The following amendment is made to the Bidding Document for the Lease, Development, Operation and Management of Tourist Resorts pursuant to the Invitation for Bids (IFB) number (IUL)88-PS/88/2025/321 dated 29^th June 2025 and Instruction to Bidders (ITB).

• Addition of 2 (two) Plots of Lagoon from Ha. Kelaa in Haa Alifu Atoll to the list of islands and plot of lagoons to be leased under the Invitation for Bids (IFB) number (IUL)88-PS/88/2025/321 dated 29th June 2025.

Hence, the following Clauses of the IFB & ITB are to be amended as below.

a)       Clause 1 of the IFB:  

1. The Government of Maldives (hereinafter referred to as the “Government”) represented by the Ministry of Tourism and Environment (hereinafter referred to as the “Ministry”), hereby announces public tendering for the lease, development, operation, and management of a Tourist Resort in the below mentioned islands and plot of lagoon (hereinafter referred to as the “Islands”) (Refer to Annex – 1), with the specified number of beds.

b)       Clause 7 of the IFB:  

7. The Bidder is required to propose an amount not less than the minimum specified below, to be paid to the Government as the Lease Acquisition Cost (hereinafter referred to as the “LAC”) for the islands. The LAC shall be paid according to the following schedule:

Payment Schedule:

• First Installment: 50% of the total LAC shall be paid in the first quarter of the 5th (Fifth) year from the date of signing the Lease Agreement.
• Second Installment: The remaining 50% shall be paid in the first quarter of the 6^th (Sixth) year from the date of signing the Lease Agreement, in accordance with the terms outlined in the Letter of Award (hereinafter referred to as the “LOA”).

However, if the property is not operational by the end of the initial construction period of 36 (Thirty-Six) months, the full LAC shall become payable by the end of the first quarter following the expiry of the initial construction period.

c)       Clause 1 of the ITB:

1.     Background

1.1.   The Government of Maldives (hereinafter referred to as the “Government”) represented by the Ministry of Tourism and Environment (hereinafter referred to as the “Ministry”), hereby announces public tendering for the lease, development, operation, and management of a Tourist Resort in the below mentioned islands and plot of lagoon (hereinafter referred to as the “Islands”) (Refer to Annex – 1), with the specified number of beds.

d)       Clause 3.5 of the ITB:  

3.5  The Bidder is required to propose an amount not less than the minimum specified below, to be paid to the Government as the Lease Acquisition Cost (hereinafter referred to as the “LAC”) for the islands. The LAC shall be paid according to the following schedule:

Payment Schedule:

• First Installment: 50% of the total LAC shall be paid in the first quarter of the 5th (Fifth) year from the date of signing the Lease Agreement.
• Second Installment: The remaining 50% shall be paid in the first quarter of the 6^th (Sixth) year from the date of signing the Lease Agreement, in accordance with the terms outlined in the Letter of Award (hereinafter referred to as the “LOA”).

However, if the property is not operational by the end of the initial construction period of 36 (Thirty-Six) months, the full LAC shall become payable by the end of the first quarter following the expiry of the initial construction period.