Fahi Dhirirulhun Corporation (FDC), on Friday, has stated that the first 13 thirteen from the 4,000 social housing units being developed at Hulhumale’ Phase II by the corporation will be tenantable by next August.
FDC’s Business Development and Corporate Affairs Manager Ahmed Shamool Abdulla told Sun that the 13 towers under the first phase of the project known as ‘Udhares’ will be completed by May, following which efforts will commence to connect electricity and water services to the housing units.
He added that three 13 towers will be tenantable by next August.
President Ibrahim Mohamed Solih toured the housing units being developed by the corporation earlier today.
During his tour, President Solih visited the model apartments of the housing units which showcases what they would look like upon completion of the project.
FDC had contracted the construction of the housing units to two Indian companies; NBCC India Limited and JMC Projects (India) Limited. Each company will undertake the construction of 2000 housing units situated in 16 towers.
The housing units constructed under both projects will consist of two-bedroom and three-bedroom apartments. In this regard, the two-bedroom apartments will measure up to 650 sqft - whereas the three-bedroom apartments will measure up to 900 sqft.
The development of the project is funded by two loans from India’s EXIM Bank worth USD 116.45 million and USD 110.5 million. Maldivian government provided sovereign guarantees for both loans.
The current administration pledged to develop between 13,000 to 15,000 flats in Male’ area.