Eagle Hills to finance 5,000 housing units in Hulhumalé, says Alabbar

UAE-based developer Eagle Hills will finance the construction of 5,000 housing units in Hulhumalé as an initial commitment under its proposed Ras Malé development, with the company expecting to recover the cost as the waterfront and marina project progresses, chairman Mohamed Alabbar has said.

In an interview with Dhauru on Thursday, Alabbar said the Maldivian government would determine both the allocation and pricing of the housing units.

He said Eagle Hills had undertaken social housing projects in other countries where it operates and that the Hulhumalé development was included in the commercial terms agreement already signed for the Ras Malé project.

"These housing units are being built for Maldivians. The prices will be determined by the government according to its policies and requirements. The Maldivian government will also decide who receives the units," Alabbar said.

He described the housing development as a project of particular importance to the Maldivian people, himself and President Dr Mohamed Muizzu.

The government has yet to disclose detailed information about the proposed housing development, including its total cost, financing arrangements and allocation criteria.

Finance Minister Hassan Zareer previously said construction of the 5,000 housing units was expected to begin in early 2027.

The minister also stated at the time that the project would involve no financial commitment from the government.

The housing development forms part of Eagle Hills' proposed investment in Ras Malé, where the company plans to develop a waterfront and marina destination.

According to Alabbar, Eagle Hills will initially finance the Hulhumalé housing units and recover its expenditure as development of the Ras Malé marina project advances.