Island Aviation Buys Hulhumale’ Land Plot for MVR 49.4 Million

Island Aviation Services Ltd (IASL), the operator of Maldivian, has acquired a 12,481-square-foot plot in Hulhumale’ for MVR 49,428,482, according to recent court records.

The property, identified as Lot No. 11725, is located near Central Park in Phase I and was purchased from the Housing Development Corporation (HDC). The Civil Court formally recognized IASL as the new owner earlier this week.

The purchase comes as IASL continues to face financial pressure, having reported net losses and high liabilities in recent years. While the company is currently constructing a new office building in Male’to consolidate operations from five separate rented facilities, it has not yet disclosed the intended use of the newly acquired Hulhumalé land.

The acquisition has prompted speculation about whether IASL plans to expand its corporate infrastructure, invest in aviation related facilities, or pursue long term asset development. However, no official statement has been released regarding the plot’s purpose.