President Dr. Mohamed Muizzu stated that a limit of 25 percent will be set to narrow the opportunity for citizens of a single country to purchase a large portion of properties sold under the "Maldives Waterfront and Marina" project developed in RasMalé.
Responding for the first time to statements made by opposition parties regarding the RasMalé project, the President stated on the President's Office's "The Pulse" podcast that legal boundaries will be set within that project so that a specific country does not receive a portion larger than 25 percent.
However, he provided assurance that there will be no restrictions for Maldivian citizens in purchasing properties from there.
"There will be no limit for Maldivians in purchasing these places. However, if foreigners are buying, the maximum a specific country can receive is 25 percent. Therefore, such limitations and such boundaries will enter into the law," the President said.
Highlighting the prices of properties in Ras Malé, the President stated that a property of 1,000 square feet will sell for approximately USD 600,000 (approximately MVR 9.2 million). The President also stated that many middle-class citizens and many middle to upper-class parties in the Maldives are individuals with the financial capability and income to purchase property at such a price.
No opportunity for Israelis
In addition, the President noted that those currently expressing interest in purchasing properties from this project are almost entirely parties from Gulf Cooperation Council (GCC) or Middle Eastern Arab Islamic countries.
Responding to some statements being made by opposition parties, he stated that acquiring any property from here by an Israeli citizen is something that will be entirely prohibited by law.
Therefore, he stated that what is being said in connection with Israel are "baseless" statements with no foundation, and that his administration will not allow space for any such thing.
Reminding of this administration's decision to ban entry into the Maldives on Israeli passports and the work initiated to teach nationalism in schools, the President stated that the RasMalé project is also a project carried out with attention to the social fabric, along with protecting the Maldives' identity, traditions, and proud foundations.
The President stated that opposition political parties are attempting to create fear in the hearts of citizens by spreading low-grade false statements that logic cannot accept for political purposes, and that they are doing so knowing this administration will proceed while protecting the rights of citizens.
He provided assurance that when the bill is sent to the Parliament, all these protective boundaries will be clearly seen.
It has been decided to allocate 500 hectares of land in Ras Malé, developed by reclaiming Fushidhiggaru Falhu, to Eagle Hills to conduct a Waterfront and Marina project. The Maldivian government estimates that under the agreement made with Eagle Hills, even before physical work on the project commences, 5,000 housing units (approximately USD 500 million or MVR 7.7 billion) will be received by the state in advance.
The government has stated that all money received from selling properties of this project will be deposited into a government-controlled escrow account located in the Maldives, providing a major solution to the dollar shortage facing the Maldives and making it much easier for the central bank to strengthen official reserves.
The government also stated that no duty concessions or tax relief given under the SEZ Act or Tourism Act were granted in the agreement, noting that this is an important decision made to ensure full receipt of TGST, and other taxes due to the state.
