Villa Shipping buys two land plots from Thilafushi for MVR 228 million

Villa Shipping has purchased large plots of land from Kaafu atoll Thilafushi for MVR 228 million (USD 14,844,380).

The company purchased two land plots, one measuring 393,212 square feet and the other measuring 156,693 square feet.

The Civil Court ruled on Thursday that Villa Shipping is the rightful owner of the two plots of land it purchased from Urbanco for over MVR 228 million.

Villa Group, owned by Jumhooree Party (JP) leader and Maamigili MP Qasim Ibrahim already operates businesses in Thilafushi, having acquired land there previously.

Earlier this year, Urbanco announced the sale of industrial land through tenders from the island of Thilafushi. The government has formulated a master plan to develop Thilafushi as an industrial hub, with land reclamation for the island's expansion having been awarded to a party late last year.