Island Aviation, which runs on a loss, purchases MVR 48M land plot in Hulhumale’

Island Aviation Service Limited (IASL), which recorded a loss of MVR 2.8 million last year alon,e has acquired a MVR 48 million land from Hulhumale’.

IASL, which operates the national airline, Maldivian, purchased the MVR 48 million land plot in Hulhumale’ from Housing Development Corporation (HDC). The land plot, measuring 12,481 square feet, is near Central Park.

Civil Court concluded the case pertaining to the land purchase on Wednesday. According to the case report, Maldivian purchased land plot number 11725 in Hulhumale’ Phase I for MVR 48,428,428.40.

The judge who presided over the case, Judge Mohamed Easa Fulhu, declared the transaction valid, and named IASL as the new owner of the land plot.

According to IASL, it had made payments for the land plot in installments, with the first payment made in July 2023 and the last in September. 

While IASL has purchased a new land plot, the company has commenced physical works on the development of a new office building.

A groundbreaking ceremony for the project was held last month, attended Minister of Transport Mohamed Ameen, Minister of Construction Dr. Abdulla Muthalib, Managing Director of Male’ Water and Sewerage Company (MWSC) Ibrahim Ilyas, IASL Managing Director Ibrahim Ilyas, and Deputy Managing Director Ali Saleem, who jointly laid the foundation stone.
According to state media outlet PSM, citing IASL, the company currently incurs substantial rental expenses as employees from various departments are dispersed across five separate buildings in Malé.