Housing Development Corporation (HDC) announced that foreign companies placing bids to purchase plots from Thilafushi Phase 2 must be approved by the Ministry of Economic Development under Foreign Direct Investment (FDI) policy, and also should be registered with the ministry.
Moreover, companies approved for construction work on project basis will not be allowed to participate in the bidding. HDC also confirmed that 90% of the total 4.3 hectares of land that will be issued for industrial purposes, will be allocated to local businesses and individuals.
HDC had earlier announced the sale of 50 plots from Thilafushi Phase 2, which is under the first stage of the initiative. The baseline price for the plots is MVR 1,700 per square foot.
While foreign companies will receive a 99-year leasehold right over the property, local businesses or individuals will receive freehold rights; meaning that they may acquire full ownership of the plots. Moreover, local businesses will be able to pay for the plots under a rent-control policy.
Since Thilafushi is not included in a special economic zone, foreign companies must adhere to Maldivian laws when operating their businesses on the island.