President Dr Mohamed Muizzu has announced that the Government has allocated funding for the construction of the 4,600-unit housing project in the Malé area.

Addressing the press conference today, the President stated that 400 out of the 4,600 units will be developed with the funds acquired from the Saudi Fund for Development. The 400-unit project was commenced on 14 April. 

President Dr Muizzu revealed that the remaining units will be developed with the funds allocated from India’s Line of Credit. He noted that once finalised, the 4,200-unit project will proceed without delays. 

Further updating on the housing projects in the Greater Malé area, President Dr Muizzu stated that construction of flats in the Sinamale/Malehiya area is underway, and that he will continue the project through the Malé City Council as per the agreement. 1,360 flats will be constructed under this project. 

The President has plans to dedicate the first two towers of these flats to the residents currently living in the Male Hiya flats. The Government plans to construct three-room and two-room flats in the Sinamale/MaleHiya area. 

Among the land reclamation projects, President Dr Muizzu stated that the Government has decided to cancel the Giraavaru project agreement. He emphasised the complexity of this agreement and noted that if the Government proceeded with the agreement, it would face more losses than profits. He stated that this project will commence with a new arrangement. 

In addition, the President disclosed that the Hulhumalé Phase 3 land reclamation project will be completed by the end of July, after which the land handover process will commence. 

While providing an update on the Gulhifalhu project, the President stated that although the deepest area has not yet been dredged, changes to the Government’s plan now allow land to be allocated from the areas that have been dredged. The President announced that with this, they can start allocating lands without further delays.