A Malaysian property developer will pay millions in insurance excess to reconstruct its cyclone-damaged multimillion-dollar Hayman island resort.
Mulpha will shell out $10 million in insurance excess to repair the damages wrought by Cyclone Debbie on its Whitsunday Island resort.
In a statement to the Malaysian stock exchange, the company also revealed that the 160-suite resort would take longer to reconstruct than they originally surmised, with building works expected to continue into 2019. Mulpha earlier stated that the resort would reopen mid-2018, The Australian reported.
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Greg Shaw, Mulpha chief executive, said that despite having the full assessment of damage and rectification works, it was impossible to detail how much it would cost to restore the property.
The Mulpha boss did not disclose information about the resort's potential buyers, but it is understood that the first round of offers will conclude this month.
Mulpha’s property insurance policy covers business interruption and its impact on trading results, the report said.
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