Finance Ministry Purchases MVR 94.5 Million Land Plot in Hulhumalé

The Ministry of Finance and Public Enterprises has completed the purchase of a 25,011 square foot plot of land in Hulhumalé Phase 1 from the Housing Development Corporation for MVR 94.5 million.

The transaction was formally finalized following a ruling by the Hulhumalé Division of the Civil Court, which confirmed the validity of the sale under Maldivian law and Islamic Shariah. The court noted that full payment of MVR 94,543,205.40 was allocated from the state budget and settled in full, removing any legal obstacles to transferring full ownership of Lot No. 11516 to the Finance Ministry on behalf of the state.

The acquisition provides the state with dedicated land in Hulhumalé as administrative projects continue shifting toward the island, following previous delays in securing financing for high-rise office development projects in Malé.