Villingili Resort & Spa IM

Villingili

Resort &Spa

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VILLINGILI RESORT & SPA

Ta b l e o f C o n t e n t s Executive Summary

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Key Investment Highlights

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The Location

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The Asset

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Unlimited Development Potential

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Maldives Market Overview

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Sale Process

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VILLINGILI RESORT & SPA Note: Images taken in 2019

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E x e c u t i v e S u m m a ry On behalf of Addu Investments Private Limited (“Owner”), CBRE Limited (“CBRE”) is pleased to present to interested parties the opportunity to acquire the Villingili Resort & Spa, Maldives (the “Resort” or “Property”).

Villingili Resort & Spa, Maldives is a luxury resort, one of the largest single-resort islands in the Maldives archipelago. The Resort is set on a 50-hectare pristine natural island, with six kilometers of picturesque coastline, alongside dense green jungle, and lively nearby coral reefs.

Situated just south of the equator, Villingili Resort & Spa occupies a strategic location in the middle of the Indian Ocean. The island can be reached via a 70-minute flight from Male International Airport and is a mere five-minute scenic speedboat journey away from Gan International Airport, servicing domestic flights, private jet aircraft, sea planes and international aircraft, having received flights from South Africa and Sri Lanka prior to the pandemic.

Built to the highest of quality, Villingili Resort & Spa comprises of 132 luxury overwater, private beach, tropical tree house villas, and two presidential villas - each one providing a secluded and luxurious feel. In addition, the resort features six restaurants and bars, an award-winning spa, two tennis courts, three natural lagoons and a nine-hole golf course.

Available with the benefit of vacant possession, Villingili Resort & Spa gives an incoming investor the opportunity to gain immediate exposure to the best performing resort market in the world, creating a market-leading product under their chosen brand. The untapped development potential to substantially expand the Resort’s existing footprint, without the need for land reclamation or substantial development works, makes this a strategic, once-in-a-lifetime acquisition opportunity.

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Note: Images taken in 2019

Key Investment Highlights ESTABLISHED MALDIVIAN RESORT SET WITHIN A PRISTINE NATURAL SANCTUARY As one of the largest islands in the Maldives, Villingili offers a true resort destination of white sandy beaches, lush greenery, three natural lagoons and over 17,000 coconut trees. As an established Resort, it received a wide range of industry accolades, such as: “Top 10 Best Hotels in Maldives” by DestinAsian Readers’ Choice Awards, and “Top 10 Best Luxury Resorts in Maldives” by Le Concierge Orient, both in 2017. In 2015, the resort received “Most Prestigious Romantic Venue” by Prestigious Star Awards, Tripadvisor Traveller’s Choice Award, and was named “The 8 Most Indulgent Spa Treatment Resorts on Earth” by Condé Nast Johansens.

PREMIER RESORT DESTINATION Recognised for its idyllic sandy beaches and breath-taking views of the Indian Ocean, the Maldives has established itself as one of the leading luxury resort destinations in the world. Proactive local government’s quick response to the pandemic and safe border reopening to international travellers, further established the Maldives’s position as one of the top performing markets in the Asia Pacific.

SUBSTANTIAL LAND TENURE Held under a direct head lease agreement with the Ministry of Tourism (MOT), the initial term has been extended, with the remaining lease term standing at over 80 years.

PROXIMITY TO GAN INTERNATIONAL AIRPORT The Resort is situated a mere five-minute boat ride away from Gan Airport – the only international airport in the Maldives aside from Velena International Airport. Servicing domestic and international commercial flights, private jet aircraft and sea planes, Gan airport provides both regional and global connectivity.

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VACANT POSSESSION This is a rare opportunity to acquire a luxury resort of international standards in the Maldives, offered on a vacant possession basis. The future owner will have immediate exposure to one of the world’s greatest island destinations with full autonomy to explore brand and management scenarios, driving the value and return on their investment. Pre-Covid, the Resort was operated as Shangri-La’s Villingili Resort & Spa and has been closed since April 2020.

WELL-BUILT & TIMELESS RESORT With no expense spared, the Resort was built to the highest of standards and quality rarely seen in the Maldives today. The timeless style and design make Villingili Resort & Spa the perfect flexible property for conversion to your desired brand.

SIGNIFICANT VALUE-ENHANCEMENT OPPORTUNITY Villingili Resort & Spa comes with a substantial development upside - 50 hectares of natural land giving the future owner the freedom to enhance and expand the existing Property. By adding new amenities and keys, in line with the new evolved customer, the Resort will set itself apart from the competition. Furthermore, the new government legislation will allow the future owner to develop branded residences, leasing out individual units on a strata basis.

