Egal Hills: Bulk of 5,000 housing units to be completed by 2028, President says

President Dr Mohamed Muizzu has said the bulk of the 5,000 housing units being developed by Egal Hills in Hulhumalé will be completed by the third quarter of 2028. Speaking on The Pulse programme, the President shared details of the project. He said the government had chosen to build the 5,000 housing units, worth US$500 million, instead of depositing the equivalent amount into the reserve, in order to act quickly to address housing problems. The funds were available under the Rasmalé project, he said. He added that the Hulhumalé land had been selected after earlier planned investment projects changed and land availability became limited. The President said the development would include not only housing units but also surrounding services, turning the area into a small neighbourhood. Work is expected to begin next year, with a large part of the work completed by the third quarter of 2028. By August 2028, the structures, much of the finishing work, and major underground and surface infrastructure would be completed, he said. Once structures are completed, units can be registered to eligible recipients under Maldives law. The flats will be given under social housing, the President said. Egal Hills will not have any authority to decide the price at which flats are given to citizens; the government will determine the beneficiaries. He said housing would be secured for young people, resort employees, fishermen and employees of various institutions including the civil service. Around 4,000 housing units are already being developed in Hulhumalé under other projects. With an additional 1,000 units being developed through private parties, a total of 10,000 housing units will be developed in Hulhumalé alone, the President said. He also said the 4,000 housing units under India's Line of Credit in Gulhifalhu will begin once administrative work is completed. With these projects, a total of 16,000 housing units will be made available in the Malé region.