaru in Noonu atoll for USD 31 million.

According to Roxy-Pacific Holdings, as cited by Singapore's The Business Times, the agreement involves the group's subsidiary company, Roxy Hotels and Resorts, obtaining the head leasehold interest in the property, assets, rights and economic interests of Kuda-Funafaru island where Zitahli Resorts and Spa is currently operated.

The purchase will be covered by internal funds and bank loans, added the company.

The agreement is currently pending approval from the Maldives government

Roxy-Pacific Holdings is a property and hospitality group based in Singapore, founded in 1967, and principally involved in the development and sales of residential and commercial properties.


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