Islands > Maldives > Chain of 4 Private Islands with Combined 21 Hectares for Commercial Development in the Maldives
  • Chain of 4 Private Islands with Combined 21 Hectares for Commercial Development in the Maldives
  • Chain of 4 Private Islands with Combined 21 Hectares for Commercial Development in the Maldives
  • Chain of 4 Private Islands with Combined 21 Hectares for Commercial Development in the Maldives

Chain of 4 Private Islands with Combined 21 Hectares for Commercial Development in the Maldives

Sold

Cost

2851080000
46000000
REF: MV-543
210 000
Plot Area
Leasehold
Ownership

Description

These 4 beautiful virgin islands for commercial development in the Maldives are formed within a group of 7 secluded virgin Islands in the Meemu Mulaku Atoll, which find themselves at a 40 minute seaplane ride from the international airport in Malé.

A total of 21 hectares, with the added opportunity to acquire a fourth island.

Island Land Masses

  • Island 1 - 5.1 hectares
  • Island 2 - 9.3 hectares
  • Island 3 - 6.7 hectares
  • Island 4 - 7 hectares (lease yet to be acquired)

Financial Breakdown

The three islands were leased from the Government of Maldives, for the operation of a super luxury resort, on 3rd September 2006, although the total land mass as well as the potential for further land reclamation means that future development plans could cater for a major increase in beds including water villas.

The current lease term is till 2056 and the remainder of the payment for the extension of head lease from 2041 to 2056 amounts to US$ 2.5 million, payable on or before 2040. Extension of head lease for a further 49 years thereafter (from 2056 to 2105) amounts to US$ 5 million, payable on or before 2056.

Acquisition by law of the 4th of the islands (7 hectares) will incur a rent payment of US$ 4 per square metre.

The most recent audit indicates at approximately 20% of the construction has so far been completed.

Map