SIGNIFICANT DISCOUNT TO REPLACEMENT COST As land reclamation, development, manpower, and resource costs increase, there is a high barrier to entry, and it would be commercially impossible to build a resort of this quality and size in the Maldives. This emphasizes the rarity of this opportunity for the future owner.

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L o c at i o n

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Note: Images taken in 2019

L o c at i o n

MALE V e l a n a I n t e r n at i o n a l A i r p o rt

The Property is situated on Villingili Island, the southernmost atoll of the Maldives and 540km south of Malé.

70 minutes

The Resort is a 70-minute flight from Velana International Airport, and a five-minute speedboat ride from Gan International airport.

These airports service both private and commercial aircraft, further improving the Resort’s connectivity.

A d d u At o l l

G A N I n t e r n at i o n a l A i r p o rt

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G a n I n t e r n at i o n a l A i r p o rt

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V e l a n a I n t e r n at i o n a l A i r p o rt Located in the capital city, Malé, Velana International Airport is the main international airport in the Maldives. The airport offers extensive connectivity to key gateway cities across the globe.

INTERNATIONAL AIRLINE OPERATORS • • • • • • • • • • • • • • • • •

Aeroflot Air Asia Thailand Air Astana Air France Air India Air Vistara Air Seychelles Air Ukraine Austrian Airlines Azur Air Russia British Airways Condor Edelweiss Emirates Etihad Airways Eurowings Discover Fly Dubai

• • • • • • • • • • • • • • • •

Goair Indigo Lot Polish Airlines Lufthansa Maldivian Mongolian Airlines Neos Nordwind Qatar Airways Saudi Arabian Airlines Singapore Airlines Srilankan Airlines Turkish Airlines US-Bangla Airlines Ukraine International Uzbekistan Airways

30+ airlines connecting over 35 international destinations

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3 hours

6 hours

8 HOURS

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VILLINGILI RESORTe& SPA qu at o r

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G a n I n t e r n at i o n a l A i r p o rt ( G I A ) Connectivity REGIONAL AND GLOBAL CONNECTIONS Gan International Airport (GIA) is the largest airport by land size in the Maldives. It acts as a gateway to the Southern Atolls, providing connectivity by domestic and international aircraft. Prior to the pandemic, the airport serviced direct international flights from South Africa and Sri Lanka, catering to up to Boeing 777 aircrafts. Passengers arriving from other countries, were required to fly into Velana International Airport, before taking a domestic flight to GIA. Connectivity has improved since then, with the addition of the new domestic airline, Manta Air, in 2022. This new airline provides daily flights to five domestic destinations. Access to the seaplane base and lounge, located within walking distance from GIA, allows guests to explore nearby atolls, proximity to popular dive spots, and marine ecosystems.

Beijing 6,300 KM

Shanghai 6,200 KM New Delhi 3,300 KM

Guangzhou 5,100 KM

D u ba i 3,500 KM J e d da h 4,400 KM

K u a l a Lu m p u r 3 , 2 0 0 K M Singapore 3,400 KM J a k a rta 3,600 KM S e yc h e l l e s 2,000 KM

D u r ba n 5,500 KM

M au r i t i u s 2,700 P e rt h 5,600 KM VILLINGILI RESORT & SPA

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G a n A i r p o rt Development Vision Central to promoting tourism development in the region, the Government of Maldives has been working on developing GIA to become a premier long-haul destination, a regional transit airport hub and a key trade and development hub in the south of Maldives.

Gan International Airport is undergoing a US$17 million upgrade on capacity related infrastructure and services, namely the construction of a new passenger terminal, control tower and fire station, set to double GIA’s total capacity. Upon completion, the airport is expected to handle 1.5 million passengers annually.

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Source: Addu International Airport Pvt. Ltd

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Source: Addu International Airport Pvt. Ltd

U lt i m at e L u x u ry For those looking to arrive and depart in effortless style, there is the option of taking private jet charters, serviced by Gan International Airport (GIA). With direct flights to an unlimited number of global destinations, there is a variety of aircraft available for hire, ranging from mid and super-mid-size jets of 7 to 10 seats, to ultra-long-range jets of 14 to 19 seats.

In 2020, GIA handled a record number of jet landings, with this mode of transport becoming more popular as a result of the pandemic. Urgent flights can take as little as three hours to organise, making travelling to Villingili Island via a private jet the epitome of flexible and anonymous travel experience.

