A Singaporean company has been issued three hectors of land from R. Vaadhoo to develop a tourist resort.
Vaadhoo Council had originally signed the agreement for the project with Faalan Holdings – a local company – back in 2016.
However, Faalan Holdings lost its investment due to the COVID-19 pandemic, and suggested that the lease be transferred to M20 Hospitality Ventures Ventures Pte. Ltd. – a Singaporean company.
The lease was changed as suggested, and the revised agreement was signed between Vaadhoo Council and M20 Hospitality Ventures in a ceremony held at the Maagiri Hotel in Male' City on Monday.
M20 Hospitality Ventures has provided assurance of the successful completion of the project.
The four-star resort, once complete, will have 25 beach villas and 25 garden villas.