President Mohamed Muizzu has addressed public and political concerns over the Rasmalé waterfront and marina project by clarifying the terms of property leases granted to buyers under the agreement with Eagle Hills.
Speaking on the President’s Office podcast The Pulse, Muizzu said properties are allocated for a period of 99 years. At the end of that term, or if a buyer wishes to sell earlier, the property must be sold back to the Maldivian state. Full control and authority remain with the government, and there is no automatic renewal of the lease for another 99 years.
He added that a third party cannot sell the property without the government’s knowledge. Muizzu compared the arrangement to existing 99-year leases for resort islands, under which the state can recover the property by covering costs or extend the term if appropriate.
The President also stated that Israeli citizens are prohibited by law from obtaining any property in the development. He said most interest so far has come from GCC and other Middle Eastern countries, and that the area will remain fully subject to the Maldivian Constitution and laws, including the ban on practising religions other than Islam.
The government has allocated 500 hectares of reclaimed land in Rasmalé to Eagle Hills. Officials have said the developer will also construct 5,000 housing units for the state as an advance payment, with all proceeds from property sales held in a government-controlled escrow account.
Opposition parties have raised questions about the long-term implications of the lease structure and the lack of detailed public disclosure of the commercial terms.
