The Vaavehdhi lagoon leased to Jumhooree Party (JP) leader Qasim Ibrahim's Villa Group was sold to Qatar's Estithmar Holding, the developer of the Waldorf Astoria Ithaafushi resort, Adhadhu has confirmed.
Vaavehdhi came to public attention when the Anti-Corruption Commission (ACC) stopped the sale of the lagoon. The ACC later rescinded the order but the nature of the investigation has been unclear to date.
At the time, Qasim accused the government of asking the ACC to stop the sale in order to influence the upcoming presidential election.
According to Estithmar Holding, a massive USD 343 million (MVR 5.3 billion) project is to be carried out in the lagoon.
The resort to be developed in the lagoon is to be managed by Rosewood Hotels & Resorts as the ultra-luxury brand's first property in the Maldives.
Vaavehdhi
- Size - 467 hectares
- Lease date - 12 December 2013
Estithmar said the 120-room resort will be built in two years and opened in early 2025.
Vaavehdhi was among the islands and lagoons taken back from Villa during former President Abdulla Yameen's government, which included Kaafu Bolidhiffaru, Raa Maaneffushi, Gaaf Dhaal Gazeera and Kaafu Maadhiggaru lagoon.
The Civil Court ruled in favor of Villa after the company challenged the lease terminations. While the High Court ruled in favor of the government, Villa regained the islands and lagoons after the Supreme Court ruled that the lease agreement terminations were unlawful.
