The second phase of the Hulhumalé land reclamation project will cost US$ 22 million less than expected and will now amount to US$50 million, Tourism Minister Ahmed Adeeb has said.
Speaking to Haveeru, Adeeb said the cost of the project had been reduced after President Abdulla Yameen held direct discussions with the dredging companies. Land reclamation began last night (January 10).
“Reclaiming the land and the revetments will now be completed at US$50 million after ceaseless effort by President Yameen. He held many discussions with the current contractor Belgium Dredging International to bring the price down,” said Adeeb.
Adeeb said Yameen had secured the US$30 million loan from Bank of Ceylon to finance the project.
Hulhumalé phase one reclamation saw 188 hectares of land reclaimed to house a population of 60,000, while the second phase aims to house 100,000 residents.
President Abdulla Yameen has announced that the second phase of the Hulhumalé land reclamation project will begin this month and that all preparatory measures for the reclamation have been taken.
While speaking at a foundation laying ceremony for 704 new flats built with the Chinese loans, President Yameen said that the dredging boat will arrive late December and start work on the reclamation.
President Yameen also said that the reclaimed land will not only be used for social housing projects, but also for opening investment opportunities for potential investors.
“Majority of the reclaimed land will go towards social housing. However, land will be allocated for luxury apartments and apartments for foreigners who wish to settle in the Maldives,” said President Yameen.
The second phase is to feature a theme park, yacht marina, specialized tourism district and various infrastructure aimed at the youth population.