India’s KPIL contracted to build 4,000 housing units in Male’ area

Fahi Dhiriulhun Corporation (FDC) has contracted India’s Kalpataru Projects International Limited (KPIL) to build an additional 4,000 housing units in the greater Male’ area.

The project is valued at USD 165 million (MVR 2.65 billion).

The contract was signed in a ceremony at the FDC headquarters on Wednesday.

According to FDC, 85 percent of the project will be financed with a sovereign-guaranteed loan from KPIL under contractor finance policy. The remaining 15 percent will be financed with the state budget.

FDC states that the project will be carried out in two phases.

The first phase will see the construction of 2,000 housing units in Hulhumale’; 1,400 three-bedroom units and 600 two-bedroom units.

KPIL is contracted to complete the project within 37 months of the commencement of work on the project.

Details of the second phase have not been disclosed.

FDC has established to fulfil the Maldivian administration’s promise of providing affordable housing.