ACAP joins Japanese partners in Maldivian resort project
View(s):Asia Capital PLC (ACAP) is joining with its Japanese partner, Belluna Co. Ltd to build a resort in the Maldives.The company said in a statement that it has signed the lease and acquired the property and would handle all investment banking aspects of the project including deal structuring, capital raising and project management, providing Belluna with a holistic solution from island identification to the opening of the resort.
The project, expected to cost approximately US$ 45 million, envisages the development of a 70 room luxury property on the island of Miriandhoo, situated in the Baa Atoll which forms part of Maldives’ West atoll chain. The project includes developing a desalination plant as well as channels to distribute fresh water, plumbing, developing sewerage lines and a waste management system. Further, storage facilities will be developed to accommodate the guest requirements such as developing a jetty area to access the hotel, an arrival jetty as well as a service jetty.
Speaking on the potential for this project, Stefan Abeyesinhe, Group Chief Executive Officer, Asia Capital PLC said, “Given the rapid growth in tourist arrivals experienced by Asia and the Pacific as well as the Maldivian government’s support to investors, several new development projects have been initiated in the Maldives. However, the increase in bed capacity may not be adequate to cater to the faster growing tourism industry; hence, ample opportunities are available for new investments into the Maldivian tourism industry”.
Established in 1968, Belluna Co., Ltd. operates in the mail order industry in seven segments: General Mail Order, Specialty Mail Order, Retail Store Sales, Solution, Finance, Property, and Other and is headquartered in Ageo, Japan.