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The Future, Now

The government has leased 15 islands to MTDC for resort development. 9 of these 15 have been identified and leased to MTDC already, while the remaining 6 and the schemes through which they will be handed to the company are as yet to be announced.

8 of the 9 islands already leased are under development. Herathera, the remaining island, has already commenced operation. Work is currently underway to develop Uligamu as a 100-bed resort. Due to the constraints created by 2009’s global credit downturn, much of the initial planning has had to be revised, although the strategies we have set in place still remain intact.

Each of the 9 leased islands is unique not only in size, shape, natural features, and beauty but also in terms of development.

Uligamu

Location
Haa Alifu Atoll; 45-minute speedboat ride from HDh Hanimaadhoo Regional Airport
Status
Development placed on halt. Approximately 40% construction completed.
Development Mode
Wholly owned
Details
4-star, 100 beds over 36 hectares

Leased to MTDC by the Government on 27th February 2007 to be developed as a 50-room touristy city hotel,  40% complete.

Vodamulaa

Location
Gaafu Alifu Atoll; 50-minute speedboat ride from GDh Kaadedhoo Regional Airport
Status
In the process of finding a development partner or a party to acquire the property via a lease transfer.
Development Mode
Wholly owned
Details
4-star, 300 beds over 50 hectares
Expected date of completion

Vodamulla is situated in the enchanting geographical, ecological, and cultural anomaly of Gaafu Alifu Atoll. However, even by the atoll’s standards Vodamulaa possesses an extraordinarily beautiful reef. The beach surrounding Vodamulaa stretches on for 3km, with an average width of 15m on the northeast side and 20m on the southeast side. Gaafu Alifu Atoll alone is an attraction with the unique crafts of its people but Vodamulaa is a gem even amid the abundant attractions of the area.

The island was leased to MTDC by the Government of the Maldives for 25 years from 27th March 2008, to develop as a 150-room tourist resort.

MTDC is currently in the process of finding a development partner or a party to acquire the property via a lease transfer.

Ekulhivaru

Location
Noonu Atoll
Status

Construction has not commenced

Development Mode
Subleased to ENA Hotel Holding Company Pvt. Ltd., a joint venture partnership between MTDC and Ritz Carlton
Details
Deluxe, 180 beds
Expected date of completion

Ekulhivaru is being developed under joint venture partnership between MTDC and Ritz Carlton. The name of the Joint Venture Company is ENA Hotel Holdings Pvt Ltd. Under Joint Venture agreement, Ritz Carlton will finance MTDC’s 20% equity contribution and MTDC will receive a fixed sublease rent quarterly on a per bed per annum basis. The remaining 80% of the Joint Venture partnership is held by Ritz Carlton. The Joint Venture agreement was signed on 31st March 2008 and the subsequently sublease agreement was signed on 1st July 2008.

Kondeymatheelaabahu

Location
Gaafu Alifu Atoll
Status
In the process of exchanging for another island.
Development Mode
Wholly owned
Details
100 beds
Expected date of completion

Kondeymatheelaabadhu was initially subleased to Resonance Pvt Ltd, a local company on 23rd October 2007.

Naagoashi

Location
Haa Dhaalu Atoll
Status
Under development, 50% complete
Development Mode
Sublease
Details
5-star, 600 beds
Expected date of completion
First quarter, 2013

The island of Naagoashi is subleased to Three K International under a sublease agreement on 5th December 2007 to develop as a 5-star resort with 600 beds.