MITDC opens Baresdhoo Integrated Guesthouse Project for investment
Maldives Integrated Tourism Development Corporation (MITDC) has opened for investment the Laamu Atoll Integrated Guesthouse Project. Upon completion, Baresdhoo is set to become a unique holiday destination in the region.
The Baresdhoo Project will be carried out under a new concept of rental model. Under the new model, property development will be undertaken by MITDC, as the investors will be required to pay monthly rent, according to MITDC.
“Initially, the land was allocated to investors to develop and operate under a lease acquisition model. MITDC has revised the concept including the designs and model of the project,” says Mohamed Shahid, Managing Director of MITDC, speaking to the local media.
“Under the new concept, MITDC will oversee the development and operation of the guesthouse island. We will develop the guesthouses according to the designs approved by the investors. The concept is different from normal resort operations.”
According to MITDC, it will hold an information session for prospective investors at Hotel Jen on September 13 and will allow a two-month period to submit Expressions of Interest. MITDC is expecting to complete infrastructure development in Baresdhoo within the next 18-months, according to local media.
The project in Baresdhoo, a 72.5-hectare large island in Laamu Atoll, envisions the development of facilities with 3,000 beds. Baresdhoo will be host to a diverse range of hospitality services that range from guesthouses to beach hotels.
The island will be home to a commercial district, which will house shops that can cater to tourists. The island will also include leisure and entertainment districts that include golf courses, spas, water sports centres, dive centres, arcade, agriculture zone, cinema and much more, according to MITDC.
Currently, the harbour of Mahakanfushi – a small island adjacent to Baresdhoo – has been completed and connected to Baresdhoo with a causeway. According to MITDC, the guesthouse island project is designed to “responsibly diversify the tourism product of the Maldives,” and would see hotels and guesthouses operated by multiple local small and medium-sized enterprises. For more information about the project, please visit mitdc.com.mv.