Mainboard-listed Keong Hong Holdings and its joint venture partners - Sansui Holding, BRC Asia and L3 Development - have opened their first overseas hotel in the Maldives.
The hotel's grand opening on Monday was attended by Maldives President Abdulla Yameen Abdul Gayoom and Singapore's Non-Resident High Commissioner to the country, Mr Chua Thian Poh.
The Mercure Maldives Kooddoo Hotel, managed by the well-known Accor group, has 68 villas, comprising 43 located over water and 25 along the beaches, Keong Hong said in a filing to the Singapore Exchange yesterday.
Monday also saw the opening of the country's expanded Kooddoo Airport, undertaken by KHA Resorts & Hotels Construction (Maldives), a subsidiary of Keong Hong.
With the completion of the extended runway, the airport will be able to serve private jets, such as the Bombardier Global 5000.
"We are excited to be able to play a part in the tourism of the Maldives. The opening of Mercure Maldives Kooddoo Hotel and the expanded Kooddoo Airport will bring holidaymakers to the beautiful Gaafu Alifu Atoll and create many job opportunities for the local Maldivians.
"Kooddoo Airport serves as a gateway to the southern atolls and we intend to keep improving facilities at the airport to meet future demand," said Keong Hong chairman and chief executive officer Ronald Leo.
"We are already looking forward to the opening of our second hotel property in the Maldives, the luxurious 120-villa Pullman Maldives Maamutaa Resort in 2019," he added.
The Maldives hotel properties will add to the building construction group's two hotel properties in Singapore and a number of property investments overseas.
Keong Hong said investments in hotel and property will provide the group with a stable recurring income, which is in line with its long-term plans to grow the contribution from hotel and property investment to form a more substantial portion of its earnings. Keong Hong shares were unchanged at 48.5 cents yesterday.