Maldives Fund Management Corporation (MFMC) has announced the reclamation of 16 islands at K. Gaafaru Falhu. MFMC contracted Atoll Works Private Limited on Wednesday, May 08, 2024.
MFMC announced under the project, 14 private islands and two luxury resorts will be developed at Gaafaru Falhu. Additionally, 40 hectares of land will be reclaimed under the project.
The large scale reclamation comprises of 106.91 hectares of land, making it the largest reclamation initiative in a single lagoon.
The USD 36,503,863.92 million project consists of dredging 3,747,792 cubic meters of sand, construction of revetment, along with associated components. MFMC said that at a rate of USD 7.80 per cubic meter, the total dredging would cost USD 29,232,774.
Despite the large scale nature of the reclamation, this reclamation cost is significantly lower than the reclamation cost in other projects in the Maldives ongoing right now.
The reclamation will be handled under a contractor-financing approach. The contractor will not be settling any advance payment for the initiative while physical works will commence soon. The contractor will generate revenue by sale of land from the project and by executing real estate initiatives.
Gaafaru Falhu was assigned under MFMC to be developed under an integrated tourism development concept. While the conceptual master plan has been completed, this is the first-ever long-term sustainable integrated tourism development project by the Maldives government.