CMC to Receive 70 Hectares in Land Swap for Rasmale’ Reclamation Project

Sri Lanka’s Capital Marine and Civil Construction Company (CMC) is set to acquire 70 hectares of land on a long-term lease as part of an agreement to conduct the reclamation of Rasmale’ in Fushidhiggaru Falhu, according to Urbanco.

During a press briefing on Thursday evening, Ibrahim Fazul Rasheed, the Managing Director of Urbanco, outlined the details of the project, emphasising a progressive development model. Under this arrangement, CMC will bear the project’s cost through the redevelopment or sale of the reclaimed land.

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Fazul assured that the project’s financial implications would not impact Urbanco’s cash flow, but rather enhance its financial position and ability to secure loans. He underscored the absence of government involvement in the project, highlighting the corporate guarantee from Urbanco.

Revealing further details, Fazul mentioned that CMC had already secured a 49-year lease for 10 hectares of land in Hulhumale’ and would be receiving 60 hectares from Rasmale’ on a 50-year lease. In exchange, Urbanco will obtain 1,093 hectares.

Fazul highlighted Urbanco’s experience in implementing projects based on the same financial model in the past. The Rasmale’ reclamation project, a component of President Dr. Mohamed Muizzu’s administration plan to address the housing crisis in the Maldivian capital, was initiated earlier this week.