The project’s operator, Urbanco, has disclosed that the Capital Marine and Civil Construction company (CMCC) will receive 70 hectares of land in exchange for the land needed for the Rasmale’ development project, one of the biggest housing developments dealing with the Male’ region.
Fazal Rasheed, the managing director of Urbanco, stated during a news conference today that neither Urbanco nor the government was investing funds in the Rasmale’ project. Rather than making financial investments, it was decided to provide the firm carrying out the project 70 hectares of land for commercial usage.
Ten hectares of the land that Urbanco leased to CMCC came from Hulhumale, according to Fazal. Although the corporation was permitted to sell the land in accordance with the CMCC’s requirements, the sales should not have violated the master plan for Hulhumale.
The 70 hectares of land to be given to the company will be given out of the land acquired in Rasmale’. The enterprise will receive an allocation of 60 hectares of land from Rasmale’s assets.
Fazal claims that the land that would be given to the CMCC will be used for Rasmale’s development over a 50-year period.
Fazal emphasised that as long as the project was underway, land would be given to the CMCC in lieu of funding for the project. He went on to say that the project will not have any negative effects on Urbanco’s cash flow.
According to Fazal, the company’s hard assets will include 1,090 hectares of land overall, as opposed to the 70 hectares that Urbanco had originally allocated.
As per Fazul, the CMCC will be released in accordance with the timeline of the Rasmale land reclamation project, and the money from the sale of 10 hectares of Hulhumale’s property would be placed in the company’s escrow account.
