Maldives targets investors for integrated holiday facility

Maldives has sought investors to develop an integrated holiday facility in the greater Male region targeted towards visitors and locals alike.

In an announcement, the newly created Maldives Integrated Tourism Development Corporation (MITDC) invited interested companies to submit proposals to reclaim a lagoon known as Galufalhu, located between Dhoonidhoo and Feydhoo Finolhu in Kaafu Atoll, and develop a picnic island that would cater for a minimum of 1,000 picnic goers at a time. The island, exclusive for locals, would be developed with 20 rooms along with an area dedicated to water sports as well as a futsal and volleyball court, the corporation added.

The usual lease rate of a lagoon is between USD20-50 million, but MITDC will waive rent for a period of 50 years.

Male, the most congested capital city in the world, is home to over a third of the archipelago’s population of some 350,000. Despite being globally renowned for its white sandy beaches, locals in Male are resigned to two artificial beaches on the two end of the city, as the government has leased all three picnic islands in the region for resort development.

For developing the picnic island at Galufalhu, investors will receive an incentive to develop rest of the seven-hectare lagoon as a tourist resort.

Maldives, known world over for its upmarket tourism industry, has resorts in the hundreds. The industry has in recent times expanded to introduce more affordable segments, including guesthouses and liveaboards.

Greater Male region has the highest concentration of tourist resorts in the Maldives, and with the recent leasing of several islands and lagoons in the region for resort development more tourist properties are expected to come up soon.

 

 

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