Most of industrial land plots in Thilafushi to be issued to Maldivians

Housing Development Corporation (HDC) has revealed that 90% of the recently opened industrial land plots in Thilafushi Phase II will be issued to Maldivian businesses.

HDC announced the sale of 50 land plots in Thilafushi Phase II for industrial purposes. The sale of land of plots under the first phase will be carried out from Zone A of Thilafushi Phase II. Any individual or company can apply for the land plots and freehold rights will be granted to local applicants while 99 years of leasehold rights will be granted to foreign applicants.

In a press release, HDC stated that 90% of the land plots has been designated for Maldivian businesses and that they will be able to pay for the plots under a rent-control policy. The company stated that Thilafushi is not a special economic zone and that few of the land plots are available for foreign companies, which will have to obey Maldivian laws when operating in the island.

As such, HDC assured that the sectors such as fisheries and agriculture will not be impacted by any foreign company that operates in Thilafushi and that the opening of the land plots will provide more job and business opportunities for Maldivians.

A total of 50 land plots have been opened. Most of the plots range from 2,500-10,000sqft while some are up to 35,000sqft. The process will consist of the submission of the Expression of Interest (EOI) and the submission of bids. Interested parties can submit their application to HDC’s online portal with bid securities ranging from USD9,700-84,000.

HDC stated that parties that submit their bids will receive the land plot if no other party submits a bid 10 days. A three-day bidding process will continue if another party submits a bid. The company stated that the entire process will take place via the portal during a period of six months.