West harbour area leased at MVR 400,000 per month for 25 years

The development and operation of the west harbour area in Male’ has been leased to West Gate Assets Private Limited at MVR 400,000 per month for 25 years.

The T-jetty area was leased to the same company for 25 years about six months ago. This matter was investigated earlier, following which the City Council said that the Anti-Corruption Commission as well as the Housing Ministry had approved this project.

Speaking at a press conference held at Male’ City Council today, West Gate Consultant Ismail Firag said that the area was leased to the company for 25 years, to be developed in several phases as requested by the City Council.

He said that the project will commence on 1 September.

He said that if the project were to consist of just one phase, the work can be completed in about two years, but spreading the work over several phases could result in delays.

He estimated the cost of the project to be at around $30 million.

Speaking at the press conference, Male’ City Council Member Ibrahim Sujau said that the council will strive to make arrangements to ensure that work in the area is completed without disruptions, which is why it was decided to conduct the work in phases.

According to Male’ City Council, the west harbour area was leased for MVR 400,000 per month. Sujau said that presently, the income from the area is MVR 80,000.

He did not mention when the collection of the MVR 400,000 as rent will commence.

Firag said that by the time the project is completed, the area will have modern cafes, parking zones, petrol sheds and shopping malls.