Housing Development Corporation (HDC) has stated that the land plots in Thilafushi Phase II will be issued to companies approved under the Foreign Direct Investment (FDI) policy.
In a press release, HDC stated that the land plots will be issued in a bidding process to companies that are approved under the FDI policy. It also stated that companies approved for construction work on a project basis will not be allowed to participate in the bidding process. It added that the Ministry of Economic Development will be evaluating foreign companies that submit bids to check whether they are FDI-approved.
HDC has 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.
HDC stated that 90% of the land plots have 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 on the island.
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 the online portal of HDC with bid securities ranging from USD9,700-84,000.