The tender process for acquiring commercial land in Thilafushi Phase 2 has officially opened, with the Housing Development Corporation (HDC) offering ownership opportunities for Maldivian buyers. Interested parties can now register and submit applications through the online bid portal.
A total of 108 land plots are available for various commercial uses, with sizes ranging from 2,500 to 14,999 square feet. Successful Maldivian bidders will gain full ownership of their acquired land, while foreign buyers will secure 99-year leases.
Thilafushi serves as the commercial and industrial hub of the greater Malé area, currently hosting activities such as cement packing, gas bottling, and boat building. The upcoming relocation of the international port to Thilafushi is expected to streamline clearing and warehousing processes, simplifying the supply of goods to the city and surrounding areas. Additionally, the Thila-Malé Bridge, currently under construction, will enhance the transportation of commercial goods and reduce delivery times.
Thilafushi is undergoing modernization with a focus on providing environmentally conscious opportunities for businesses. This latest land tender aligns with the previous government’s master plan to develop Thilafushi as a major industrial centre and follows earlier efforts to address land shortages.
Earlier this year, the HDC announced plans to dredge 150 hectares of land in Thilafushi specifically for industrial purposes. In that announcement, the HDC emphasized that 90 per cent of the allocated land would be reserved for Maldivian businesses.
Key Details
- Plot Sizes: 2,500-4,999 sq.ft, 5,000-9,999 sq.ft, 10,000-14,999 sq.ft.
- Ownership: Maldivians gain ownership, and foreigners secure 99-year leases.
- Minimum Bid Price: MVR 1,700 per square foot.
- Application Process: Two-phase process involving Expression of Interest (EOI) followed by bidding.
