MMA purchases another land in Hulhumalé for MVR 210 million

Maldives Monetary Authority (MMA) has purchased an additional land from Hulhumalé, which is located in the heart of Maldives in the capital Malé City.

The 43,000 square foot plot was purchased at the price of MVR 210 million (USD 13.6 million) from Housing Development Corporation (HDC), making it the second land plot purchased by the central bank of the same size and price in Hulhumalé.

The first plot was purchased last year, citing the need for an additional land to securely manage the state treasury.

A civil court ruling confirmed MMA's ownership of the land, detailing that the bank cleared payments owed to HDC for the plot last January.

The government of Maldives has previously purchased land plots from Hulhumalé to establish government offices and diplomatic purposes as well.