HDC to redevelop stalled water park in Hulhumale
Fazul revealed that the company owes HDC MVR 10 million in unpaid rent and is also seeking financial compensation.
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Housing Development Corporation (HDC) on Wednesday announced plans to redevelop the long-stalled water theme park area in the eastern region of Hulhumale.
The new project will include a children’s playground and a water-themed adventure park, signaling a fresh start for the underutilised site.
HDC Managing Director Ibrahim Fazul Rashid revealed that a Memorandum of Understanding (MOU) has been signed with a Sri Lankan company to design and plan the development.
“The Environmental Impact Assessment (EIA) process is currently underway, and once completed, additional dredging and development of the area will commence,” Fazul stated during a recent committee meeting. The goal is to begin work within the next year, transforming the site into a vibrant recreational space.
The site, located at the entrance of the Hulhumale-Hulhule Highway and near the former bus terminal, was originally leased to WaterFront, a private company, during the administration of former President Abdulla Yameen. The company was tasked with developing a water theme park, but the project stalled, leaving the largest land parcel allocated to a single group in Hulhumale unused.
Due to non-performance, HDC terminated the agreement with WaterFront. Fazul revealed that the company owes HDC MVR 10 million in unpaid rent and is also seeking financial compensation. The dispute is currently being addressed in court, with HDC aiming to recover approximately $500,000 from the failed project.
With the involvement of the Sri Lankan company, the redevelopment project is set to bring new life to the area, combining a children’s playground with adventure park elements and water-themed attractions. The initiative is part of HDC’s broader vision to maximise the potential of Hulhumale as a modern urban space.
“The redevelopment of this area is a priority, and we are committed to ensuring the project moves forward efficiently,” Fazul emphasised. He also noted that further dredging and land preparation would take place once the EIA process is completed.