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Heavy Jets

Light Jets

Ultra Long Range Jet

Super Mid Size Jets

Small Jets

Long Range Jet

Mid Range Jets

Turboprops

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MALDIVES

THE MOST POPULAR FLYING ROUTES INCLUDE: Almaty (Kazakhstan) Amsterdam (Netherlands) Ankara (Turkey) Athens (Greece) Baku (Azerbaijan) Bangkok (Thailand) Beijing (China) Belgrade (Serbia) Berlin (Germany) Bratislava (Slovakia) Brussels (Belgium) Budapest (Hungary) Buenos Aires (Argentina) Cairo (Egypt) Copenhagen (Denmark) Delhi(India) Doha (Qatar) Dubai (United Arab Emirates) Dublin (Ireland) Genève (Switzerland) Glasgow (Scotland) Helsinki (Finland) Illizi (Algeria)

Kuala Lumpur (Malaysia) Kyiv (Ukraine) Larnaca (Cyprus) Lima (Peru) Lisbon (Portugal) Ljubljana (Slovenia) London (United Kingdom) Los Angeles (United States) Luqa (Malta) Madrid (Spain) Mexico City (Mexico) Miami (United States) Milan (Italy) Moscow (Russia) New York City (United States) Oslo (Norway) Paris (France) Podgorica (Montenegro) Prague (Czechia) Reykjavík (Iceland) Riga (Latvia) Rio de Janeiro (Brazil) Santiago (Chile)

Seoul (South Korea) Singapore Sofia (Bulgaria) Stockholm (Sweden) Sydney (Australia) São Paulo (Brazil) Tallinn (Estonia) Tbilisi (Georgia) Tel Aviv (Israel) Tokyo(Japan) Toronto (Canada) Tunis (Tunisia) Vienna (Austria) Vilnius (Lithuania) Warsaw (Poland) Wellington (New Zealand) Yerevan (Armenia) Zagreb (Croatia) Zürich (Switzerland)

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Villingili Island

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VILLINGILI RESORT & SPA Note: Images taken in 2019

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Note: Images taken in 2019

P ro p e rt y S u m m a ry LOCATION

YEAR OPENED

Villingili Island,

2009

Addu Atoll, Maldives

TENURE

HOTEL MANAGEMENT Lease expiring

Available with

26 Feb 2105

Vacant Possession

LAND AREA

GFA

505,787sqm NUMBER OF KEYS

132 keys

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54,137sqm 60 Water Villas

26 Beach Villas

16 2 Tree House Villas Presidential Villas

28 Pool Villas

FOOD & AND BEVERAGE

GUEST FACILITIES

6 restaurants and

bars including: • • • • • •

Javvu (International/ Mediterranean Restaurant) Dr. Ali’s (Arabic, Indian, Cantonese Restaurant and Bar) Fashala (Mediterranean Restaurant and Bar) Manzaru (Bar) Endheri (Bar) M-Lounge (Bar)

• • • • • • • • • • • •

Spa with 11 treatment villas Nine-hole Golf Course Dive and Watersports Centre (Diving Pool) Boutique Shops Kids’ Area Health Club Outdoor Swimming Pool Tennis Courts Badminton Court Luxury Yacht Eco Centre Clinic

KEY BACK OF HOUSE FACILITIES • • • • •

Power: 1,500 KVA (1,200 KW) Caterpillar Power Generators Water Tanks: two portable water tanks with capacity of 500,000 cubic metres each, two rain water tanks with capacity of 250,000 cubic metres each, two Grey Water tanks with capacity of 50,000 cubic metres each and two Fire Tank with capacity of 200,000 cubic metres each.

Sewerage Treatment Plant: One MBBR (Moving Bed Biofilm Reactor) plant with a capacity of 450 cubic metres per day.

Fuel Tanks: Four direct storage diesel storage tanks each with 120,000 cubic metre storage capacity and one purification tank of 30 cubic metre storage capacity.

Desalinization: three Reverse Osmosis desalinization plant of 100 cubic metres per day each.

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G lo ba l r e co g n i t i o n Offering exceptional guest experience and hospitality, the Resort has received worldwide recognition.

The list of awards include:

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One of the Top 10 Best Hotels in Maldives, DestinAsian Readers’ Choice Awards 2017 (Singapore)

One of the Top 10 Best Luxury Resorts in Maldives 2017, Le Concierge Orient (Singapore)

Fashala, Best of Award of Excellence, Wine Spectator - 2016

Condé Nast Johansens Spa Award Winner “Best for Service” - 2016

World Responsible Tourism Award, Silver - 2015

Prestigious Star Award “Most Prestigious Romantic Venue” 2015

Travelers’ Choice Award, Trip Advisor - 2015

The 8 Most Indulgent Spa Treatment Resorts on Earth, Condé Nast Johansens - 2015

Fashala, Award of Excellence, Wine Spectator - 2014-2015

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Top 50 Hotels Worldwide, Star Alliance - 2014

