The lure of white sand beaches, turquoise lagoons

Singapore

SINCE the start of this year, at least two Singapore-based groups have acquired resorts on the Maldives, shrugging off concerns about the impact of global warming and rising sea levels on the country, which is made up of 26 low-lying atolls in the Indian Ocean.

Besides Roxy-Pacific Holdings, which earlier this month announced its US$31 million purchase of the 50-villa Zitahli Kudafunafaru Resort and Spa located in Noonu Atoll, SC Capital Partners, which manages the Real Estate Capital Asia Partners (RECAP) opportunistic property funds, is understood to have picked up a semi-completed resort of 106 villas on Gaakoshibee Island in Shaviyani Atoll for around US$40 million.

Another privately-held Singapore group is understood to be in due diligence to buy another resort island for about …