Housing Development Corporation (HDC), which has the rights to Gulhifalhu, has begun efforts to transfer the land to Fahi Dhiriulhun Corporation (FDC).
Reliable sources told Adhadhu that the HDC board has decided to hand over Gulhifalhu to FDC. However, the land will be handed over after the two companies are merged as decided by the government.
FDC Managing Director Hamdhan Shakeel confirmed that efforts were underway to transfer Gulhifalhu to the company, but he said the priority at the moment is to complete the necessary steps to merge the two companies.
"[After the merger of the two companies] Gulhifalhu will be handed over under an agreement between the two parties," Hamdhan said.
Under the reform of government companies, HDC and FDC are being merged as the two companies have similar functions. This was also recommended by the World Bank. The merger will make FDC a subsidiary of HDC.
It is unclear why Gulhifalhu is to be handed over to FDC. But it is believed to be a measure to increase FDC's assets and improve the company's balance sheet.
Gulhifalhu has a land area of more than 200 hectares including the zones reclaimed by the former government. President Dr. Mohamed Muizzu's government decided to reclaim an additional 85 hectares.
According to the latest land use plan released by the government, a large area of Gulhifalhu has been reserved for housing including land plots under the Binveriyaa housing scheme.
