Ministry of Tourism has lowered the minimum lease acquisition costs for 16 islands that were put up for auction in April for tourism development.
According to the Tourism Ministry, the acquisition cost was reduced to draw investors and instill trust due to the current economic environment caused by the ongoing COVID-19 pandemic.
The revised minimum lease acquisition costs announced by the Tourism Ministry:
- HA. Velifinolhu (4.1 hectors): USD 420,000
- HA. Alidhuffarufinolhu (3 hectors): USD 350,000
- HDh. Kudafarufasgan’du (1.20 hectors): USD 210,000
- M. Seedheehuraa (1.28 hectors)/ Seedheehuraa Veligan’du (with Seedheehuraa) (3 hectors): USD 875,000
- M. Maausfushi (10.40 hectors): USD 1,575,000
- Th. Kaaddoo (3.9 hector) USD 700,000
- Th. Kanimeedhoo (10 Hectares from the North): USD 1,050,000
- Th. Olhufushi (3 hectors)/ Olhufushifinolhu (with Olhufushi) (0.54 hectors): USD 700,000
- L. Kashidhoo (3.1 hector): USD 700,000
- L. Bodumun’yafushi (3 hectors): USD 700,000
- L. Dhonberahaa (1.44 hectors)/ Holhurahaa (with Dhonberahaa) (0.6 hectors): USD 525,000
- GA. Maarehaa (17 hectors): USD 1,400,000
- GA. Funadhooviligilla (5 hectors): USD 700,000
- GDh. Kan’dahalagalaa (7.4 hectors): USD 875,000
- GDh. Kadevaarehaa (4.3 hectors)/ Dhigurehaa (with Kadevaarehaa) (2.1 hectors): USD 700,000
- GDh. Fereythaviligilla (as a cluster) (1.4 hectors)/ Dhekaan’baa (with Fereythaviligilla) (2.39 hectors)/ Koderataa (with Fereythaviligilla) (2.5 hectors)/ small island next to it (2.97 hectors): USD 700,000
The bidding for the 16 islands is open for both domestic and international firms with a deadline set for June 10th.
The state budget for this year lists MVR 608.4 million as revenue from island acquisition costs. However, the decision to reduce acquisition costs would have a negative impact on revenue projections.