Thailand-based Singha Estate Pcl will launch in November the first phase of a hotel project in the Maldives, which has an estimated development value of US$680 million, Thiti Thongbenjamas, Singha Estate's chief investment officer, told Reuters.
Thongbenjamas, who is also the project's chief operating officer, added that other companies have expressed interest in partnering with Singha Estate for the development that is being built on reclaimed land over nine islands in the tropical nation.
Amid the preparations for the launch, the Stock Exchange of Thailand-listed diversified property company is also in discussions with banks over the planned 2019 listing of its S Hotels and Resorts (SC) Co. Ltd. subsidiary, the news agency noted. The same subsidiary is involved in Singha Estate's roughly 7.91 billion-baht deal with Outrigger Hotels Hawaii for the acquisition of six hotels and resorts across four countries, including the Maldives.
Meanwhile, the booming tourism industry of Thailand is prompting Singha Estate to consider investments in the country's hotel sector. The company, which aims to boost the income generated by its hospitality, office and residential businesses, is also considering investments in the resort island of Bali in Indonesia, according to the May 21 report.
As of May 21, US$1 was equivalent to 32.19 baht.
