President Dr. Mohamed Muizzu announced last night that he intends to designate the 5000 housing units to be developed in Hulhumale' Phase 3 by Eagle Hills for youth and workers. 

The government previously announced that as part of the real estate tourism project to be implemented by Eagle Hills in 500 hectares of reclaimed land in Rasmale', the developer will be constructing 5000 3-bedroom housing units for Maldivians in Hulhumale'.

This housing project has an estimated cost of between USD 400 million to USD 500 million, the government said then. 

During the Nation Chat podcast on State TV PSM last night, President Muizzu disclosed some details of the project. He announced that Eagle Hills will fund the housing unit project upfront from the 10 percent revenue projected for the government through first sales of the Rasmale' project. 

The President said that Eagle Hills is spending USD 500 million on the housing project on request from the government, adding that the developer would have agreed to keeping these funds in Maldives' reserves had the government so requested. 

"I decided not to keep these funds in the reserve, and to instead use it for housing, which is most important for the citizens," President Muizzu revealed. 

He said that along with the 5000 housing units in Hulhumale', Eagle Hills will also establish certain other infrastructural facilities. This includes water, electricity and sewerage services, he explained. 

This project will be carried out without the government needing to take on the burden of any expenditure or loans, the president stated. 

The government will have full control of the housing units, and will have complete autonomy in selecting recipients and setting rates, he said. The president believes the structural and finishing work on the units will be completed by August 2028. 

"This means that we can legally make registries and give out these flats by then," he said. 

The president highlighted that the location where the 5000 housing units are to be built is in a very pleasant environment, adding that he intends to allocate these flats to youth and workers. 

"My thinking is to assign a large number of these units to youth and workers in resorts, fisheries and other sectors. Even in these categories, priority will be given to those who don't presently have housing," the president explained. 

The President said Maldivians have a promising and prosperous future ahead, adding that the country is currently experiencing a golden era of housing development.