Maldives Tourism Development Corporation (MTDC) has announced that the development work of the resort planned for HDh. Naagoshi will commence in June this year.
Speaking at MTDC’s Annual General Meeting held at Hotel Jen, Managing Director Ahmed Niyaz stated that the physical development work of the resort in Naagoshi, which was leased to MTDC, will begin in June.
Niyaz revealed that the design plans for the resort development in Naagoshi have been completed, and all necessary permits for commencing work on the island have been obtained. He also mentioned that surveying work is currently ongoing in the previously developed areas of the island.
Naagoshi was initially handed over to MTDC in 2006, who then subleased it to a Russian company for resort development. While some work was carried out with significant investment from the company, the project couldn’t proceed due to financial difficulties faced in 2012.
After the island was taken back from MTDC in 2017, it was released under a new lease in 2021 and subsequently given to Dubai’s Galadari Holdings for development. However, no progress was made over the three years, leading to the termination of this agreement.
With 33 percent of the work already completed, MTDC now plans to develop Naagoshi in two phases. The first phase will feature 183 rooms, comprising 100 water villas and 83 beach villas. MTDC has indicated that the first phase of development will cost approximately $37 million, with $15 million already spent on existing construction work. The corporation expects to begin operations at Naagoshi by the end of next year.
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