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Thailand's Singha Estate to buy Outrigger Konotta resort

Fathmath Shaahunaz
05 March 2018, MVT 12:47
Aerial view of Outrigger Konotta Maldives Resort, which is operated by Outrigger Hotels of the US: it is to be purchased by Singha Estate of Thailand.
Fathmath Shaahunaz
05 March 2018, MVT 12:47

Thailand’s real estate giant Singha Estate has decided to purchase Outrigger Konotta Maldives Resort in Gaafu Alif atoll from Hawaii-based Outrigger Hotels.

Singha Estate, which is also developing the integrated resort project “Crossroads” in Emboodhoo lagoon, announced last week that it will buy six hotels across four countries from Outrigger Hotels for USD 250 million.

According to TTG Asia, the properties are Outrigger Fiji Beach Resort and Castaway Island in Fiji, Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand, and Outrigger Mauritius Beach Resort in addition to Konotta.

The website cited Singha Estate as stating that with these investments, the company is looking to “invest in hotels and resorts in prime tourist destinations” while expanding its reach.

The five-star Outrigger Konotta Maldives was unveiled August 2015 with 53 villas, including the largest in the archipelago. It quickly gained popularity amongst tourists and is currently one of the top luxury resorts in the Maldives.

Singha Estate, a subsidiary of Thailand’s Boon Rawd Brewery, is the developer of the Emboodhoo lagoon project, which the government has claimed is the largest such venture undertaken in the Maldivian tourism industry.

“Crossroads” feature nine high-end luxury resorts, with a 12,000 square metre township that presents immense economic prospects. The township boasts luxury and entertainment with world-renowned fashion brands, restaurant and café franchises including the famous Hard Rock Café. It will also feature a special beach for children with a clubhouse, duty free shops, a cultural centre, a marine life centre, dive centre and a wellness centre.

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