2014-02-24 12:46:28 - Company to develop USD 100 million site as five-star resort
February 24, 2014
Best Choice Real Estate Development, a newly established Saudi Arabian real estate investment and development firm based in Riyadh, has announced that it is developing USD 100 million Vadinolhu Island located in Laamu Atoll in the Maldives to be ready in 2017 as a premier resort. Aside from developing the isle as a tourist destination, the international developer plans to offer lucrative investment opportunities to investors.
Best Choice plans to develop Vadinolhu Island’s 7-hectare area as an eco-friendly five-star resort based on the Maldivian ‘Resort Island’ concept. The premium resort will feature 100 beach villas, including water bungalows and luxury suites and will offer world-class dining services, wellness facilities, and leisure activities. The site is being developed
as a perfect getaway for tourists while offering significant returns on investment to financiers.
Mohamad Rabih Itani, CEO of Best Choice Real Estate – Investment Company, said: “The Maldives offers tremendous investment opportunities, especially in the hospitality sector as it has rapidly emerged as a destination of choice for international tourists. Our aim is to develop Vadinolhu Island as a high-end resort with world-class facilities to promote it as a complete family destination. We have already designed a business proposal targeting potential investors to collaborate with us in the operation and management of the resort. We are confident of achieving an operating profit in the second year with the cash payback period at six years.”
The Maldives is one of the most recent investment destinations in South Asia; its tourist rate has been on the rise since 2012 and is expected to comprise of 1.2 million visitors by the end of 2014. Its exotic beauty, panoramic view and clear waters have made it the most popular tourist address in the past few years. Due to its investment-friendly policies, the South East Asian Island offers attractive opportunities to keen investors – especially those into resort management. Vadinolhu Island is an unexplored isle in close proximity to the domestic airport and offers immense potential for investors with assured return on investment.
Best Choice is emerging as a property solutions provider of choice via its strategic mix of high-end developments, market research, and professional staff. Its CEO, Mohamad Rabih Itani, was honored with a Golden Globe Tigers Award for being one of Asia’s ‘50 Most Talented Chief Marketing Officers’ at the 2013 World Marketing Summit held in Kuala Lumpur, Malaysia.