So I think I found a little more info about the island. Not exactly sure this project is still ongoing since the only info I can find is the January 2011 press release above but hey I can hope and dream.

Anyway I believe this is the island in question, which Bing Maps calls Naguri. Google has it by the Naagoashi name, but I tried Bing because I know for other resorts they have more recent pictures - but neither mapping engine shows any signs of development so far.

http://www.bing.com/maps/?v=2&where1...ty=h&encType=1

It looks beautiful and is in the southern part of the Atoll that has the (former Waldorf Astoria) Beach House Maldives. There are currently no other properties in the southern half of this Atoll so this would certainly be a very peaceful location and likely to have good diving (though I think El Nino might have had a worse impact in the northern atolls). Relative to many other places it looks quite a large island which ties in with the large number of rooms they are talking about, as well as a very wide reef. I am guessing the diving along the western wall of that reef in the Nov-April period is likely to be spectacular.

I found it on Bing maps using this more generic but very helpful map here:

http://www.mondomaldive.com/Maps/Haa_Dhaalu.html

From that map you see there is a local airport at Hanimaadhoo and you can find this if you scroll across on Bing maps. And indeed Maldivian (www.maldivian.aero) fly to Hanimaadhoo (HAQ). They have 5x daily flights. So my guess this place would be accessed via HAQ and then speedboat over to the island