Blue Synergy Investments and London-based Emerald Corporates have agreed to jointly develop the "Thaa Island Cluster Sustainable Township", a USD 175 million sustainable township project in Thaa Atoll.
The two companies signed a memorandum of understanding (MoU) to develop the project, which is expected to become one of the largest private sector investments in an atoll in the Maldives.
The township will be developed as an environmentally sustainable and modern community under a multi-island concept. It will include residential facilities, commercial and leisure services, and other amenities required for day-to-day living.
The developers also plan to place a strong emphasis on the use of renewable energy throughout the project.
According to Blue Synergy Investments, the project is expected to generate significant economic benefits for the region while creating numerous employment opportunities.
The project will be led operationally by Blue Synergy Managing Director Mohamed Fayaz, who will oversee all operational aspects of its implementation. The company described the development as a major contribution to the Maldives' tourism industry and broader socio-economic development.
The announcement comes as work also continues on the Aila Sustainable Township project in Noonu Atoll, Invest Maldives said. Developed by Crystal Holdings Private Limited, the Noonu Atoll project represents a USD 790 million investment, equivalent to MVR 12.2 billion.