Chip Eng Seng and Park Hotel Group Form Joint Venture for $65 Million Grand Park Kodhipparu, Maldives

Chip Eng Seng Corporation Ltd | October 6, 2016

Singapore, 6 October 2016 - Chip Eng Seng Corporation Ltd (CES) and Park Hotel Group announced today that they have entered into a Joint Venture Agreement to invest in a resort project in the Maldives. Under the Agreement, CEL Development Pte Ltd, a wholly owned subsidiary of CES holds an interest of 70% while Grand Park Maldives Pte Ltd, a member of Park Hotel Group owns the remaining 30%. The joint venture has entered into a Sales and Purchase Agreement for the Maldives resort with Kodhipparu Investment Private Limited for US$65 million. The transaction was brokered by JLL's Hotels and Hospitality Group as exclusive advisor to the...