It has been revealed that the land reclaimed from Fushidhiggaru lagoon by the current administration was not granted to a UAE-based company for just 99 years, but under terms that effectively ensure Maldivians will never regain control of the site.
Of the 1,100 hectares being reclaimed for the "Rasmalé" project, 500 hectares have been allocated to Eagle Hills. The company has already commenced marketing apartments on the island, which are designed for permanent residency by foreign tycoons.
The secret agreement to hand over Rasmalé to Eagle Hills was signed last Monday. While withholding the details of the contract, the government has maintained that the land was leased for 99 years. The site was granted entirely free of charge, with no lease acquisition costs or rent imposed.
However, Eagle Hills has disclosed that Rasmalé was handed over under a structure that ensures the land remains out of Maldivian hands indefinitely. The company has assured potential buyers that if an apartment or plot is sold or inherited before the 99-year term expires, the new owner will be granted a fresh 99-year lease.
"Properties here will be leased for 99 years under Maldivian law. If the rights to these properties are transferred through sale or inheritance, a new 99-year lease term will commence. This ensures that these properties will remain with the buyers for many generations," Eagle Hills stated.
Speaking about Rasmalé, Finance Minister Hassan Zareer stated that the land is being leased for 99 years. He did not disclose that, under the terms of the agreement, Rasmalé would be lost to the country for generations.
"Many investors in the Maldives are currently operating projects and developing resort properties worth $200 million to $300 million. These properties are also developed by leasing them for up to 99 years within the current legal framework of the Maldives," the Minister said on Monday.
Commenting on the project, President Mohamed Muizzu stated that granting the island to the Dubai-based company would benefit many generations of Maldivians.
"The creation of land is the greatest asset we can acquire. Land is immensely valuable wherever it is reclaimed. Especially in areas of high economic activity, land is a highly valuable form of capital. This is something that will greatly benefit future generations," the President said.
