GDh. Hoandehdhoo Council is seeking developers to construct a resort on Kandevaareha island.

Spanning approximately 4.6 hectares, Kandevaareha is a small island that falls under the jurisdiction of Hoandehdhoo.

In a statement made yesterday, Hoandehdhoo Council invited both local and international investors to express interest in developing and operating an integrated tourist resort on the island.

Kandevaareha is up for lease for a period of 50 years. The successful bidder will be required to complete the resort development within a maximum of 30 months from the date of signing the lease agreement.

As per the council’s announcement, the lease acquisition fee for Kandevaareha is set at USD 700,000 (approximately MVR 10.7 million), with an additional requirement of a USD 50,000 bid security deposit. The deadline for submitting bids is November 17.

An information document released by the Hondedhoo Council states that the resort is projected to generate approximately $38 million in annual business revenue. After deducting operational costs and other expenses, the council estimates that net profits could range between USD 19 million and USD 22 million per year.