Noku

Property and hospitality group Roxy-Pacific Holdings has revealed plans for its newly acquired Maldives resort, Zitahli Kuda-Funafaru. The company has finalised the purchase of the Noonu Atoll property from AAA Group, a deal for which JLL Hotels & Hospitality Group was the exclusive advisor.

Roxy Pacific Managing Director Mr. Chris Teo confirmed that the resort will undergo extensive renovation of guest villas, public spaces and food & beverage (F&B) outlets before opening in the first quarter of 2017. Upon completion it will be the second property to be marketed under Roxy's premium Noku brand. The first opened in Kyoto, Japan in November 2015.

"We are extremely excited to have completed the acquisition of this stunning property, our first in the Maldives. We look forward to turning it into an exceptional resort that will appeal to upmarket travelers looking for unique experiences in one of the most desirable destinations in the world," says Mr. Teo. "This acquisition fits with our broader strategy of acquiring boutique properties in Asia Pacific's up-and-coming locations."

"As a Maldivian owned and independently managed resort, we are delighted to have found a buyer who would be committed to continuing to deliver the high standards of service and hospitality our team has strived for." says Mr. Ahmed Hamza, Deputy Managing Director of AAA Group. "We welcome them to the Maldives and congratulate them on acquiring Zitahli Kuda-Funafaru."

"This is a great outcome for both Roxy Pacific and the seller, AAA Group," says Mr. Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia. "The Maldives is a global gateway resort destination. Coupled with its robust trading environment and investor-friendly policies, the country is a highly attractive destination for investors from Asia Pacific, Middle East and beyond. The sale of Zitahli Kuda-Funafaru is the eight resort transaction exclusively marketed and sold by JLL and underpins the depth of investment activity in the market.

"On the back of this momentum, we are continuing to market resorts in the Maldives and Indian Ocean exclusively on behalf of owners," adds Mr. Ercan.

Zitahli Kuda-Funafaru Resort and Spa currently comprises 50 villas (30 over-water villas and 20 beach villas), four F&B outlets, a full-service spa, an ocean-front fresh water infinity pool, a state-of-the-art diving centre, a fitness centre with full-sized tennis court, and a luxury boutique.

There were a record 1.23 million tourist arrivals in the Maldives in 2015 and in the first quarter of 2016, there has been a 4.3 percent increase in visitors compared to the same period last year.

Visitors from China make up 29 percent of arrivals, making it the top tourism source market for the Maldives. The Indian Ocean archipelago continues to welcome a large number of visitors from Europe and between 2010 and 2015 the number of visitors from the Middle East more than tripled.

About Roxy-Pacific Holdings Limited

Established in May 1967, Roxy-Pacific Holdings Limited, an established property and hospitality group with an Asia-Pacific focus, was listed on the SGX Mainboard on March 12, 2008. The Group is principally engaged in the development and sale of residential and commercial properties ("Property Development") and generates recurring income through its property investments and hospitality business ("Hotel Ownership and Property Investment"). Roxy-Pacific"s residential development projects typically comprise small-to-medium sized residential developments such as apartments and condominiums targeted at middle-to-upper income segments. Between 2004 and 2016, the Group developed and launched 43 small-to-medium sized developments comprising a total of more than 4,000 residential and commercial units in Singapore, Malaysia and Australia. 1 Japan National Tourism Organisation –Visitor arrivals for Jun 2017 2 The Japan Times, January 20, 2017 – Record 9.4 million foreign tourists visited Osaka in 2016 Page 4 of 4 The Group"s hospitality portfolio comprises its flagship hotel in the heart of historical Katong, Grand Mercure Singapore Roxy hotel, which is self-managed under franchise agreement with international hotel operator, Accor Group. Beyond Singapore, the Group had in 2015 launched its first upscale boutique hotel under the Noku Roxy brand in Kyoto, Japan, with upcoming resorts in Maldives and Phuket, Thailand, in the pipeline. For Property Investment, Roxy-Pacific owns 52 retail shops at The Roxy Square Shopping Centre in Singapore, and holds a 50% interest in a 14-storey, freehold commercial building at 117 Clarence Street in Sydney"s CBD, Australia. For more information, please visit: http://roxypacific.com.sg