SJ purchases land in Hulhumalé Phase 2 for MVR 15 million

SJ Construction Private Limited has purchased a land plot from Hulhumalé Phase 2.

The sale was completed today via the Civil Court, after the case was originally filed on 1st December 2024. According to the court ruling, the company acquired a 2,538 square foot land, and paid MVR 15 million to Housing Development Corporation (HDC) for it.

With the Civil Court ruling, SJ Construction is now the rightful owner of the land.

This comes after former Managing Director of HDC Fazul Rasheed was questioned by the Parliament's public accounts committee on 4th December 2024, for issuing another land to the company. Despite repeatedly being asked the price at which SJ Construction got the land, Fazul declined to answer.

According to Fazul, the company submitted a proposal to acquire the land adjacent to the SJ Mall. After reviewing the proposal, HDC decided to issue the land to SJ, he said. However, HDC did not make a public announcement following the sale.

He went onto detail that selling the plot would have disrupted an income stream for HDC. Because of this, HDC decided to find a new income stream on the condition that SJ would have to invest in it, he said.

Fazul further said that SJ was tasked with a MVR 20 million project to develop huts in the Hulhumalé 'Ruhgandu' area, under SJ's CSR component tied to the purchase of the land. Fazul also refused to speak on the changes brought to the price of the land and any accommodations allowed because of the CSR initiative.

"After paying the price for that [the land], the company has to invest MVR 20 million for us as a CSR component, so there are two things," Fazul said.