MFMC Completes Masterplan for Transformative Gaafaru Lagoon Development
The Maldives Fund Management Corporation (MFMC) has announced the completion of the Concept Vision Masterplan for the Gaafaru Lagoon Development Project, in partnership with renowned architects of Foster + Partners. This ambitious project aims to transform Gaafaru Atoll with a range of developments designed to enhance both its ecological and economic landscape.
This first of its kind project in the Maldives, will introduce 14 private islands, 2 luxury resorts and the expansion of Gaafaru local island. The masterplan outlines a 35-hectare reclamation for Gaafaru, creating a resilient infrastructure that addresses future challenges while promote social integration.
The 14 private islands dispersed across the lagoon will each range in size from 2 to 4 hectares and be spaced at least 500 meters apart, ensuring privacy for future residents. The two luxury resorts situated in the north and south of the lagoon will each feature 100 keys, including both water villas and beach villas.
The vision for Gaafaru Atoll is to provide a harmonious blend of authentic Maldivian experiences and sustainable growth. The project will foster new opportunities for the local population of Gaafaru which is expected to increase from its current 900 residents to an estimated 1,026 over the next decade. This expansion will create numerous jobs in Gaafaru and provide various growth opportunities for MSMEs, thereby boosting the overall local economy.
The Gaafaru Lagoon project promises to offer visitors a chance to engage with Maldivian culture and enjoy the unique local ecology. New cultural institutions and programs will enrich the community, further integrating local and visiting populations.
