Official Groundbreaking Ceremony MarksStart of Construction on Maldives’ New Multi-island Resort Concept

Official Groundbreaking Ceremony MarksStart of Construction on Maldives’ New Multi-island Resort Concept

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Malé, Republic of Maldives – Monday July 31, 2017: – Mr. MoosaZameer, Minister of Tourism, joined Chairman of Singha Estate Public Company Limited, Mr. ChutinantBhirombhakdi;Director, Chairman of Executive Committee, Mr. ChayaninDebhakam, D.B.A;Chief Executive Officer,Mr. Naris Cheyklin; and the company’s Chief Investment Officer,Mr. Thiti Thongbenjamas,at an official groundbreaking ceremony at the Maldives’ Emboodhoo Lagoon, set to be a multi-island integrated leisure and recreation destination resort concept, designed to significantly expand the Maldives’ appeal as a multi-faceted tourism destination.

Speaking at the official ceremony, Mr. MoosaZameer, Minister of Tourism said: “We are delighted to attend the official ceremony to mark the start of construction on this new world-class leisure development which is set to further enhance the Maldives’ international reputation as one of the world’s top tourist destinations.”

The ceremony marks the start of construction on the US$311.5 million Phase One of the Emboodhoo Lagoon project development –comprising a three-island-resorts concept, with a core island Township bringing a veritable wealth of world-class F&B, retail, entertainment, recreation and leisure-lifestyle experiences to the Maldives for the very first time.

Chairman of Singha Estate Public Company Limited Mr. ChutinantBhirombhakdi said:“Singha Estate sees a great opportunity in creating the company’s biggest and most exciting project to date in the Maldives.”

The chairman also said that the company is confident that the Emboodhoo Lagoon project will redefine the Maldives as a leisure and tourist destination and is set to reignite and stimulate the country’s tourism economy.

“The overall developmentwhich, when fully completed, will ultimately extend across nine islands, has been conceived to meet the leisure-destination desires of the world’s large and rapidly-growing medium to upscale leisure segment.”

Upon the completion, the project will provide accommodations of1,300 rooms and create over 5,000 job opportunities. It is set to ‘redefine’ the Maldives’ as a leisure and tourist destination and is set to re-ignite and stimulate the country’s tourism economy.

The Emboodhoo Lagoon project has partnered with world-class developers namely Camper and Nicholsons, renowned UK-marina management specialists, for a luxurious international-standard 50-berth marina at the Township; Café Del Mar, aninternationally-renowned beach club operator;a world-class travel retailer; Hard Rock International Hotel Group to open a ‘new DNA’ resort concept featuring Rock Star suites; and a secluded upscale lifestyle resort offers guests highly-exclusive water villas.

Singha Estate aims to create the sustainable value to all stakeholders and is pledged to supporting the Maldives’ ecological environment, the living quality of local community and economic growth.

As part of the overall project, Singha Estate will be establishing a Maldives cultural and Indian Ocean marine learning centre. Working closely with the local community and marine biologist, the cultural centre will promote the life and crafts of the islands nation and introduce global practice marine conservation schemes dedicated to preserving and enhancing the bio-diversity of the Maldives’ prestigious marine ecosystem.

TheTownship and Phase One are anticipated to be complete by the third quarter of 2018, while the second phase is set to complete within the next five years.