The Maldives Monetary Authority (MMA) has purchased a 43,401 square feet plot of land in Hulhumale' from the Housing Development Corporation (HDC) for about MVR 211 million.
Hulhumale' land is under HDC's ownership. State institutions pay HDC to secure land from Hulhumale' to build offices.
MMA's purchase of a 43,401 square feet plot was revealed in a Civil Court judgment on the transfer of the land's ownership.
MMA also bought another plot from Hulhumale' previously, which was adjacent to the newly-purchased plot. The former 43,401 square feet plot was also bought from HDC for MVR 211 million. Therefore, MMA has now secured a large 86,802 square feet plot.
MMA bought the large combined space in order to relocate its main office to Hulhumale'.
The busy traffic and adjacent buildings near MMA's current office in Male' pose difficulties in making security arrangements, MMA said previously.
The plots purchased by MMA are located west of the Central Park in Hulhumale' Phase One next to the K-Park flats.
MMA moved to its current office in 2008 after the old Majeedhee building used since the central bank's inception was demolished.
