MTCC notified to pay MVR2.6 million as rent for Vilimale

Male’ City Council has requested Maldives Transport and Contracting Company (MTCC) to pay within one week MVR2,649,839.70 as rent at the end of July 2012, for the Vilimale’ Ferry Terminal area.

This request was made through a letter sent by Male’ City Council Mayor Maizan Ali Manik to the CEO of MTCC Dr Ahmed Adham, following MTCC’s announcement to search for investors to develop the Vilimale’ Ferry Terminal and block 405 opposite the Vilimale’ Ferry Terminal.

The letter states that rules on how to develop the 17,701 sq ft plot of land had been decided before it was leased to MTCC on 4 June 2012, and that if MTCC is to use it for any other purpose, they can only do so after obtaining the City Council’s permission.

It also highlights that MTCC was notified that the land was leased on monthly rent, and that it would be possible to postpone the rent payments until buildings are developed on this land.

However as MTCC did not request to postpone the rent payments, City Council now required them to pay MVR2,649,839.70 as rent at the end of July 2012.

MTCC has announced that it is looking for investors to develop a family entertainment centre at the Vilimale’ Ferry Terminal, and a parking zone on the land opposite the Vilimale’ Ferry Terminal.

The Mayor says in the letter that the ground floor of the building on block 405 should be used for a fresh foods market, and divided into several small cubicles similar to the previous local market. The cubicles should also be rented out at similar prices as they were at the previous local market.

Also, the first, second and third floors of the building should be used for parking cars and motorbikes.

Dr Adham said today that the plan is to develop block 405 according to the agreement with City Council, and that the ground floor will be developed as a fresh foods market, while the first, second and third floors will be developed as parking zones.

He noted that it was also agreed that rent payments will commence after the building is constructed and completed.