Ministry of Economic Development is seeking interested parties to develop Giraavaru lagoon into a residential city by reclaiming the lagoon.
The project includes the island of Giraavaru where a local tourist resort is operated by Thailand’s Centara Hotels and Resorts. The residential city project is aimed at reducing population density in Greater Male’ region; specifically in Male’ City.
Ministry of Economic Development recently made the announcement confirming it was seeking contractors willing to develop the lagoon into a residential zone under a cross-subsidy approach.
Interested contractors must be willing to invest a minimum of USD 5 million. Moreover, Maldives president on Thursday, 15th December had announced a decree mandating that project contractors must be spend a minimum of USD 5 million.