Maldives SL

completed

Shangri-La Asia Limited (Shangri-La or the sponsor) plans to establish a five-star 142-villa resort in the Maldives to be known as the Shangri-La Maldives Resort & Spa. The project will be located on Villingilli island which is adjacent to the island with the recently-upgraded Gan International Airport and about a one hour flight from the main international airport in the capital city of Malé. The project is a joint-venture between the Sponsor (70% ownership) and the Government of the Maldives (30% ownership). The tourism concession for Villingilli island was originally awarded to another developer in August 2000. Construction commenced in 2003 but the concession was later terminated because work had not progressed in accordance with the terms and conditions of the concession contract. The sponsor was awarded the concession for Villingilli island on 26 February 2005 and the construction commenced soon after receipt of a construction Permit by the Ministry of Tourism dated 27 February 2006.