Construction of 5,000 Ras Malé housing units to begin in early 2027

Construction of 5,000 housing units under the Ras Malé Waterfront and Marina project is expected to begin in the first quarter of 2027, Finance Minister Hassan Zareer has said.

The government signed a commercial terms agreement with UAE-based developer Eagle Hills on Monday for the Maldives Waterfront and Marina project in Ras Malé. The project envisages an investment of USD 20 billion.

Under the agreement, Eagle Hills will develop 5,000 housing units at an estimated cost of USD 500 million as an initial commitment to the project, Zareer said during PSM’s “Raajje Miadhu” programme on Monday night.

“The first commitment when the project is launched will be the development of the 5,000 housing units worth USD 500 million that I mentioned, at their expense,” Zareer said.

He said the project is expected to be launched within the next two months, with work on the housing component beginning in the first quarter of next year.

“We expect to be able to begin developing these 5,000 housing units within the first quarter of 2027,” he said.

Zareer said the housing units would be built at a location determined by the government and that there would be no initial financial commitment required from the government for their construction.

Housing Minister Dr Abdulla Muththalib has said the government would not have to provide upfront funding for the units. However, the cost of the housing would subsequently be paid to Eagle Hills from revenue received by the government from the development.

Of the Ras Malé development area, 500 hectares are to be allocated for the Waterfront and Marina project, according to Zareer. He said the remaining area would continue to be used for housing and other purposes for Maldivians and that the agreement would not affect the government’s existing housing commitments in Ras Malé.

The government has previously announced plans to allocate 15,000 land plots from Ras Malé as part of its housing programme.

Zareer described the Eagle Hills development as a project that could have a significant impact on the Maldivian economy. He also rejected claims that the agreement amounted to selling part of the Maldives, saying its terms had been negotiated with the interests of Maldivians in mind.

The Waterfront and Marina development is planned as a multi-phase project incorporating residential properties, a marina, retail and dining facilities, entertainment, sports, wellness and beachfront areas. Eagle Hills has already opened registration of interest for apartments and villas under the development.

Zareer said the agreement had been reached after considering a range of factors and that the government expected the project to provide wider economic benefits in addition to the housing component.