Sanken Overseas (Private) Limited along with global real estate developer, Singapore Hospitality Holdings Pte Limited is currently developing a 80 key luxury resort in the Raa Atoll, Republic of Maldives, which will be operated by Hyatt Hotels Corporation under the lifestyle brand “ALILA”.
Engaged in a dual role, Sanken Overseas (Private) is also the turnkey contractor of this landmark project and the $60 Million development is expected to be completed by Q3 2021. The syndicated debt financing of $30 Million for the project is facilitated by Sri Lankan banks, Sampath Bank PLC and Commercial Bank of Ceylon PLC.
Speaking on behalf of the developers, Mr. Mevan Gunatilleke, Deputy Group CEO of Sanken, expressed his gratitude to both banks for having a broad understanding on opportunities in the international market and extending their support for the developers. Further, he highlighted that the world will be surprised how quickly tourism in Maldives and rest of the world will bounce back, after the setback due to COVID-19.