Maldives slashes acquisition cost of islands open for tourism development

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

Tourism Ministry said the acquisition cost was reduced in order to "boost investor interest and confidence, considering the current investment climate".

The revised minimum lease acquisition costs:

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

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

Tourism Ministry has stated that 2021 will be a year of tourism investment.

This year’s state budget lists MVR 608.4 million as revenue as acquisition cost from islands for tourism development. However, the decision to slash acquisition costs will have an adverse effect on projected revenue.