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Maldives and China signs agreement to develop housing units in Eydhafushi

Maldives has signed an agreement with a Chinese business, Sinohydro Corporation, to develop 1,000 housing units in Eydhafushi, Baa Atoll. The agreement was signed by the Minister of Construction and Infrastructure Dr. Abdulla Muththalib and the Country Manager of Sinohydro Corporation Pan Guangxu. The signing took place this morning at the President's Office, and was attended by President Dr. Muizzu.

The signing of the agreement follows a Memorandum of Understanding (MoU) signed by both parties on May 8, under which various activities have since been initiated. Minister Dr. Muththalib stated that under the MoU, the technical works of the projects were undertaken by the island's council and the Ministry of Housing, Land and Urban Development. He revealed that the agreement was signed after the designing works of the area designated to establish the housing units were completed and the submission of a detailed proposal.

Speaking at the ceremony, Minister Dr. Muththalib outlined that the project would comprise twelve 15-storey towers, featuring 336 three-bedroom and 672 two-bedroom flats. The minister emphasised that Eydhafushi would emerge as a key developmental hub among the urban centres being developed across the Maldives. He further noted that the housing units would provide accommodation for those working on the island and the surrounding resort areas.

Furthermore, Minister Dr. Muththalib explained that this large-scale developmental initiative was being executed in Eydhafushi, as land reclamation projects cannot be initiated, hence to ensure the effective allocation of the available resources. The minister expressed optimism that the residents of the islands would benefit from the housing units being developed to the vertical housing model.

Additionally, Minister Dr. Muththalib stated that following the signing of the agreement, the contractor will start working to secure the necessary finances, which will be followed by a survey and other essential tasks. He envisions the funds for the project to be secured and the practical works of the project to commence during 2025, with an aim of completing this developmental project in a two-year timeframe.

Addressing the housing crisis in the Maldives is one of the top priority of the current administration. It has been exerting several efforts to achieve this objective. President Dr. Muizzu has also pledged to ensure that this tenure sees the "golden era for housing". As such, the first state budget finalised by the current government prioritises housing initiatives, with USD97.3 million allocated for such projects.