Developers have proposed hefty sums for the uninhabited islands listed for tourist resort development in 2021, says the Ministry of Tourism.
According to the ministry, the list of islands the authority announced for tourist resort development, had buyers vying with proposals generally 250 percent above the acquisition cost.
The highest acquisition cost proposed for an island was 929 percent higher than the lowest acceptable acquisition cost for one such island - reported to be situated in Faafu atoll.
Two islands were listed from Faafu atoll for tourist resort development with the lowest acquisition cost set at USD350,000 for each.
A sum which is 929 percent higher than this acquisition cost will place the proposed price at around USD3.3 million; which is also the highest proposed price for an acquisition of a slip on long-term lease.
Bid submission was opened earlier on 22nd March lasting until 23rd March 2022.
Meanwhile, the ministry reported that the islands will be handed over to the bid winners sometime in the following month.
Earlier, the ministry announced a total of 21 islands from 10 atolls up for tourist resort development. After the bid submission window closed, it was reported that a total of 13 parties submitted 18 bids for nine properties.
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