MTDC regains lease of Naagoashi, seeks investors to continue development
Maldives Tourism Development Corporation (MTDC) is seeking investors to develop a resort on the island of Naagoashi in Haa Dhaal atoll.
Government late last year announced plans to transfer the lease of the island from MTDC to a private investor, after the public company repeatedly failed to complete the development.
However, MTDC Managing Director Abdulla Shujau told local media that the government had re-leased the island to the company last month. Investors are being sort for the development, he added.
“Four investors have already expressed interest,” Shujau was quoted as saying, by Avas Online.
MTDC had earlier said that 40 percent of the development of Naagoashi, which had been touted as a 600-bed property, had been completed.
MTDC’s current portfolio:
- Kihavah Huravalhi island in Baa Atoll: Subleased to Thai hospitality group Minor International and under operation from December 2010 onwards as Anantara Kihavah Villas, a five star deluxe resort.
- Magudhuvaa island in Gaafu Dhaalu atoll: Subleased to Turkey’s Aydeniz Group and under operation from November 2011 onwards as Ayada Maldives, a five star deluxe resort.
- Naagoashi island in Haa Dhaal atoll: Forty percent of development complete and expected to be finished by the end of this year.
Created by the government in the early 2000s as a public limited liability company, MTDC has developed a few resorts through sublease agreements. The company, however, is yet to realise the full potential and has faced several setbacks in completing new projects.
MTDC has recently sold two resorts to foreign companies; the resort developed on the island of Herathera in the southernmost Addu atoll to Singapore’s Canaries Pvt Ltd and Niyama Private Islands Maldives resort to its sublease partner Minor International.