Thilafushi Corporation has revealed that the project to develop Thilafushi Industrial Zone is proceeding in a fast pace and that the work on leasing plots from the newly reclaimed area, would commence in July.
The project on developing the newly reclaimed area of Thilafushi as an Industrial Zone, is proceeding in a fast pace. The island has been divided into three zones, the third of which is the industrial zone.
Managing Director of Thilafushi Corporation Ahmed Nasif said that preparations are underway to begin leasing land from the industrial zone, in July. 40 plots of land are to be leased from zone three for industrial purposes.
According to Thilafushi Corporation, the biggest challenge in development work, is the difficulty in access to utilities such as electricity and water. However, the corporation assures that access to utilities would be eased when the causeway that connects zone three to the mainland is completed. The existing utility network of Thilafushi would be connected to Zone Three, via the causeway, under the project.
The aim of Thilafushi Corporation is to provide affordable land for industrial purposes for entrepreneurs. Naasif said that the demand for land has increased drastically due to the growth in the Maldivian economy. In Male' a square feet of land is worth MVR 60 to 70, for lease. In contrast, in the Industrial Zone in Thilafushi, land is being leased at a rate of MVR 5 per square feet.
Land is to be leased for vehicle and vessel repair, storage of furniture, cold storage and for motor vehicle storage, among others. Land will be leased for a duration of 25 years. Land reclamation for the development of the Thilafushi Industrial Zone began in 2011.