Maldives Tourism Development Corporation (MTDC) is set to sell its lease rights of Kihavah Huravalhi island in Baa atoll where Ananthara Kihavah is operated.
The company made the announcement of sale on November 16 and stated that the lease rights of the 172 bed resort island will be sold to an interested party. Information session is slated for November 26 while bids for the acquisition of the resort island will be read on December 10.
Under a sublease agreement the island was rented to Maina International Lauban Limited back in 2007 for a period of 25 years to develop it as a resort. In 2010 the resort was officially opened for business under Ananthara Group.
MTDC has assured the lease agreement will be extended by another 25 years for any entity willing to purchase the lease rights.
Bid documents of the resort are being sold at a fee of USD 10,000 while each party is subjected to submit one bid.
While MTDC is set for the sale of Baa atoll Kihavah Huravalhi, they had sold Per Aquum Niyaama developed at the island of Enboodhoo-Olhuveli last year to the operating company at a price of USD 23.3 million.
The tourism development corporation is attempting to accumulate finances into the company amid serious monetary setbacks while government has ordered to settle land rents of MTDC owned lands as soon as possible.
