The Ministry of Tourism has received colossal bids for islands proposed to develop for tourism purposes.
Tourism Ministry has stated that they have received bids that average more than 250 percent of the minimum acquisition price for the islands leased for the development of resorts.
According to local sources, an island in Faafu Atoll received a bid that is 929 percent more than the minimum acquisition price set for the island. This is speculated to be around US$ 3.3 million.
The bids for the islands to be leased for the development of resorts were submitted on 22nd and 23rd March 2022. A total of 21 islands were listed from 10 atolls. Moreover, Tourism Ministry is set to announce the bid winners next month.
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