The Maldives Government has recently revealed that Eagle Hills, the developer attached to Rasmale’ development, will first begin constructing 5,000 housing units in Hulhumale’ Urban Isle.

Minister of Infrastructure, Housing and Urban Development Abdulla Muththalib confirmed this.

Information from the government suggests that Eagle Hills is required to undertake this development project in Hulhumale’ before it can engage with Rasmale’ development. The government further said the project will cost an estimate of USD 400 to USD 500 million. Eagle Hills will reportedly develop three-bedroom apartments.

The government will fix the prices of these units based on the 10% revenue cut it stands to earn from the sales made by Eagle Hills from Rasmale’ properties. The minister projects a revenue of USD 3 billion.

Hulhumale’ Urban Isle already remains a controversial topic with multiple projects attached to it previously announced, but none of ever panning out. The current administration earlier announced plans to develop a USD 8 billion worth financial center in the plot — a plan that never came to fruition. The developer, MBS Global Investment, had stalled the project and gave no justification for this.

The government later responded claiming they were bringing changes to the project’s scope.

Housing Development Corporation (HDC) entered next, with an announcement of developing its ‘Commercial Spine’ in the Urban Isle plot. The corporation handed out a USD 7.6 billion in advance payment to a Chinese developer towards this cause, but this too suffered a similar fate.