Reclamation of Rasmale’ will cost at least USD 500M

The Rasmale’ land reclamation project – the new administration’s biggest housing project – will cost minimum USD 500 million to USD 700 million, says Infrastructure Minister Dr. Abdulla Muthalib.

He made the remark while speaking at a ceremony held on Thursday to award contracts for surveys on the Vilimale’ road development project and the F. Nilandhoo airport project.

At the ceremony, Muthalib said that the administration is not hiding any detail regarding the project.

He said that while the government will not be bearing the cost of the project, it is still an expensive initiative given the depth of the Fushi Dhiggaru lagoon.

The Rasmale’ project involves the reclamation of 1,093 hectors from Fushi Dhiggaru.

“It will cost minimum USD 500-700 million,” he said. “This is based on the depth of the area, the location, the quantity of sand needed, the distance from where the sand will be brought in, and other such considerations.”

Muthalib said that all risks will be borne by the contractor - Sri Lanka’s Capital Marine and Civil Construction Company (CMC).

Urbanco has stated that CMC will receive 70 hectors of land for long-term lease in exchange for the reclamation project; 10 hectors from Hulhumale’ for 49 years and 60 hectors from Rasmale’ for 50 years.

The Rasmale’ reclamation project, which is part of President Dr. Mohamed Muizzu administration’s plan to provide a permanent solution to the housing crisis in the Maldivian capital, was launched on December 18.