Hotels and Resorts Investment Maldives (HARIM), a prominent player in the hospitality construction industry in the Maldives, enters into an agreement with Finland's MEYER Floating Solutions to embark on a pioneering venture in luxury real estate development. The signing ceremony took place at the prestigious Kurumba Resort on July 5th, 2023. This collaboration marks a significant milestone in transforming the construction landscape of the Maldives.
Under this partnership, the first phase of the project will witness the creation of 13 luxurious over-water villas, situated in the pristine Villivaru region of the South Male' Atoll. These villas will be developed using cutting-edge technology, 6F printing, and will redefine the concept of luxury living in the Maldives.
The signing ceremony was attended by esteemed dignitaries, including Chief Guest Mohamed Aslam, Minister of Housing and Infrastructure, and Guest of Honor Dr. Abdullah Mausoom, Minister of Tourism. The presence of leaders from the construction and tourism industries, both domestic and international investors, further emphasized the significance of this collaboration.
Mohamed Ali Janah, Chairman of HARIM, expressed his excitement about the project, emphasizing its potential to revolutionize the construction industry and elevate the luxury real estate sector in the Maldives. He highlighted the innovative financing approach, with plans to secure financing from the European Investment Bank to facilitate the sale of these exclusive villas.
Mikko Lahtonen, Partner and Director of MEA Meyer Floating Solutions, shared his vision for the project, stating their intention to introduce a new standard of quality in real estate development on water. He acknowledged the Maldives' status as a leader in the hospitality sector and expressed their commitment to enhancing the country's reputation by providing sustainable, high-quality construction solutions.
Minister Mohamed Aslam expressed his delight at witnessing this significant milestone, particularly as discussions around floating properties have been ongoing for over a decade. He highlighted the importance of embracing innovative changes in the construction industry, especially in the face of climate change. Minister Aslam expressed his optimism that this partnership would bring tangible results and contribute to the sustainable development of the Maldives.
Dr. Abdullah Mausoom, Minister of Tourism, echoed Minister Aslam's sentiments, emphasizing the need to adapt the construction industry to the challenges posed by climate change. He expressed his enthusiasm for this groundbreaking project and its potential to bring about a revolution in the construction and real estate sectors.
The initial phase of the project will see the development of 13 high-end floating villas, which will be manufactured in MEYER Floating Solutions' state-of-the-art factory and transported to the Maldives via sea where it will be placed at the designated location. These villas are set to be available for sale in the Middle East within the next two months. HARIM envisions this as just the beginning of a larger initiative, with plans to collaborate with local property and lagoon owners to develop more such properties in the future.
MEYER Floating Solutions, known for their expertise in overwater products, will play a pivotal role in implementing the project. Their portfolio boasts a wide range of highly customizable and sustainable floating solutions, perfectly suited for various industries and use cases.
As HARIM continues to push boundaries in the construction of exquisite island resorts, this partnership signifies their commitment to delivering distinctive excellence and embracing innovative approaches in the Maldives' ever-evolving real estate sector.