Housing Development Corporation (HDC) has said that the land acquisition process in Rasmale' is going on unabated as part of the government's biggest project.

HDC media official Mohamed Siraj told One on Monday that rumours about the Rasmale' reclamation project not taking off are not true and that the work is going on at a fast pace.

President Dr. Mohamed Muizzu initiated the reclamation of Rasmale' in Fushidhiggaru Falhu to address the housing shortage faced by the people of the Maldives on 18 December 2023.

A total of 1,153 hectares of land will be acquired under the Rasmale' reclamation project, which will give 10 hectares of land in Hulhumale' and 60 hectares in Rasmale' on lease for 99 years to the Capital Marine and Civil Construction Company (CMCC), a Sri Lankan company entrusted with the project.

President Dr. Muizzu had earlier stated that 65,000 housing units, including land and flats, would be developed under the Rasmale' development project.

President Dr. Muizzu, on an official visit to Dubai in the United Arab Emirates (UAE), attended the World Government Summit 2024 from February 11-14, during which he invited investors to build 70,000 housing units across the country.

During the visit, one of the components of the investment opportunity opened by the Government of Maldives at an investment forum in Dubai on February 13 was to address the housing crisis by identifying urban development areas in the north, south and central parts of the country.

Of the 70,000 flats to be built in the Maldives, 30,000 flats will be built in Rasmale' which is being built by reclaiming Fushidhiggaru Falhu.

The government plans to build 15-20-storey high-rise housing units, four-storey buildings with space for commercial purposes and three-room row houses with 3-4 bedrooms.

According to the government, the cost of building the flats is estimated to be between USD 85-100 per square foot, and the projects can be implemented through the contractor finance model and the concessionary financing model.

During the president's visit to China in January, the government had signed an agreement to develop housing units in Rasmale' under which 30,000 housing units would be developed in Rasmale' with Chinese assistance.