Urbanco has revealed that Sri Lanka's Capital Marine and Civil Construction Company (CMC) was awarded the contract to reclaim Hulhumale', Dhiyaneru and Thilafushi for USD 259 million (MVR 3.98 billion).
CMC was contracted for the project on August 21. The lagoon in Hulhumale' phase two is being reclaimed to award land plots for the recipients of the Binveriyaa housing scheme.
According to Urbanco, 62.6 hectares will be reclaimed in Hulhumale' phase three for awarding plots of land, 24.6 hectares will be reclaimed from the Dhiyaneru lagoon for developing a yacht marina, and 9.6 hectares will be reclaimed in Thilafushi's D area in accordance with the industrial island's masterplan.
The project will facilitate housing, expand land for industrial purposes and enable the development of a marina for safari vessels.
CMC is contracting Boskalis for the reclamation of the three lagoons.
An Urbanco official told Adhadhu that the reclamation work of Hulhumale' lagoon will be completed within three years.
He said the project includes revetment and construction of Phase 3 roads, harbor and jetty.
The official said the works were awarded to CMC for USD 259 million and Urbanco has not agreed to give any land in exchange for the project.
He added that the funding will be secured through the sale of two land plots - 10 hectares in Hulhumale' and 9.6 hectares in Thilafushi.
