The Housing Development Corporation (HDC) has revealed that the reclamation of Ras Male' is being carried by selling the land plots out under a corporate guarantee.
Speaking to PSM News, Managing Director Ibrahim Fazul Rasheed said that the reclamation project was awarded to three companies after evaluating their proposals. They are Sri Lanka-based Capital Marine and Civil Construction Company (CMC), Royal Boskalis Westminster of the Netherlands and China State Construction Engineering Corporation Limited (CSCEC). This is the largest reclamation project ever undertaken in the Maldives and the government expects the work to be completed within eight months.
Additionally, Fazul said that according to the contract, the three companies will be given 70 hectares of land in exchange for reclaiming the 1,153 hectares needed for the development of Ras Male'. As such, 10 hectares of land will be allocated from Hulhumale' while 60 hectares will be allocated from Fushidhiggaru Falhu. He added that the land plots will be given to companies for 50 years and will be allocated under the master plans for the designated areas.
Furthermore, Fazul detailed that the cost of reclamation will be paid by selling the land plots under a progressive development plan. He said that the companies have full responsibility for completing the project under a corporate guarantee and that the government is not involved.
Moreover, Fazul said the previous government had allocated the available land plots in Hulhumale' Phase I and II to residents and there are no plots available for any further purpose. Therefore, he said that the land reclaimed for the development of Ras Male' will be a major asset for HDC, especially for new projects.