The Bank of Maldives (BML) has finalised the acquisition of a 28,000-square-foot plot in Hulhumalé for MVR 153.9 million, alongside securing another plot in Phase II under a land swap arrangement with the Housing Development Corporation (HDC).

The Civil Court in Hulhumalé, in a ruling delivered last week, confirmed that the transaction involving Hulhumalé Lot 11824 was valid and that ownership has now been transferred from HDC to BML. The court noted that all legal requirements had been fulfilled and that the payment had been made in full.

In a related case, BML and HDC also agreed to exchange two plots measuring 15,800 square feet each, with BML transferring ownership of its Phase I land back to HDC in return for a plot in Phase II. The court confirmed that state consent was not required for the transaction, as both plots fell within HDC’s jurisdiction.

The recent deals follow a series of high-value land acquisitions in Hulhumalé by major financial institutions. Last year, the Maldives Monetary Authority (MMA) purchased a 43,401-square-foot plot near Hulhumalé Central Park for approximately MVR 211 million, earmarked for its new headquarters. The central bank had made a similar acquisition the year before at the same price point. The latest ruling secures BML’s ownership of one of Hulhumalé’s largest private land purchases, further consolidating its presence in the urban development hub.