The Ministry of Tourism has announced the transfer of leasehold rights for Kaafu Atoll Feydhoo Finolhu, after a Chinese firm dropped out of resort development on the island.
An announcement by the Ministry noted that the Chinese firm that currently holds the lease had informed the Ministry of transferring the leasehold rights. The announcement further noted that claims, complaints, and any dues regarding the island must be informed to the Ministry in writing or via e-mail within 14 days.
The island previously used by the police welfare company was leased to a Chinese company for 50 years at an acquisition cost of about USD 4 million. Pearl Atoll, a joint-venture between China’s Shenzhen Sunpen Investments, Hong Kong’s Mirich Investments, and a local businessman had already begun fieldwork of the resort development before backing out of the project.
The lease agreement for the 4.1 hectare island was originally signed till 2066. The ministry had previously said that the project would rake in over USD 70 million for the Police Welfare Company.
While it was slated for a 2019 release previously, the island is yet to finish development.
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