President Muizzu Announces 5,000 Housing Unit Town in Hulhumale' to Begin Next Year

President Dr. Mohamed Muizzu has announced that the practical work for the 5,000 housing unit town in Hulhumale', developed by Eagles Hills, will commence next year. Speaking on the podcast 'The Pulses', the President explained that instead of reclaiming and selling the lagoon for an estimated $75 million at current rates, the government will reclaim the land and add value to generate a larger return. He noted that this investment could bring in approximately $500 million, which would otherwise go to reserves, but the government decided to use the funds to provide additional housing for citizens. The 5,000 units will be built on land previously designated for another investment in Hulhumale', in the Greater Malé region, which has a population of about 1 million. President Muizzu stated that the project will also include associated infrastructure and other buildings. The practical phase is set to begin in the coming year, with structural work expected to be completed by the third quarter of 2028, followed by finishing works. The President emphasized that the government will determine the allocation of housing units, not Eagles Hills, and that the prices will be set by the government at a reduced rate, similar to other housing units in Hulhumale'. Only Maldivians will be eligible, with priority given to those who currently have no housing. The units will be affordable for Maldivian citizens.