Construction Minister Abdulla Muththalib is working to obscure the reality of an agreement that effectively grants Rasmalé to a private UAE firm forever.
Of the 1,010 hectares to be reclaimed in Rasmalé, 500 hectares have been allocated to Eagle Hills. The company has already commenced marketing apartments on the island, designed for long-term residency by foreign tycoons.
Eagle Hills has disclosed that the land was granted under terms that effectively exclude Maldivians from ever reclaiming it. The company guarantees that if an apartment or plot is sold or inherited before the initial 99-year lease expires, the new owner will be granted a fresh 99-year term.
"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 the properties remain with the buyers for many generations," Eagle Hills stated.
Muththalib, who signed the agreement on behalf of the Maldivian government, claimed in a social media post today that while foreigners would own the structures built in Rasmalé, the land itself would revert to the Maldivian government after 99 years.
"The property belongs to the purchaser, but the land on which it stands remains the property of the Maldivian state. If a property is sold or inherited upon the owner's death, it will be transferred subject to government oversight and approval," Muththalib said.
Despite the Minister's assertions, critics argue that if a foreign entity owns the building, state ownership of the underlying land is a distinction without a difference. As long as the agreement remains in effect, foreigners will retain the perpetual right to sell and inherit property in Rasmalé.
