CDL Hospitality Trusts buys second Maldives property for US$59.6m

CDL Hospitality Trusts (CDLHT) has extended its foray into the Maldives with its acquisition of Jumeirah Dhevanafushi resort, its second property there, from Xanadu Holdings for US$59.6 million.

The 53,576-square-metre luxury resort, located on the private island of Meradhoo at the southern edge of the Maldives archipelago, comprises 19 beachfront villas, 16 over-water villas, an infinity pool, over-water gym and another two beachfront villas, to be built by Xanadu in 2014.

The resort's pro-forma annualised net property income yield is 6.2 per cent for the nine months ended Sept 30, CDLHT said in a statement yesterday. This translates into a distribution per stapled security (DPS) accretion of 2.2 per cent, with potential for upside as the resort is still undergoing gestation, having opened only two years ago, it added.