What is signed, what is only promised, and what has not been shown.
This site follows the project on reclaimed land at Ras Malé. It does not campaign to cancel or promote it. Anything said by the government or the developer is recorded as a claim until a document is public.
Where each ledger item stands
Each segment is one row of the ledger, coloured by the strongest evidence behind it. Select a segment to open that row.
The summary loads from the ledger when this site is online.
Current status
- Agreement type
- Commercial terms only
- Full text public
- No
- Definitive agreement
- Not signed
31 Oct missed; 17 Nov reported target - Acquisition fee and land rent
- Officials say none
10% revenue share instead - 5,000 homes
- Claimed for Hulhumalé, three-bedroom
- Housing cost and start
- USD 400–500m, Q1 2027 claimed
- Ras Malé pledged plots
- Ministry says unchanged
- Open tender on record
- No
Minister: private-sector-initiated proposal - Lease renewal on resale
- Conflicting statements
Minister, 30 Oct: new lease on each sale - Cap per nationality
- 25%, proposed
No alcohol, pork or casinos, says President - Referendum demand
- MDP deadline 15 Nov
Who stands where - Link to Project Ayla
- Shared bank board
See the connection map
In short
Officials say Eagle Hills will not pay an acquisition fee or land rent on about 500 hectares leased for 99 years. In place of that upfront fee, the state says it will take 10% of master-developer revenue, 4% on property transactions, and normal TGST. The 5,000 homes are described as a contractor-financed Hulhumalé project whose cost is later deducted from the government’s revenue share. On 20 October the President said leases will not renew automatically, which differs from the resetting lease Eagle Hills announced. On 28 October he said there would be no alcohol, pork or casinos, a 25% cap on buyers from any one country, and that the full agreement will go to the Majlis once finalised. The 31 October deadline for that agreement passed with no signing; the President has reportedly told his MPs it will be signed before 17 November. On 30 October the Infrastructure Minister confirmed that each approved sale would start a new 99-year lease. The MDP wants a referendum and says it will take to the streets if there is no answer by 15 November. These points are public statements. The signed text is still not on this site.
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