Herethere Resort sold for $33.3 million

Herethere Resort, located in southern most Addu atoll, has been sold to a Singaporean company for $33.3 million.

Maldives Tourism Development Corporation (MTDC) sold the resort for $33,333,333 (MVR 514 million) to Singapore’s Canaries Private Limited.

MTDC said in a press release tonight that bids were submitted by four parties following the announcement to sell the resort as decided by the company on 18 December 2013, and the highest bidder was Canaries Private Limited.

MTDC spent $55 million to develop Herethere Resort, for which it obtained a loan of $25 million from Bank of Maldives (BML). BML has pressed charges after MTDC failed to pay this loan.

MTDC informed its shareholder in tonight’s press release that the loan has now been repaid in full.