President Dr Mohamed Muizzu has said Eagle Hills will fully finance the development of 5,000 housing units in Hulhumalé, with the Government incurring no expenditure or taking on loans for the project.
Speaking on the Nation Chat programme, the President addressed claims that the housing project would require the Government to repay money to the company. He said the development would instead be financed by Eagle Hills using a portion of the proceeds from the first sales under the Rasmale' project.
President Muizzu said the decision to allocate 10 per cent of the initial sales proceeds from Rasmale' towards the Hulhumale' housing project was made to fulfil his administration’s housing commitments.
“We could have kept that portion of the USD 500 million in reserves. However, I decided not to keep that money in reserves. I decided to use it to fulfil one of the most important promises I made to the people — providing housing,” the President said.
He added that Eagle Hills would develop the 5,000 housing units along with the necessary water, electricity and sewerage infrastructure. The Government would not have to repay any money for the units or take out loans to finance the project, he said.
The President said the project would offer greater benefits to the Government than its existing housing initiatives. He added that most of the structural work and finishing of the Hulhumalé housing units would be completed by August 2028, allowing agreements to be made with the recipients by that time.
President Muizzu said providing housing for young people was one of his administration’s most important commitments. He noted that a significant portion of the 5,000 units would be allocated to young people and workers in sectors such as tourism and fisheries.
He added that priority would also be given to people who had not yet received housing under previous schemes.
Rejecting claims that the Rasmalé development would lead to the suspension of other housing projects, President Muizzu said the initiative would usher in a new era of housing development in the Maldives.