HDC to Launch Pre-sale of Thilafushi – 'The Industrial Hub of Tomorrow'

PUBLISHED February 05, 2023 | updated February 05, 2023 04:16

Housing Development Corporation Ltd. (HDC), the government-owned SOE plays a critical role in meeting the existing and future housing, industrial and commercial developments of the Maldives. Since the inception of the corporation, the mandate has been renewed and expanded to inspire and share the knowledge of city development across the various regions of Maldives and develop industrial islands to capture the maximum benefits of the industrialists of the country. In line with this mandate, the corporation is the master developer and regulator for the development of Hulhumalé, Thilafushi and Gulhifalhu – three pivotal islands of the Greater Malé Region. 

Located in the south Malé region, the reclaimed island of Thilafushi was utilised as a municipal landfill and industrial requirements of Malé city, housing major industrial activities from cement packing, gas bottling, and boat manufacturing to large-scale warehousing. Over the last few years, Thilafushi has been transformed into the leading industrial hub of Maldives. 

HDC is committed to developing Thilafushi as the ‘The Industrial Hub of Tomorrow’ using cutting-edge technological solutions to develop a state-of-the-art industrial zone to promote sustainable and environment-friendly solutions. As there is a great increase in demand for industrial land in the Greater Malé Region, HDC under the master plan for the development of Thilafushi has reclaimed 152 hectares of land, transforming the island into a dynamic environment for businesses to grow and thrive. The ThilaMalé bridge linking the stretch of islands; Malé, Villingili, Gulhifalhu and Thilafushi will position Thilafushi as an essential component in motivating major industries and businesses to relocate and maximise the opportunities the island offers. The international port of Gulhifalhu and industrial activities located at Thilafushi will further strengthen the strategic position of the industrial hub. 

The corporation has released the details of the upcoming pre-sale of land at Thilafushi. The pre-sale will begin in February 2023, and interested parties can apply for plots now. 16 hectares out of the reclaimed 152 hectares of land will be dedicated to the upcoming presale and the land can accommodate workshops, industrial warehouses, assembly carpentries etc. Pre-sale plot sizes range from 2,500 to 35,000 square feet, with the base rate for the pre-sale set as MVR 1,700 per square foot. 

The platform permits investors to bid on multiple plots of land with the possibility to mortgage the land for financing purposes. The corporation offers upfront and flexible payment options to cater for the needs of the investors. Large-scale land allocation; larger than 100,000 square feet will be carried out without a bidding process, with the option to make payments progressively according to reclamation progress. 

This is a unique opportunity for investors and manufacturers alike, as the land available in the Greater Malé area is scarce. Local investors have the opportunity to buy the lands on free-hold or lease-hold for 99 years while foreign parties can purchase land on a lease-hold basis. 

Follow HDC on social media to learn more information about the pre-sale. 



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