Singapore’s Canaries Buys Herathera Resort

The first resort developed by Maldives Tourism Development Corporation, (MTDC) Herathera, has been sold to Canaries Pte.Ltd. of Singapore according to a statement released by the company.

As the highest bidder, Canaries Pte Ltd bought Herathera for 33 million dollars, and MTDC announced to their shareholders that with the sale the bank loan taken from Bank of Maldives, to develop the resort has been paid off. Earlier Bank of Maldives had filed a case in court against MTDC claiming for the unpaid loan.
MTDC is a public company with the majority of the shares owned by the government and the government has leased 15 islands to the company to develop as resorts. MTDC had previously handed over the operation of Herathera to three parties, but they had terminated the lease as none of them were able to operate the resort satisfactorily.
Herathera is located 10 minutes away from the international airport located in the former British airbase in Gan, Addu atoll. This 4 star resort has 273 rooms spread over 4 kilometres, out of which 153 are beach villas and 120 of the beach villas come with jacuzzi. Herathera was reopened last December after being closed for several months