BANGKOK, (DNA) – Thailand’s Singha Estate Pcl , the real estate development arm of Boon Rawd Brewery, will invest $311.5 million in a series of hotels in the Maldives.

Boon Rawd Brewery, which is known for the pale lager, Singha, received a 50-year concession from the Maldivian government to develop hotels in nine islands of the country.

Singha Estate expects to make an initial investment of $83 million while the total investment is likely to reach $311.5 million, Chief Financial Officer Methee Vinichbutr said at an investor briefing.

Resorts on the first two islands are expected to be operational in July 2018 and the firm expects more Chinese tourists in the Maldives in the future, he said.

Earlier this year, the company had finalised a joint venture with Hongkong Land Group to develop a luxury residential tower in Bangkok at an estimated value of $170 million. Singha will hold 51 percent of the venture.

Singha Estate’s revenue jumped 89 percent to 1.2 billion baht ($35.16 million) in the first quarter of this year. However, net profit fell by 67 percent to 33.5 million from a year-earlier period when it booked foreign exchange gains. ($1 = 34.14 baht) (Reporting by Chayut Setboonsarng; Editing by Orathai Siring and Subhranshu Sahu)