SJ Construction Private Limited has officially purchased a 2,538-square-foot plot of land in Hulhumalé Phase 2 for MVR 15 million. The transaction was finalized today via a Civil Court ruling, following a case filed on December 1, 2024. With the ruling, SJ Construction is now the rightful owner of the property.

This acquisition has drawn attention due to questions raised during a parliamentary public accounts committee session on December 4, 2024. Former Managing Director of the Housing Development Corporation (HDC), Fazul Rasheed, was questioned about another land deal involving SJ Construction. Despite being asked about the price at which the company acquired that land, Fazul declined to provide specifics.

Fazul explained that SJ Construction had submitted a proposal to acquire a plot adjacent to the SJ Mall. Following a review, HDC decided to sell the land to the company without making a public announcement about the sale. Fazul also stated that the sale posed a potential disruption to HDC’s income stream, leading to a condition that SJ Construction invests in a new revenue-generating project.

As part of this agreement, SJ Construction committed to developing a MVR 20 million project in the Hulhumalé 'Ruhgandu' area under its corporate social responsibility (CSR) obligations tied to the land purchase. Fazul refrained from commenting on any adjustments made to the land price or other accommodations linked to the CSR initiative.

"The company paid the price for the land and also has to invest MVR 20 million as a CSR component, so there are two aspects to this agreement," Fazul said.