Reethi Beach Resort located in Baa Atoll Fonimagoodhoo, is to be sold.
Singaporean company SC Capital Partners Group, who leased the island from the Maldivian government in 2015 to operate Reethi Beach Resort, have handed over the sale of the island to famous real estate company from the US, CBRE.
CBRE has opened the opportunity for parties interested in buying the island.
There are 130 villas at the resort, which is a 35 minute seaplane trip away from the capital city, Male'. The resort also boasts of five restaurants, five bars, a spa, two tennis courts, two badminton courts, a five-star PADI dive center and a water sport center.
CBRE notes that this is a golden opportunity for investors to "rebrand" the property, located in one of the highest rated locations in the global market, Baa Atoll in Maldives.
In addition to the existing locations, the resort has an additional 13,000 square metres that can be utilized to build more facilities, CBRE said.
The current direct lease expires in 2047. CBRE said that if investors wished for it, the lease can be extended for an additional 49 years.
Bank of Maldives (BML) sold Reethi Beach Resort to a company operated by SC Group in 2015 after the company that had operated the resort then had failed to repay loans. The bank sold two of its resorts that year.
CBRE had acted as an advisor in June when Villingili Resort and Spa by Shangri-La in Addu was being sold.
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