Sanken Overseas has stated that the company “continues to place confidence” in the tourism industry of Maldives.

In a statement, the company registered as a Sri Lankan exporter, revealed that Sanken continues to place confidence in Maldives tourism.

Sanken is currently developing an 80-key luxury resort in Raa atoll, alongside global real estate developer, Singapore Hospitality Holdings Private Limited. The luxury resort is to be operated by Hyatt Hotels Corporation under the lifestyle brand “ALILA”.

The Sri Lankan company is also the turnkey contractor of the landmark project and the company revealed that the development project worth USD 60 million is expected to be completed by the third quarter of 2021.

Under the project, USD 30 million is allocated as debt financing by Sri Lankan banks, Sampath Bank PLC and Commercial Bank of Ceylon PLC.

Sanken’s Deputy Group CEO, Mevan Gunatilleke spoke on behalf of the developers, stating that the company remains thankful to both banks for having a “broad understanding” on opportunities in the international market and extending support for the developers of the project.

Gunatilleke went on to highlight that the world will be taken aback at how “quickly tourism in Maldives and the rest of the world, will bounce back”, after being heavily impacted by the ongoing Covid-19 pandemic.