STO given Hulhumalé Phase 3 land to replace unfinished hotel
Shimad confirmed that the new plot would be no less than 40,000 square feet.
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The government-public-shareholding company, State Trading Organisation (STO), has been allocated land in Phase 3 of Hulhumalé to replace the stalled City Hotel project.
STO Managing Director Shimad Ibrahim made the announcement during the company’s annual general meeting held at Nasandhura Hotel on Saturday. He stated that the land previously designated for the hotel in Hulhumalé has been vacated and a new plot in Phase 3 has been secured from the Housing Development Corporation (HDC) at an agreed price.
Shimad added that STO has received formal confirmation of the allocation and that the land transfer agreement is in the process of being signed. He noted that the transfer is expected to be completed within one to two weeks.
In response to a shareholder inquiry about the size of the land, Shimad confirmed that the new plot would be no less than 40,000 square feet.
The original city hotel project was initiated by STO 14 years ago with plans to build a five-star hotel. However, the project was never completed, and efforts to sell the incomplete property were unsuccessful.
HDC has since signed a Memorandum of Understanding with World of Business Pvt Ltd to take over and develop the original city hotel site.
