Eagle Hills to Build 5,000 Homes in Hulhumalé Under Ras Malé Deal, Minister Says

Eagle Hills will build 5,000 housing units in Hulhumale as part of its proposed development of Ras Malé, Infrastructure, Housing and Urban Development  Minister Dr Abdulla Muththalib said.

In an exclusive interview given to online news Mihaaru, Muththalib said the homes would be constructed by Eagle Hills at its own expense under a contractor-financed arrangement, with the government making payments only after the units have been completed and handed over to the State during the sales phase.

MV+ tried to reach Muththalib to clarify the financial arrangements, including how much the government would ultimately pay for the 5,000 units and whether those payments would be funded by revenue from their sale, but the minister could not be reached.

The questions come as the government describes its agreement with Eagle Hills to develop Ras Malé as a more than USD 20 billion investment programme and says the project will generate over USD 11 billion in revenue for the State. 

Muththalib told Mihaaru that the government would not provide a sovereign guarantee for the housing project and would not incur a financial liability before the homes are completed and handed over.

However, the government has not publicly disclosed how the final cost of the 5,000 units will be determined, the price at which the State will acquire them, or the precise mechanism through which payments to Eagle Hills will be made.

MV+ also sought clarification on how the government arrived at its projected USD 11 billion in revenue from the wider development, how much direct capital Eagle Hills will commit upfront compared with future phased investment, and how much reclaimed land in Ras Malé will be allocated to the developer, including the valuation per square foot used in determining the State’s return. The minister had not responded at the time of publication.