LOLC to build three resorts in Maldives

JV with China Machinery Engineering Corporation :

The LOLC Group hopes to build three resorts in the Maldive Islands by reclaiming shallow lagoons in the North Male Atoll, a mere 35 minutes away by speedboat from the international airport.

The resorts, on three islands created within two neighbouring lagoons in the atoll, are a joint venture with China Machinery Engineering Corporation (CMEC) and are expected to be completed by the winter of 2018.

The islands cover about 75 acres and were created within 14 days, using the latest technology and machinery deployed by the Dutch dredging and marine engineering firm, Van Oord. The project envisages the development of three independent resorts, 120 rooms in the five-star up-market category and 150 and 200 rooms respectively in the four-star category.

Deputy Chairman of LOLC Group, Ishara Nanayakkara accompanied by senior management personnel of the Group and their joint venture partner, CMEC visited the three islands recently. Nanayakkara said that it was a landmark event for the LOLC Group heralding their first overseas leisure venture. Deputy General Manager of CMEC, Qian Haojuan said CMEC is a Chinese Government entity and their JV with LOLC would be the first time a Chinese Government entity is partnering with a Sri Lankan company for a project of such magnitude and innovative nature, in a third country, the Maldives. LOLC have also acquired the iconic location where the former 'Nasundara Palace' stood, right opposite the airport ferry landing point.

The proposed mixed development includes 118 serviced apartments, a 135-room hotel within a 15-floor high-rise. The project is due to be completed by September 2018. Other developments proposed in the Maldives include a 60-room, five-star resort on Bodufaru in the Raa Atoll and a 120-room, four-star resort on Bodufinolhu in the South Ari Atoll.