Outstanding Wine List, Award of Excellence, Wine Spectator - 2013

Certificate of Excellence, Trip Advisor - 2013-2014

Hot List 2010, Asia & Australia, Condé Nast Traveller - 2010

Best Beach Hotel, Gold Standard Hotels, Condé Nast Traveller UK 2013

Hot Hotel Award, Travel Weekly’s - 2013

C ry s ta l awa r d s 2 0 1 0

“ b e s t r e s o rt s pa “

Quality Selection, Holidaycheck.com - 2013

Crystal Awards 2010 “Best Resort Spa”

Best Long-Haul Hotel for Families, Family Traveller Awards (UK) 2017

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Site Plan 34 33

b lu e l ag o o n

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H e a lt h c l u b

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dive pier Green l ag o o n

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R E C R E AT I O N A L A C T I V I T I E S

WAT E R A D V E N T U R E S

DINING EXPERIENCES

1

Tennis Court

6

Dive Pool

16

Manzaru Bar

3

Gymnasium

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Dive Centre

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M Lounge

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Entertainment Pavilion

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House Reef

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Fashala (Mediterranean Restaurant and Bar)

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Cool Zone Kids Club

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Swimming Pool

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Chef’s Garden

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Badminton Court

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Water Sports Centre

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Javvu (International/ Mediterranean Restaurant)

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Football Pitch

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Endheri Bar

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Croquet Green

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Chess Board

Dr. Ali’s (Arabic, Indian, Cantonese Restaurant and Bar)

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Golf Course

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Barbecue Pit

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4 2 3 1

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Eco Centre

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Hair Salon

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Reception

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Orchird Nursery

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Health Club

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Spa

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Former British Pillbox

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Medical Centre

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Arrival Jetty

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Turtle Nesting Area

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Vilu Souvenirs

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Wedding Pavilion

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Coral Nursery Garden

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Resort Boutique

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Stargazing Platform

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Mount Villingili

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Photography Lounge

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Art Gallery

Emergency Assembly Point

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A c c o m m o dat i o n The Resort’s 132 luxurious Maldivian villas are comprised of nine distinct styles, all providing exceptional privacy and views of the Indian Ocean.

Each villa is spacious, starting with the pool villas at 133 square meters in size, while the presidential villa measures up to 957 square meters.

Located onshore and overlooking the beach, the Pool Villas feature a private pool, terrace, and an open-air shower.

Beach Villas are ideal for families, located in a garden setting, complete with an infinity pool, large roof patio and sundeck.

Each luxury Tree House Villa is perched on stilts above the treeline, offering seclusion, panoramic views of the Indian Ocean and lagoons, and tropical forest. Connected to the island by a timber walkway, the Water Villas boast of spacious bathrooms with oval freestanding bathtubs and private sundecks featuring overwater suspended nets.

The Resort presents two Presidential Villas: the over-water Villa Muthee and the land-based Villa Laalu, offering the ultimate luxury experience.

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Note: Images taken in 2019​

SCHEDULE OF GUEST VILLAS Keys

% Mix

Size (sqm)*

Villa Laalu

1

0.80%

957

Villa Muthee

1

0.80%

570

2 Bedroom Beach Villa

10

7.60%

224

Ocean View Tree House Villa

16

12.10%

231

Water Villa

60

45.50%

166

1 Bedroom Beach Villa

16

12.10%

189

Deluxe Pool Villa

13

9.80%

189

Pool Villa

15

11.40%

133

Total/Average

132

100%

189

*External area 30

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Note: Images taken in 2019​

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Wat e r V i l l a Size: 166 sqm Total keys: 60

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Water Villa Bedroom View

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Water Villa Bathroom

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B e ac h V i l l a One Bedroom Size: 189 sqm Total keys: 16

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Two Bedrooms Size: 224 sqm Total keys: 10

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Two-Bed Beach Villa Bedroom King

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Two-Bed Beach Villa Bedroom Twin

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Beach Villa Bathroom

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T R E E H O U S E V I L L A​ Size: 231 sqm Total keys: 16

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Ocean View Tree House Villa Exterior

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Ocean View Tree House Villa Bedroom

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Ocean View Tree House Villa Living Room Interior

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Note: Images taken in 2019​

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Villa Muthee Size: 570 sqm Total key: 1 Interior Space: 275 sqm Exterior Space: 295 sqm

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Villa Muthee Interior

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V i l l a L a a lu Size: 957 sqm Total key: 1 Interior Space: 472 sqm Exterior Space: 485 sqm

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Villa Laalu Exterior

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Villa Laalu Interior

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Villa Laalu Bathroom

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Villa Laalu Bedroom

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Dining The Resort offers six exclusive and distinctive restaurants and bars, dispersed throughout the island, providing guests with a unique dining experience. Each restaurant draws from diverse heritages of Mediterranean, Arabic, Indian and Cantonese cuisines, offering an eclectic mix of flavours.

