You are here
Chip Eng Seng, Park Hotel jointly invest in US$65m Maldives resort
CONTRACTOR Chip Eng Seng Corporation on Thursday said it would invest with Park Hotel Group in a Maldives resort project worth US$65 million.
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.
The resort, Grand Park Kodhipparu, is scheduled to be opened in the second quarter of 2017. Park Hotel will manage the 120 all-villas development.
This is Park Hotel Group's second partnership with Chip Eng Seng, following the tie-up for Park Hotel Alexandra, which opened last year.