Ambitious Hankede integrated project entails diverse real estate establishments

Maldives Fund Management Corporation (MFMC) reports the ambitious Hankede Integrated Tourism Development Project will feature a diverse range of real estate establishments.

Earlier on Monday, the groundbreaking ceremony for the project was held in Addu City, signaling the official initiation of the project.

Physical commencement of the works was inaugurated by the Minister of Homeland Security and Technology, Ali Ihusan.

The project's scope encompasses the development of 2,082 beds across 1,041 rooms, featuring a diverse range of residential and real estate establishments, MFMC said.

The diverse real estate establishments range from 2 grand hotels, 2 deluxe hotels, 10 boutique hotels, 4 guesthouses, 64 serviced apartments, and 17 beach villas.

Besides this, the project will feature a wide array of recreational facilities including a knowledge center, mixed sports building, outdoor beach sports, and theaters.

Other amenities reported to feature in the integrated tourism project include a shopping block, food courts, and high-end restaurants.

MFMC signed the Engineering, Procurement, and Construction (EPC) contract valued at USD 142.9 million with China National Electric Engineering Company (CNEEC) on March 23rd, 2023.

Besides Hankede, the previous government announced plans to develop Kaafu atoll Gaafarufalhu under real estate tourism concept, which was made official via a 2021 presidential decree signed and issued by former President Ibrahim Mohamed Solih.