Newly Established Resort Seeking Loan in Malé, Maldives
|Employees||2 - 5|
|Legal Entity||Limited Liability Company (LLC)|
|Run Rate Sales||Nil|
|Local Time||9:19 AM Indian / Maldives|
|Listed By||Business Owner / Director|
- We are a special-purpose venture.
- The company was formed to purchase and develop the three islands into resorts.
- We need USD 150 million to complete these three resorts.
- The maximum time to complete construction will be 24 months (target 18 months)
- The site is ready for construction, permits are in place, and suppliers are in place.
- Have invested USD 12 million of our money to date.
- Project IRR of 25% and a payback period of 10 years.
4 Star Uthuru Boduveli.
4 Star Deluxe Uthuru Gasveli.
5 Star Huraveli.
The business owns the head lease of the three islands which are valued at USD 48 million. There are 46 years remaining in the head lease. It's renewable to 99 years after construction is completed.
Valuation is done by an independent party and the value of the three greenfield islands together with the surrounding lagoons is USD 48 million. No independent valuation is available for the island. However, the attached document 'Valuation Report by ICS Maldives' mentions the forecasted rental income and resort income from each island.
At present, we have completed all the preliminaries needed to start the construction of the project.
The islands and their sizes:
- Uthuru Boduveli is 3.6 hectares.
- Uthuru Gasveli is 0.30 hectares.
- Huraveli is 0.10 hectares.
Post-reclamation more land will be added and the total area will reach to 31.70 hectares.
- Two owners with equal share ownership.
- No debts are associated with the company.
- All funding till now has been done by the two shareholders.
- The SPV is registered in Male.
6 days, 19 hours agoDirector, Mumbai, M&A Advisor connected with the Business
Earlier than 15 daysManaging Director, Dubai, Business Broker connected with the Business
Earlier than 15 daysIndependent Advisor, Chennai, Financial Consultant connected with the Business