Restaurant & Bar

Capacity

Cuisine

Area (Sqm)

Location

Dr Ali’s Restaurant and Bar

122

Arabic, Indian, Cantonese

1,402

East Coast

Jaavu

144

International/ Mediterranean

1,293

Poolside

Fashala

54

Seafood

669

North Coast

Endheri

55

Snacks and Beverages

1,332

Poolside

Manzaru

16

Snacks and Beverages

756

Adjacent to Arrival Pier

M-Lounge

48

Snacks and Beverages

Total

439

*including exterior areas

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Adjacent to Arrival Pier 5,452*

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Note: Images taken in 2019​

Dr Ali’s Restaurant and Bar​

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Note: Images taken in 2016

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Jaavu

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Fashala

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Endheri

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Manzaru​

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M-Lounge

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Note: Images taken in 2016

Wellness Hidden within a lush tropical forest, sits one of the largest and diverse spas in all of Maldives.

The spa features eleven spacious treatment rooms, including six couple suites and ocean-view rooms, providing the ideal sanctuary to unwind and escape. Additional amenities include a yoga pavilion overlooking the ocean, meditation pavilions, a sauna, a Hammam and a Health Club.

The Health Club features a gym, tennis courts, and badminton court to enable the guests to enjoy great workouts.

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Note: Images taken in 2016

Golf Course Villingili Resort & Spa is one of the only resorts in the Maldives that has a nine-hole golf course. Spread across 7.5 hectares, the golf course is complete with both par three and par four holes, averaging 112 metres in length.

Note: Images taken in 2019

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Note: Images taken in 2019

Experiences With access to over 25 world-class dive locations for both beginner and experienced divers, along with a selection of PADI courses, Villingili Island provides an unparallel experience of the underwater world. The dramatic 140-metre “British Loyalty” shipwreck resting at 33-metres, is just a half-hour boat ride away.

Villingili Island house reef is one of the most beautiful locations, attracting many colourful corals, reef fish, among many of the diverse underwater creatures. A snorkelling garden close to the Resort’s shoreline is an ideal site for snorkelers, and possible sightings of manta rays, turtles, and dolphins.

In addition to this, the Water Sports Centre also offers an array of unique experiences: Kid’s Adventure Zone, Eco Centre, Dolphin Cruise, Night Fishing, Big Game Fishing, Surfing and Luxury Yacht.

Dolphin Sightings Scuba Diving Kayaking Area Snorkelling Turtle Quest Snorkelling Catamaran Sailing Area Surfing Danger Area Boat Channel

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Unlimited Development Potential

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Va l u e Enhancement O p p o rt u n i t i e s Spanning over 50-hectares, Villingili Island has large development potential with meaningful investment returns that could be executed. Implementing several of these projects will enable the Resort to exceed previous levels of financial and market performance, materially increasing average daily rate, guest ancillary spend, and operating income.

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UNLIMITED DEVELOPMENT POTENTIAL

UNTAPPED WEDDING AND EVENTS POTENTIAL

As one of the largest islands in the Maldives, Villingili presents an abundance of development potential. The Resort can be enhanced or redesigned to cater to a diverse range of travellers, from couples to families and groups.

Sections of the island can be carved out to create secluded adult-only zones. At the same time, other sections of the Resort can be employed to create a market leading family destination, enhancing the existing family-friendly amenities, and creating new ones not found anywhere else in the Maldives. The diverse nature of the island can be utilised to create water park and zipline adventures for the whole family as well as educational activities engaging both kids and teenagers in island sustainability initiatives and nature conservation projects.

Due to space restrictions, many of the Maldivian resorts are unable to cater to large weddings and events and typically will only accommodate smaller parties, missing out on the substantial revenue larger events and wedding parties can generate. At Villingili Resort & Spa, there is the potential to improve the current landscaping and construct a sellable Function Lawn space. This will create an even greater sense of uniqueness and distinction amongst its competitors. The Resort is perfectly placed to cater to this segment, being supported by the infrastructure of Gan International Airport, which services both private jet charters and commercial flights.

CHARTING A GREEN PATH TO SUSTAINABILITY Given the size of the island, it has the capabilities to become one of the most sustainable resorts in the Maldives and globally, harnessing solar energy and developing the Environment, Social and Governance (ESG) principles, including working with research centres of global universities and ESG organisations to establish a presence on the Island.

