The Kohdhipparu island which was previously being developed by Amin Construction sold the project over to the highest international bidder. A lot of foreign countries showed interest in purchasing the project however it was sold to the joint investment efforts of Chip Eng Seng and a Subsidiary of Park Hotels; Grand Park Maldives.
The investment was done through a joint venture, with Chip Eng Seng’s unit holding 70 per cent, while Park Hotel’s subsidiary, Grand Park Maldives, took the remaining 30 per cent.
Even though the project is now sold off most of the construction work and logistics work would be done by the previous company Amin Construction. Speaking to media the owner of Amin Construction stated that they received bids from companies based in other countries such as Thailand, however the best price was presented to them by the Singaporean company.
Amin Construction previously worked on the project as a part of an agreement with the government to deliver over 100 housing units and 50 villas in the country in 2013.
Kohddipparu was used as a picnic island by the locals and guests alike but now is being developed into a high end resort. Only a 15-minute speed boat ride away from the capital, the island is planned to have over 120 villas including beach villas and over water villas. The island is planned to be completed and opened by the second quarter of 2017 and would be managed by Park Hotel.
This is Park Hotel Group’s second partnership with Chip Eng Seng, following the tie-up for Park Hotel Alexandra, which opened last year.