The Maldives government is seeking interested parties to reclaim and develop Giraavaru lagoon. The State aims to develop the location into a residential city for Malé residents.
President Ibrahim Mohamed Solih issued a decree on Thursday outlining plans to build a residential city in the lagoon.
According to the announcement published on the government gazette, the lowest bid for the project is USD 5 million (MVR 77 million).
"Proposed financing will be set off against the acquisition cost, and any proceeds from committed financing exceeding the acquisition cost shall be set off against the lease rent as per regulation," the announcement stated.
Interested contractors or developers can email their application forms with supporting documents to the Ministry of Economic Development at [email protected]. The bid proposal window will remain open until a deadline has been confirmed by the authority.
The announcement can be viewed at: https://gazette.gov.mv/iulaan/220187
Earlier in 2022, during the presidential address, Solih had announced 2,000 land plots from the Giraavaru lagoon to Malé residents.
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