Maldives Integrated Tourism Development Corporation (MITDC) has opened investment opportunities for Laamu Integrated Guest House Project. With the increase of public investment in the guesthouse sector, the government decided to develop a government guesthouse project in Laamu atoll as part of the goverment's guesthouse policy. This project will responsibly expand the tourism product of Maldives to the mid-market segment with social and economic development for the region.
With the vision of becoming Maldives's first integrated resort development, this project will kick-start the country's mid-market property segment while giving opportunity to invest in tourism to the small and medium businesses. The first phase of the government guesthouse project was initiated at the Thunburi Island and Hulhuvandhoo Island but later changed to Baresdhoo Island, and leadership of the project switched from Maldives Marketing and Public Relations Corporation (MMPRC) to Maldives Integrated Tourism Development Corporation (MITDC).
A total of 16 land plots were sold from Baresdhoo Island under MMPRC's watch. MITDC assures that the new project concept is totally different than the concept of MMPRC and assured that it is arranged in more effectively.
At a press conference held at MITDC office, Managing Director of the Corporation, Mohamed Shahid, revealed that unsold land plots at Baresdhoo Island of Laamu Atoll which is being developed as a Guesthouse Island, will be open for lease, starting next week.
MITDC plans to invite investments to operate and enhance the service sector of the island including restaurants, beach bar, clubs, water sports, dive centers and day care centers. Shahid highlighted the importance of enhancing the service sector of the island simultaneous to the tourism sector. He added that MITDC aims to achieve the target within the next 18 months. He emphasized that top priority will be addressed to local investors.
The Baresdhoo Project will see the development of 2 beach resorts and 30 beach hotels. The Guesthouse Island will boast a total bed capacity of 3000. Upon completion, it is expected to accommodate up to 5,000 tourists.
Government reveals that the project will create more than 2000 job opportunities for the youth. The project is specifically targeted for investments in prime sites for mid-market hospitality developments as well as sub-sector developments.
The Laamu Integrated Resort Project will create an opportunity to capitalize on the strong expected demand originating for the growing market specifically mid-market, with each property type being positioned to cater to the specific requirements and needs of the expected demand generators.