CREATING A MARKET LEADING WELLNESS PRODUCT The spa has been driving sustainability initiatives since its opening in 2009 and has subsequently earned a number of awards and accolades. This space can easily be enhanced by driving marketleading wellness initiatives, creating a more profitable wellness facility with private yoga, dance, and other fitness offerings for group clientele.

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Development Concepts Villingili Resort & Spa comes with an abundance of development options. The Resort can be reimagined, enhancing the existing offering to reflect the demands of the market today, creating a leading resort, without the need for land reclamation or substantial development works.

We have worked closely with BLINK Design Group, a renowned hospitality design firm, to help conceptualize potential masterplan enhancements. Depending on the development appetite and vision of the future owner, we separated the proposed development masterplan into two phases:

Phase One:

Enhancing the existing inventory and facilities at the Resort

Phase Two:

Extending the Resort inventory by additional villas and/or branded residences

Preliminary development studies, including projections and estimated build costs, have been carried out and are available in the data room, access to which will be granted upon the execution of an NDA.

CONTACTS Clint Nagata Founder & Creative Partner +65 9138 3071 +66 92969 5154 clint@blinkdg.com

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Rengy John Managing Partner +65 9769 1194 rengy.j@blinkdg.com

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Source: BLINK Design Group

Phase one Phase One will consist of enhancing the existing product, focusing on areas of the Resort that can be easily uplifted, having a maximum impact on Resort positioning, and increasing its market share:

Refurbish & reposition existing villa product (131 villas, excluding Overwater Villa Muthee). Some of the existing villas could benefit from a modest renovation, including new FF&E and soft good packages to refresh the product and align with the level of design expected by today’s travellers.

Add plunge pools to the 60 Overwater Villas to improve financial performance of the Resort and elevate its competitive positioning.

Reconfigure 16 Ocean View Tree House Villas and 8 One-bedroom Beach Villas into 24 two-bedroom villas by converting the standalone living room space into a second bedroom and adding a new bathroom, catering to the ever-growing group and family segment.

Convert Villa Muthee, the overwater presidential suite, to create an additional signature F&B outlet, bringing the total to seven outlets.

24 units Existing Villas ( T r e e H o u s e & B e ac h V i l l a s )

N e w I n v e n t o ry Villa Laalu

1

Refurbishments of the villas with additional 2nd bedroom and bathroom

2 Bedroom Beach Villa

18

2 Bedroom Ocean View Tree House Villas

16

Water Villas with Pool

60

1 Bedroom Beach Villa

8

Deluxe Pool Villa

13

Pool Villa

15

Total

131

60 units O v e rwat e r V i l l a s With additional plunge pool to be added at deck area

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16 units Tree House Villas Refurbishment additional 2nd bedroom and bathroom Spa

Treetop Relaxation area

Fitness Tennis

Villa Laalu (Presidential Beach Villa)

8 units Beach Villas Refurbishment additional 2nd bedroom and bathroom

Existing F&B Arrival Pier Existing F&B Main Pool + F&B

Existing F&B

Water Sports + Dive

Villa Muthee - Overwater Presidential Suite) – potential for conversion to a new F&B outlet 60 units Overwater villa with additional plunge pool to be added at the deck area

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Phase Two Phase Two presents the opportunity to create additional villas and/or branded residences, providing an incoming investor with an added opportunity to monetise future development value.

Repurpose the golf course to develop 30, 3-bedroom new Luxury Villas, creating a larger villa product.

A new owner will have the opportunity to lease Heron Island from the Maldivian government. There is the potential to utilise the island to develop four additional 5-bedroom Overwater Private Island Luxury Villas, with a private jetty and a VIP arrival. There are few similar concepts that exist in the Maldives today, one being the private island-resort at Waldorf Astoria, making the Resort stand out from its competitors and drive a superior ADR to the rest of the market. With the ability to access private jets at Gan International Airport via a 5-minute boat ride, Heron Island will further differentiate Villingili Resort & Spa from anything else the Maldives market has to offer.

16 units 3 B e d ro o m B e a c h L u x u ry V i l l a s A/C Area

279 sqm

A/C Area

443 sqm

Deck

173 sqm

Deck

260 sqm

Pool

78 sqm

Pool

147 sqm

Total

530 sqm

Total

850 sqm

14 units 3 B e d ro o m O v e rwat e r L u x u ry V i l l a s

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4 units 5 B e d ro o m O v e rwat e r L u x u ry V i l l a s

A/C Area

279 sqm

Deck

173 sqm

Pool

78 sqm

Total

530 sqm

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R at i o o f V i l l a s ( P h a s e T W O ) Beach Luxury Villas

16

Overwater Luxury Villas

18

Total

34

16 units 3-Bedrooms Beach Luxury Villas

4 units 5-Bedroom Overwater Luxury Villas on private island 14 units 3-Bedroom Overwater Luxury Villas

