Gov’t Plans for 40,000 Units in Northern and Southern Atolls

The government has set in motion plans to attract investors for the construction of 40,000 housing units across the northernmost and southernmost atolls of the country.

The opportunity to invest in a range of projects and industries was unveiled at the Invest Maldives Forum held in Dubai yesterday.

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One of the major proposals presented was the government’s ambitious initiative to develop a total of 70,000 housing units. This comprehensive plan encompasses the construction of 30,000 units in Ras Male’, along with 20,000 units in the southernmost atolls and an additional 20,000 units in the northernmost atolls.

The targeted southern atolls for housing development include Gaafu Alif, Gaafu Dhaalu, Fuvahmulah, and Addu, while the identified northernmost atolls are Haa Alif, Haa Dhaalu, and Shaviyani.

The government envisions the construction of multi-storey complexes ranging from 15 to 20 floors, which will incorporate residential units as well as spaces designated for commercial activities. Additionally, four-storey and three-storey housing units are part of the proposed development.

The housing units are planned to cater to various accommodation needs, offering studio apartments, two-bedroom apartments, and three-bedroom apartments. Preliminary estimates suggest an expenditure ranging from USD 85 to 100 per square foot for this extensive project.

Furthermore, the government has outlined two potential financing models for the implementation of this project: the Concessional Financing Model and the Contractor Financing Model.

These initiatives signal the government’s commitment to addressing the housing shortage in the Maldives and stimulating economic growth through strategic investment opportunities.