The government has revealed that the 5,000 housing units to be developed by UAE’s Eagle Hills in Hulhumalé will be located within the "Urban Isle" area. This development is a prerequisite to the commencement of the Rasmalé Waterfront and Marina project.
A video shared by Housing Minister Abdulla Muththalib confirms that the housing component to be undertaken by Eagle Hills is situated in this specific zone.
According to government disclosures, the construction of these housing units must begin before any work on Rasmalé can proceed. The project, estimated to cost between $400 million and $500 million, will consist of three-bedroom apartments.
The cost of these units will be offset by 10 percent of the revenue generated from the sale of properties developed by Eagle Hills in Rasmalé. Muththalib said that the government estimates this revenue share could reach $3 billion.
While the video shared by the Minister refers to the area as Hulhumalé Phase 3, the land was originally reclaimed alongside Hulhumalé Phase 2 much earlier to serve as a tourism zone.
The video suggests that Eagle Hills will develop the entire Urban Isle alongside the housing units. However, these details remain unconfirmed, as the government has yet to release further specifics regarding the full scope of the project.
Hulhumalé Urban Isle is the same location where the current administration previously intended to develop an $8 billion financial centre. At that time, land plots previously allocated to private parties for hotel development were repossessed to facilitate the project.
Despite a high-profile launch ceremony and the release of numerous architectural renders, the project failed to progress under MBS Global Investments, a Qatari firm described by the government as a massive and highly capable entity.
The government most recently stated that the project is currently stalled as they seek to make revisions to its overall scope.
Additionally, the Housing Development Corporation (HDC) had previously planned to develop a commercial zone in the same area known as the "Hulhumalé Commercial Spine." An advance payment of $7.6 million was issued to a Chinese company for this purpose.
Since then, there has been no official update on the status of these projects or the funds disbursed, and no physical work has been carried out by the contractor at the site.
