Housing Development Corporation (HDC) has announced the sale of 50 land plots in Thilafushi Phase II for industrial purposes.
HDC stated that the sale will be carried out in a series of phases. As such, the sale of land of plots under the first phase will be carried out from Zone A of Thilafushi Phase II. Any individual or company can apply for the land plots and freehold rights will be granted to local applicants while 99 years of leasehold rights will be granted to foreign applicants. The base rate of the plots is USD110 per square foot.
A total of 50 land plots have been opened. Most of the plots range from 2,500-10,000sqft while some are up to 35,000sqft. The process will consist of the submission of the Expression of Interest (EOI) and the submission of bids. Interested parties can submit their application to HDC’s online portal with bid securities ranging from USD9,700-84,000.
HDC stated that parties that submit their bids will receive the land plot if no other bidder makes a submission within 10 days. A three-day bidding process will continue if another party submits a bid. The company stated that the process will take place via the portal within six months.
HDC inaugurated the master plan to develop Thilafushi into the main industrial hub of the Maldives earlier this month. Thilafushi was first reclaimed with the landfill at the Thilafalhu lagoon near Male’ City in 1991 and made into a waste management site, and has since been repeatedly reclaimed to increase its land area to 100 hectares. The last reclamation project in 2016 added 22 hectares. A large part of Thilafalhu has still not been reclaimed and the government has decided to make the area an industrial hub.
HDC, which currently manages Thilafushi, inaugurated the master plan to develop Thilafushi in accordance with the government’s vision. As part of the plan, HDC will be reclaiming 150 hectares and opening 60% of the land plots to businesses. Currently, over 200 businesses are operating in Thilafushi.