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CDL H-Trusts to acquire second Maldives property

Published on Dec 4, 2013 11:23 AM

CDL Hospitality Trusts (CDL H-Trusts) will buy its second property in the Maldives for US$59.6 million (S$74.8 million), the trusts' managers said late Tuesday night.

It is acquiring Jumeirah Dhevanafushi, which is located at the southern edge of the Maldives archipelago in the Gaafu Alifu Atoll on the private island of Meradhoo.

The luxury resort property comprises 35 villas, with another two expected to be completed by the seller, Xanadu Holdings, next year. It has been valued at US$61 million by CBRE, a property consultancy.

For the first nine months of this year, the property has reached US$754 in revenue per available room, said Mr Vincent Yeo, chief executive officer of M&C REIT Management Limited, which manages CDL Hospitality Reit (CDL H-Reit). The Reit, together with CDL Hospitality Business Trust, makes up CDL H-Trusts.

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