STO announces the sale of leasehold rights to “Ekulhivaru” Island

The State Trading Organization Plc (STO) has announced the sale of leasehold rights to “Ekulhivaru” island for the purpose of resort development.

The leasehold rights of “Ekulhivaru” is owned by STO. The organization intends to find a buyer/ investor for the island and invites both local and foreign companies and businesses to submit Expression of Interest (EOI) for the outright purchase (of head lease) of the island for resort development.

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With a landmass of approximately 19.2 hectares, Ekulhivaru is located in Noonu Atoll, north of Maldives. The reef system hosting Ekulhivaru has a total length of 1,175m and a maximum width of 809m and has an oval shape. The island is oriented NE to SW orientation and currently is untouched with dense vegetation and beach around the island.

Government of Maldives and STO entered into negotiations in which it was agreed to facilitate the leasing of the island for 50 years to STO.

The general requirements are stated in the Terms of Reference (TOR).

STO has stated that Expressions of Interest can be emailed to before 14:00hrs on 6th November 2019.

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