Eagle Hills, an Abu Dhabi-based developer of large mixed-use projects, has signed a commercial terms agreement with the Government of Maldives for a new development in the Ras Malé area.
Named Maldives Waterfront and Marina, the project is envisaged at about $12bn across several phases. Plans bring together hotels, resorts, premium and branded residences, a marina, retail, dining, entertainment and wellness facilities.
The agreement sets out the shared plans and principal commercial terms for the project. Detailed terms will be developed as it progresses.
Residences and hotels planned around a marina
Waterfront promenades and public spaces are planned alongside the residential, hospitality and commercial buildings. The development will also include education, healthcare and community facilities.
Maldives Infrastructure, Housing and Urban Development Minister Abdulla Muththalib described it as the largest investment programme in the country’s history. He said the project would bring foreign investment through the Maldivian banking system and generate direct revenue for the state from property sales, without government borrowing or tax concessions.
The government expects the development to create jobs and business for local companies across construction, hospitality, retail, marine services, technology and other sectors.
Properties to be offered on 99-year leases
Properties at Maldives Waterfront and Marina will be offered through a long-term leasehold structure governed by Maldivian law.
Lease terms will run for up to 99 years and a new term of up to 99 years will begin whenever a property is transferred through a sale or inheritance.
The government sees the project as part of its effort to establish real estate as a separate part of the Maldivian economy alongside tourism.
Eagle Hills rules out further dredging
Maldives Waterfront and Marina will be developed on reclaimed land. Eagle Hills said it would undertake no further dredging for the project.
Independent marine monitoring will accompany construction. The developer said sustainability, resilient infrastructure and protection of the natural setting would be addressed during planning and delivery.