Super Luxe Arrival

Private Island Arrival

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Rendering

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Source: BLINK Design Group

Rendering

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Source: BLINK Design Group

M a l d i v e s M a r k e t O v e rv i e w

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Note: Images taken in 2019

M a r k e t O v e rv i e w TOURISM

2019

International Visitor Arrivals

1.7

1.3

million +15% y-o-y

million +138% y-o-y 76% of 2019 arrivals

2021

2019

6.3 days

2021

8.7

Average Length of Stay

days 38% growth from 2019

International Visitor Arrivals to the Maldives

Annual Change (RHS)

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Tourism Arrivals

Source: Maldives Bureau of Statistics, Maldives Ministry of Tourism, RCA, CBRE Hotels, May 2022

TOP 10 SOURCE MARKETS germany USA

8%

FRANCE

3%

4%

INDIA I TA LY

10%

8%

UK

RU S S I A J A PA N CHINA

5%

3%

17%

7%

AU S T R A L I A

2%

UK

4%

5% 16% RU S S I A

2%

2%

UKRAINE

switzerland

4% USA

3% s pa i n

8% 7%

germany

5% 5% UAE

5% 3% S AU D I ARABIA

18% INDIA

2019 2021

Hotel Investment Approximately US$406 million-worth of hotels and resorts traded over the course of 2021 in the Maldives, the highest annual total to ever be recorded and a substantial improvement on the NIL transactions registered in 2020.

Source: Maldives Bureau of Statistics, Maldives Ministry of Tourism, RCA, CBRE Hotels, May 2022

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M a r k e t O v e rv i e w HOTEL TRADING PERFORMANCE

2019 ADR US$571 RevPAR US$373 Occupancy 65%

2019 ADR US$642 RevPAR US$405 Occupancy 62%

Market-wide

Luxury & Upper Upscale

2021 ADR US$658 RevPAR US$375 Occupancy 57%

2021 ADR US$686 RevPAR US$395 Occupancy 58%

Luxury & Upper Upscale Segment RevPAR, Maldives vs.

Other Luxury Resort Markets

Bora Bora Seychelles Mauritius Maldives

Source: STR, STR AM:PM, CBRE Hotels, May 2022 86

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MARKET SUPPLY

As of 2022

85%

Of total supply is located in the northern atolls

North

3

DHIDHDLOO KULHUDHUFFUSHI 2 FUNADHOO

n a i fa ru

22

3

eydhafushi 1

35

rasdhoo 9

29

ellaidhoo

independent:

Luxury: Upper Upscale: Upscale: Upper Midscale: Midscale: Economy:

39% 21% 17% 5% 4% 14%

34% 66%

manadhoo

20

u n ’ g o o fa a ru

Branded:

t h u lu s d h o o MALÉ

Top 10 Operators in the Maldives (International and Local)

m a h i ba d h o o

16 9 2

k u da h u va d h o o 1

Crown & Champa Resorts

10

1,296

7%

Sun Siyam Resorts

5

1,220

7%

Universal Enterprises

8

980

5%

Villa Hotels & Resorts Maldives

3

860

5%

9

Aitken Spence Hotels

5

750

4%

1

Atmosphere Hotels and Resorts

6

708

4%

Marriott International

7

659

4%

Hilton Worldwide

3

468

3%

Accor Hotels

5

455

2%

John Keells Group

4

454

2%

veymandoo 2 fonadhoo

vilinigili thinadhoo

% of Hotels Rooms Total Rooms

muli

f u va h m u l a h

South

Note: Number bubbles refer to the number of hotels/resorts

Source: STR, STR AM:PM, CBRE Hotels, May 2022 VILLINGILI RESORT & SPA

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C o m p e l l i n g I n f r a s t ru c t u r e I n i t i at i v e s Maldives is set to benefit from a number of substantial infrastructure projects, further improving its positioning as a leading resort destination.

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2022 MALDIVES AIRPORTS COMPANY LIMITED (MACL)’S NEW SEAPLANE TERMINAL

The new seaplane terminal in Velana International Airport is slated to open mid 2022. The MVR849 million (approximately US$55 million) terminal will span 70 million sqm, and will accommodate more than 85 seaplanes on docks, 50% more than its capacity today.

2023-2024 EXPANSION OF VELANA INTERNATIONAL AIRPORT

The airport is currently undergoing major expansion, constructing a 78,000 square metre international passenger terminal with the aim of meeting increasing passenger demand.

Upon completion, the airport will be able to accommodate 7.5 million passengers per year.

