Council invites bids for integrated resort on Kadevaareha
According to the concept paper released by the council, 100 villas will be developed in Kadevaareha.
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Bids are invited for the development and operation of an integrated tourist resort in GDh. Kadevaareha.
GDh. Hoadedhoo council, which oversees the island, on Wednesday issued an announcement inviting bids from Maldivian and foreign companies interested in developing and operating a tourist resort at Kadevaareha.
The council said:
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The pre-bid meeting for the project will be held on October 15
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The price of bid documents is $2,500 for Maldivians and $3,000 for foreigners
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The island will leased for 50 years
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The island must be brought into operation within 30 months of signing the lease agreement
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The acquisition cost is $700,000
Kadevaareha, accessible by a 5-minute speedboat ride from Kaadedhdhoo domestic airport, is rich in marine life and has a beautiful beach.
According to the concept paper released by the council, 100 villas will be developed in Kadevaareha. Selling rooms at the same price as other resorts in the area would make $38 million a year at 70% occupancy. Net profit is expected to be between MVR 19-22 million.
