Banyan has added yet another striking property to its successful portfolio in the Maldives, joining Banyan Tree Maldives Vabbinfaru and Angsana Maldives Ihuru is Velavaru Island Resort located on the South Nilandhe Atoll. Acquired at US$20 million, the modest island of Velavaru measures 500m by 200m, and boasts world-class reefs that fringe the sparkling coast. This acquisition demonstrates the Group's strong faith in the developing tourist potential of the Maldivian islands. In celebration, the newly refurbished bungalows of Velavaru are available at special Explore Velavaru promotional rates starting from US$285++ per person from now to 31 October 2005. Guests can enjoy three nights' accommodation in a Beach Bungalow on a twin-share basis with daily breakfast, lunch and dinner at Hathaa Restaurant and a generous 20% savings at The Spa.   Alternatively, opt for the five-night experience at US$448++ per person that includes all of the above privileges, in addition to a complimentary 60-minute body massage at The Spa. Reservations that are made with confirmed payment by 15 September for stays before 31 October will enjoy a complimentary sixth night and an upgrade to the newly refurbished Island Bungalow.  A New VelavaruVelavaru Island Resort, which opened on 15 December 1998, comprised 84 Bungalows with a host of dining, spa and Water Sport Centre facilities. A handover ceremony on 25 July 2005 was held with key Banyan Tree Maldives and Angsana Maldives executives assuming senior positions at Velavaru, where it is business as usual. Banyan Tree has appointed Maldives Area Manager Shahul Hameed as Acting General Manager of Velavaru Island Resort.  Designed by Architrave Design and Planning - the design company of the Banyan Tree Group, the newly-refurbished bungalows showcase a strong contemporary and traditional Asian flavour. The resort now comprises 48 Beach Bungalows, 16 Island Bungalows and 20 Deluxe Beach Bungalows.