HDC: K-Park apartments will be done within 6 months once funding secured

The K-Park Residences in Hulhumale’ will be completed within six months once funding is arranged, says Housing Development Corporation (HDC), adding that the project’s developer, Hanbo, is working on securing the funding needed to finish work on the condominium.

The K-Park project was launched by Hanbo in 2016. But the condominium has remained unfinished, with the project embroiled in scandal, with its minority shareholder on trial for defrauding dozens of people who paid booking fees for apartments at the K-Park Residences.

In response to an inquiry filed by Sun under the Right to Information Act, HDC wrote back on Tuesday that they are engaged in discussions with Hanbo regarding completing the condominium.

HDC estimates that the remaining work on the condominium will wrap up within six months as soon as Hanbo secured the additional funding it needs.

HDC said that Hanbo is working on securing the funding.

HDC added that the police are investigating double sale of apartments from K-Park Residence.

However, it declined to disclose the exact number of victims, citing the ongoing nature of the police investigation.

It was Hanbo and HDC that reported the allegations of fraud to the police in 2023, naming Hanbo’s then-minority shareholder Hassan Mamdhooh (Manday) as the prime suspect in the case.  

Manday and his associate Jaishan Saeed are on trial for over 200 charges, collectively, for defrauding over 50 people.

The victims have repeatedly raised concerns over the delay in justice in the case.