Hanimadhoo Council has signed with former President Dr Mohamed Waheed Hussain's Awesome Properties Pvt Ltd to build a city hotel on a land of 40,000 sqft.
Hanimadhoo Council has signed with former President Dr Mohamed Waheed Hussain's Awesome Properties Pvt Ltd to build a city hotel on a land of 40,000 sqft.
The project was handed over to Awesome Properties on last Thursday, with the company to carry out the project in collaboration with a Chinese company.
Hanimadhoo Council Vice President Firaq Mohamed said that the project was handed over under agreement that USD 56,000 (MVR 863,520) will be paid to the council every quarter. This amounts to USD 224,000 (MVR 3.5 million) per year.
Firaq said that the agreement had been signed after the rent for one year had been paid in advance. From hereonwards, rent will be paid into the council's account every quarter, he said.
Firaq said that the agreement calls for the property to be developed within a period of two years. The drawings for the property are to be proposed within six months.
"So I don't know to say the exact concept at this point. But their plan is to build high as possible and increase bed capacity," Firaq said.
The project for building a city hotel on this land, leased for 50 years, will be the largest tourism project undertaken on the island to date, Firaq said.
The island currently has one city hotel, Barefoot, on a 200,000 sqft land. The council earns about MVR 100,000 from this hotel.
In April last year, the Hanimadhoo Council opened 14 plots of land of 5000 sqft and four plots of land of 10,000 sqft for tourism development. The council has said that 70 parties had expressed interest in these plots of land.
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