GREATER MALÉ CONNECTIVITY PROJECT (GMCP)

This project will link Malé, Villingili (Malé), Gulhifahu, and Thilafushi islands via a 6.74kmbridge and causeway network. A major boost to connectivity between the four islands which account for half of the Maldivian population and is expected to enhance Maldivian infrastructure and economic activity.

Beyond SOUTHERN ATOLLS MAJOR INFRASTRUCTURE PROJECTS

A US$800 million line of credit was provided by the Export Import Bank of India, funding seven major projects in the southern Maldives: namely Addu Roads and Reclamation project, Water and Sewerage network for 34 islands, Gulhifalhu Port; as well as the expansion of facilities of Maldives Industrial Fisheries Company, Cricket Stadium in Hulhumale, Hanimaadhoo International Airport expansion and Cancer Hospital in Hulhumale.

GAN INTERNATIONAL AIRPORT UPGRADE

The US$17 million plan to upgrade Gan International Airport was unveiled in 2021 and involves the construction of a new air traffic control tower and a longer runway as well as improvements to cargo and warehouse facilities. The airport is expected to serve as a regional hub, enhancing the tourism market in the southern Maldives and attracting more visitors to the area.

In February 2022, the government announced major developments in Addu City, including the development of Gan International Airport, increasing capacity to serve 1.5 million tourists annually.

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L at e s t A m e n d m e n t t o M a l d i v e s To u r i s m Ac t These initiatives set the foundation for the creation of new tourism models, increase travel demand, and reinforcing the image of Maldives as a top resort destination.

STRATA-TITLED DEVELOPMENTS •

One of the key legislations was to allow for real estate developments with strata villas for longstay tourism. Individual rooms or villas developed on a resort or integrated tourist resort can be leased on strata basis. The lease will be granted in respect of all development, fixtures and fittings relating to a villa, to a third party, without granting ownership rights.

INTEGRATED TOURISM DEVELOPMENT VENTURES • •

Another change in legislation bestows the President the right to allocate islands to develop resorts, guesthouses, hotels and yacht marinas, for integrated tourism development and tourism-related real estate projects, and other ventures concerning the travel sector.

Per guidelines, the government may sell shares held under the Joint-Venture Agreements to other shareholders of the same property, at a fixed rate of US$5 per sqm.

LOCATION-BASED LEASE RENTS •

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Head lease rental rates for locations in the northern and southern atolls are also lowered in order to encourage development in these locations.

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Note: Images taken in 2019

Positive Market Outlook THE MALDIVES TO REMAIN ONE OF THE HIGHEST RATE-YIELDING MARKETS IN ASIA PACIFIC As the top performing hotel market across the region during the pandemic, Maldives RevPAR in 2021 exceeded that of 2019. We anticipate that Maldives hotel trading performance will be further strengthened in 2022 on the back of strong demand and increasing length of stay.

FOREIGN INVESTMENT TO RECEIVE CONTINUOUS SUPPORT FROM THE GOVERNMENT On top of a compelling list of infrastructure initiatives, the government has implemented various changes to policies including legislation for strata-titled developments, integrated tourism development ventures and location-based lease rents, making the Maldives one of the most investment-friendly markets in the region.

STRONG INVESTOR CONFIDENCE AND FUTURE OUTLOOK Post strong hotel investment volume in 2021, we expect to see continued interest in 2022 derived mainly from Asian, Middle Eastern, and European investors who are anticipating healthy demand for international leisure travel in the Maldives.

DEBT MARKETS OPEN Despite lending environment being more cautious in response to the pandemic, the debt markets serving the Maldives are starting to reopen, with local Maldivian banks as well as banks from Sri Lanka, India and Singapore lending in the market.

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Note: Images taken in 2019

S a l e P ro c e s s & C B R E C o n ta c t Villingili Resort & Spa, Maldives is being offered for sale via international Expressions of Interest (EOI). The EOI date to be advised by CBRE. Expressions of Interest should also include the following information, as a minimum: • • • • • •

Name and details of the purchasing entity.

Source of capital.

Offer price and deposit.

Capacity to complete the transaction, including any requirements to raise debt or equity.

Details of any conditions.

Timetable for Due Diligence, sale contract execution and settlement.

Please note that the Vendor has the right to accept any offer or vary the process at any time.

S T e v e C a r ro l l

Stella Grant

Head of Hotels & Hospitality Senior Managing Director, Capital Markets +65 9179 1439 steve.carroll1@cbre.com

Associate Director Capital Markets, Asia Pacific +65 8428 6415 stella.grant@cbre.com CBRE Agency License No.: L3002163I Reg No.: R065508J

Disclaimer This Memorandum contains select information pertaining to the Property and the Owner and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

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Note: Images taken in 2019

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