The Housing Development Corporation (HDC) has said that foreign companies interested in acquiring land plots from Thilafushi Phase 2 must have the necessary permits under the Foreign Direct Investment (FDI) policy of the Ministry of Economic Development and that they must be registered in the Maldives.
HDC announced the sale of land in Thilafushi Phase 2 for industrial purposes on February 7. The corporation announced that 150 hectares of land would be reclaimed from the island, with 4.3 hectares to be allocated to companies on a competitive basis.
HDC will also verify, via economic ministry, whether the foreign companies that submit proposals for industrial use will be carrying out businesses that are permitted by the FDI.
"The land issuance from Thilafushi intends to provide solutions to numerous challenges in industrial development while also creating avenues for new economic development," the statement from HDC said.
While foreign parties will receive a 99-year leasehold right on the land plots, local companies will receive freehold rights on the plots, meaning they will have the opportunity to acquire ownership of the lands.
In the first stage of the land sale, a total of six different types of plots will be sold, with the base rate for the sale set at MVR 1,700 per square foot. HDC has announced the sale of 50 plots in Thilafushi Phase 2 under this initial stage.
Meanwhile, the decision to invite foreign parties has attracted criticism from the political opposition; they called for the decision to be revised.
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