The newly established Saudi Arabian real estate investment and development firm based in Riyadh, Best Choice Real Estate Development, is behind a $100m project to develop a Maldives island into a top resort.
The company is working on Vadinolhu Island located in Laamu Atoll in the Maldives, adding that it will be ready in 2017.
Aside from developing the isle as a tourist destination, the international developer plans to offer lucrative investment opportunities to investors, Construction Week Online reported on Monday.
Best Choice plans to develop Vadinolhu Island’s seven hectare area as an eco-friendly five-star resort based on the Maldivian ‘Resort Island’ concept.
It will feature 100 beach villas, including water bungalows and luxury suites and will offer world-class dining services, wellness facilities, and leisure activities.
Mohamad Rabih Itani, CEO of Best Choice Real Estate – Investment Company, said: “The Maldives offers tremendous investment opportunities, especially in the hospitality sector as it has rapidly emerged as a destination of choice for international tourists.
“Our aim is to develop Vadinolhu Island as a high-end resort with world-class facilities to promote it as a complete family destination. We have already designed a business proposal targeting potential investors to collaborate with us in the operation and management of the resort.
“We are confident of achieving an operating profit in the second year with the cash payback period at six years.”
Vadinolhu Island is an unexplored isle in close proximity to the domestic airport and offers potential for investors with assured return on investment.