I'd like to confirm that this property is 40k a night on points and still gets the 5th night free. So 160k points for a 5 night stay? Do they play games with award availability like the Conrad Bora Bora? Or if booking 12 months out are you pretty much good to go?
From my experience in the Maldives, I would book the award and then contact the hotel about paying to be in an overwater villa. Does that work the same here? It looks like from previous posts that others have had success negotiating many different rates. Did that happen by contacting the hotel itself?