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Acquisition Costs Reduced on Islands Up for Tourist Resort Development Bid in the Maldives

Maldives has reduced the minimum lease acquisition costs of 16 islands opened for bidding back in April for tourist resort development.

The Tourism Ministry stated that the acquisition cost was reduced in order to “boost investor interest and confidence, considering the current investment climate”.

The revised minimum lease acquisition costs are as follows:

  • HA. Velifinolhu (4.1 hectares): USD 420,000
  • HA. Alidhuffarufinolhu (3 hectares): USD 350,000
  • HDh. Kudafarufasgan’du (1.20 hectares): USD 210,000
  • M. Seedheehuraa (1.28 hectares)/ Seedheehuraa Veligan’du (with Seedheehuraa) (3 hectors): USD 875,000
  • M. Maausfushi (10.40 hectares): USD 1,575,000
  • Th. Kaaddoo (3.9 hectares) USD 700,000
  • Th. Kanimeedhoo (10 hectares from the North): USD 1,050,000
  • Th. Olhufushi (3 hectares)/ Olhufushifinolhu (with Olhufushi) (0.54 hectares): USD 700,000
  • L. Kashidhoo (3.1 hectares): USD 700,000
  • L. Bodumun’yafushi (3 hectares): USD 700,000
  • L. Dhonberahaa (1.44 hectares)/ Holhurahaa (with Dhonberahaa) (0.6 hectares): USD 525,000
  • GA. Maarehaa (17 hectares): USD 1,400,000
  • GA. Funadhooviligilla (5 hectares): USD 700,000
  • GDh. Kan’dahalagalaa (7.4 hectares): USD 875,000
  • GDh. Kadevaarehaa (4.3 hectares)/ Dhigurehaa (with Kadevaarehaa) (2.1 hectares): USD 700,000
  • GDh. Fereythaviligilla (as a cluster) (1.4 hectares)/ Dhekaan’baa (with Fereythaviligilla) (2.39 hectares)/ Koderataa (with Fereythaviligilla) (2.5 hectares)/ island on coordinate number 0°22’12.86” N 73°1’28.98” E (2.97 hectares): USD 700,000

The invitation to bid is extended to both local and foreign companies. The deadline for submission of bids is 10th June 2021

The 2021 State Budget shows MVR 608.4 million as revenue as acquisition cost from islands for tourism development. However, the decision to reduce acquisition costs will have an adverse effect on projected revenue.



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