HDC unveils masterplan to develop Thilafushi as industrial hub

The masterplan for developing Thilafushi to the country's largest industrial hub was unveiled on Thursday.

Economic minister Fayyaz Ismail unveiled the masterplan at the Maldives Living Expo which began at Dharubaaruge on Thursday.

Speaking after unveiling the masterplan, Fayyaz said that the government has been trying to solve the problem of land shortage faced by businesses in the Maldives, especially in the Male region, for years.

Fayyaz said the development of Thilafushi will begin soon as the masterplan was unveiled, but he didn't say how long it would take for completion.

"All in all, we are hopeful that the existing land constraints for businesses and the huge amount they have to pay for land leases will be reduced manifold," he said.

"The place will also allow land to be owned. In addition to this, Thilafushi will become a full industrial hub in the Greater Male Region by providing affordable land rental facilities, readymade storage facilities, working spaces and offices."

Managing Director of HDC Ahmed Athif said that the project will greatly address the various issues that have rooted from the Male region.

He said industrial activities have been taking place in the city’s residential areas for a long time due to shortage of land and an additional 151 hectares of land will be acquired for the project.

Athif said that most of the ongoing work in Male will be relocated to the site, including the newly acquired land and the Thilamale bridge, connecting Male and Thilafushi. He also said that the project will also solve the problem of rising land rents in the Greater Male Region.

"It is the policy of the entire government to maintain land rent hikes in the Greater Male Region at the same level. Rent, in particular, is a cost that directly reflects the price of goods," he said.

"So, as soon as we are able to add land, we will be able to provide land for the existing work on sustainable rent and for more businesses." 

Athif said details of land sales and lease models would be made public in the near future.

Thilafushi Development Project