Dredging and reclamation work on Site A, an area of 10 hectares, of Hulhumalé Phase III which began on 22 September has been completed, Urbanco has said.

Land reclamation work under Phase III is divided into three segments. Land reclamation on the next site, designated Site B, has already started and the company has requested that vessels moored in the area be removed before Sunday.

Phase III is set to add a total of 63 hectares of land to Hulhumalé .

The project includes land reclamation, revetment, road construction, bridge construction, and jetty construction.

Capital Marine and Civil Construction Company Limited is the main contractor for the project and will be paid US$259.2 million to manage the project in its entirety, according to Urbanco. The main contractor has subcontracted some components of the project to other companies based on skills and expertise required at specific points. Boskalis of the Netherlands assigned to carry out the dredging and reclamation work.

The Ibrahim Mohamed Solih administration has said that land reclamation will be completed by the end of the current presidential term.

More than 19,000 people will be allocated land under the government’s Binveriya scheme, with 1,400 plots allocated in Hulhumalé, including phase III.

Urbanco is the ‘official brand name’ of the Housing Development Corporation. Originally established in 2001, as the Hulhumalé Development Unit, with the mandate of carrying out the Hulhumalé development project, the department was spun-off as a state owned enterprise (SOE) in 2005, becoming the Hulhumalé Development Corporation. It then became, in 2009, the Housing Development Corporation, taking on a mandate shift to carry out housing projects across the whole country. In 2023, Urbanco was introduced marking a more commercial shift, with the social housing segments of Hulhumalé development already having been transferred to Fahi Dhiriulhun Corporation Ltd in 2019.