Thilafushi Corporation to Open Spots for Leasing from the New Industrial Zone of Thilafushi

Thilafushi Corporation has mentioned that the development of Thilafushi Industrial Zone is ongoing at a fast pace and that they are planning to open spots for leasing in July. Currently, Thilafushi is divided into three zones where the third zone is recently developed for industrial purposes.

According to the Managing Director of Thilafushi Corporation, Ahmed Nasif, currently the arrangement on releasing spots for leasing are being undertaken which is scheduled to be open for next month. He also added that 40 plots of land are to be leased from the industrial zone.

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Thilafushi Corporation revealed that one of the biggest shortcomings that they confronted during the development phase was the inaccessibility to electricity and water. Hence; Thilafushi Corporation provides assurance to the public that these issues will be resolved when the existing utility network will be connected to Zone Three.

Nasif mentioned that the demand for land has increased immensely as a result of the growth of Maldivian economy. Furthermore, Thilafushi Corporation aims in providing affordable land for entrepreneurs for industrial purposes. For instance, in Male’, one square feet of land is worth MVR 60 or 70 for leasing; on the other hand, land will be leased for MVR 5 per square feet in the industrial zone.

The industrial zone is opened for various purposes such as vehicle and vessel repair, storage of furniture, cold storage, motor vehicle storage and the likes. Additionally, lands can be leased for a period of 25 years.

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