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
- approx. 40% complete
- 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% of the entire infrastructure is already complete.
MTDC is currently in the process of finding a partner to complete the remaining development works on the city hotel.
Vodamula
- Location
- Gaafu Alifu Atoll; 50-minute speedboat ride from GDh Kaadedhoo Regional Airport
- Status
- Under development
- Development Mode
- Wholly owned
- Details
- 4-star, 300 beds over 50 hectares
- Expected date of completion
- 2013
Vodamulaa 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. Environmental Impact Assessment (EIA) and the resort concept of the island have been approved by the authorities. Vodamula was to be developed as a 300-bed tourist resort under a Joint Venture partnership between MTDC and Fathuru Maldives Plc.
The sublease agreement was signed on 31st August 2008. Owing to the fact that Fathuru Maldives Plc decided to dissolve the company during an extraordinary general meeting, the aforementioned agreement between MTDC and Fathuru Maldives Plc has been terminated.
MTDC is currently in the process of finalizing the strategic partners for the project.
Ekulhivaru
- Location
- Noonu Atoll
- Status
- Joint venture
- Development Mode
- Joint venture
- Details
- Deluxe, 180 beds
- Expected date of completion
- 2013
Ekulhivaru will be developed under joint venture partnership ENA Hotel Holdings Pvt Ltd. According to the terms of the joint venture agreement Ritz Carlton will finance MTDC’s 20% equity contribution and MTDC will receive a fixed dividend and lease rent every year. The remaining 80% of the joint venture belongs to Ritz Carlton. The joint venture agreement was signed on 31st March 2008 and consequently, a sublease agreement was signed on 1st July 2008.
Kondeymatheelaabahu
- Location
- Gaafu Alifu Atoll
- Status
- Conceptual development complete
- Development Mode
- Sublease
- Details
- 100 beds
- Expected date of completion
- 2013
Kondeymatheelaabadhu is being developed by Resonance Pvt Ltd, a local company. The sublease agreement was signed on 23rd October 2007. The design of the resort has been completed and the Ministry of Tourism has granted approval of the detailed drawings. Resonance Pvt Ltd is still in negotiations to secure finances for the project.
Naagoashi
- Location
- Haa Dhaalu Atoll
- Status
- Under development, 30% complete
- Development Mode
- Sublease
- Details
- 5-star, 600 beds
- Expected date of completion
- Q4 2011
Three K International Private Ltd signed the sublease agreement on 5th December 2007 to develop Naagoashi. Concrete works on the majority of the buildings have been completed.
Embudhufushi and Olhuveli
- Location
- Dhaalu Atoll
- Status
- Under development, 15% complete
- Development Mode
- Sublease
- Details
- 5-star deluxe, 220 beds
- Expected date of completion
- Q3 2011
Embudhufushi and Olhuveli is being developed by Dr Ibrahim Umaru Maniku, a local businessman under a sublease agreement signed on 17th April 2008.