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President Decides to Designate ‘Maldives Victory’ Shipwreck and Kaashidhoo Wetland Area as Protected

president decides Kaashidhoo wetland area as protected
Maldives’ President decided to designate the ‘Maldives Victory’ shipwreck dive site and Kaafu Atoll Kaashidhoo wetland area as protected.

President of the Maldives, Ibrahim Mohamed Solih decided to designate the ‘Maldives Victory’ shipwreck dive site and Kaafu Atoll Kaashidhoo wetland area as protected, upon the recommendation of cabinet.

Presenting a paper on the subject during the virtual cabinet session held yesterday, 9th February 2021, the Minister of Environment revealed that the Kaashidhoo wetland area has special environmental significance, being one of only three islands in the Maldives home to indigenous tortoise population.

Furthermore, the area has the most frequently reported sightings of tortoises from all three sites. The Kaashidhoo wetland area is declared protected with sustainable use for its abundant natural resources and natural habitat of diverse life-forms.

According to a press release by the president’s office, shedding light on the justification of protecting Maldives Victory shipwreck, located southwest of Velana International Airport, the environment Minister noted that the nutrient-rich channel currents transformed the sunken ship into a thriving coral reef; the cargo vessel sank in 1981. The wreck is the most famous and most frequently dived shipwreck in the Maldives.

Also read: 15 Exciting Maldives Resort Openings in 2021

According to the President’s Office, with these new additions, under Article 4 of the Environmental Protection and Preservation Act of Maldives (Act No: 4/93), a total of 71 sites in the Maldives have now been declared protected. Likewise, the Administration plans to designate at least one island, one reef and one mangrove in each atoll as a protected area.

Earlier in October 2020, UNESCO declared the Maldives’ southernmost atolls Addu and Fuvahmulah Biosphere Reserves. This declaration was made at 32nd session of the UNESCO International Coordinating Council. Likewise, UNESCO designates new biosphere reserves every year by the MAB programme’s governing body, the International Co-ordinating Council. Before this, Baa Atoll was the only Biosphere Reserve in the Maldives.

Feature image by the President’s Office

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The Coral Residences forms an integrated beachfront community of 40 exclusive two- and three-bedroom apartments designed for modern island living. Each home offers uninterrupted views of the Indian Ocean, thoughtfully planned interiors, and expansive terraces perfect for soaking in tropical sunsets.

Key Features at a Glance:

  • 2 or 3-bedroom apartments (215–250 sqm)
  • Panoramic oceanfront views
  • Exclusive pool and club house access
  • Contemporary interiors with natural light
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Your Benefits as an Owner:

  • 30 days of complimentary use annually
  • Rental income while you’re away (mandatory program)
  • Minimum guaranteed return of 6% for 5 years
  • No maintenance or operating costs
  • Quarterly payouts, net of expenses
  • Full use of Kandima’s resort facilities

Ownership also includes lifestyle and investment perks designed specifically for international buyers.

Can You Earn Income from Your Property?

Yes. Apartments enroll in a mandatory rental program that generates income whenever you are not in residence. This program guarantees a 6% net return for five years. After that period, owners continue to earn a 50% share of pooled rental revenue.

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Owner Usage and Stay Privileges

Owners of the Coral Residences at Kandima receive 30 complimentary nights annually, including up to 7 nights during peak season (Dec 22 – Jan 15). You must book these stays in advance (180 to 365 days depending on season). Additionally, you may transfer your entitlement to friends or family upon request.

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As an owner, you gain full access to Kandima Maldives’ extensive amenities, a world-class resort that blends luxury with play:

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Thinking Practically: What Should You Know?

Before purchasing property in the Maldives, international buyers usually ask:

  • Can foreigners buy here?
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    Yes. Kandima Maldives manages the property entirely, including upkeep, guest services, and rental operations.
  • What is the starting price?
    Units begin at USD 1.2 million, depending on layout and location.
  • Do I need a visa?
    Most nationalities receive visa-free entry on arrival. Extended stays or residency options are available separately.
  • Can I customize my unit?
    To maintain quality and brand consistency, the developer sells units with a standardized design package. Customization is not offered.

Final Thoughts: Is Coral Residences Right for You?

If you explore Maldives property investment opportunities that offer both personal enjoyment and solid returns, The Coral Residences at Kandima presents a unique proposition. With its beachfront location, fully managed rental income, and world-class resort facilities, this option offers more than just a place to stay. It represents a secure investment in one of the world’s most exclusive destinations.

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