HDC Plans To Sell 50 Land Plots In Thilafushi

Housing Development Corporation (HDC) has announced the sale of 50 land plots from Thilafushi Phase II. The designated land plots are set to be used for industrial purposes only. The corporation stated that the sale of plots will be divided into phases.

Under phase 1 of the sale, land plots will be allocated from Zone A of Thilafushi Phase II. The base rate of the plots is MVR 1,700 per square foot and both local and foreign applicants are eligible for application. A local individual or company that applies for the land plots will receive freehold rights of the land whereas international applicants will be granted leasehold rights for 99 years.

The land plots to be on sale ranges from 2,500 sq ft to 35,000 sq ft and interested parties can submit their Expression of Interest (EOI) and submit bids for the plots. The process will be carried out via HDC’s online portal with bid securities starting from USD 7,900. Bidding parties will be awarded the plot if no other bidder makes a submission within 10 days, however, will proceed for 3 additional days if submitted.

HDC is the current manager of Thilafushi island and is developing the island to cater as the main industrial hub of the Maldives in accordance with the Thilafushi master plan. As per this development, 150 hectares of reclaimed land will be added to the island with a majority of the land plots assigned to local businesses. The leasing of land plots to foreigners for 99 years also stirred up controversy among Parliament members with the opposition submitting an emergency notion to the Parliament.