Fahi Dhiriulhun Corporation (FDC) stated on Monday that they will construct 32 buildings with 18 stories as part of a government scheme to establish 4000 social housing units in Hulhumale.
FDC noted that two Indian businesses are developing the housing units, adding that they have acquired the necessary funding and that construction would begin as soon as building supplies arrive.
The company hired National Buildings Construction Company (NBCC) and JMC Projects to design and build the flats.
According to FDC, building supplies for the JMC Project will arrive in Maldives on January 10, with foundation work expected to begin between the end of February and early March.
Meanwhile, the supplies for the housing units being constructed by NBCC are expected to arrive in early February, and foundation construction is expected to begin in mid-March, according to the company.
The contracts with NBCC were signed in February 2021, and they are required to complete the work within 900 days. The contracts with JMC Projects were signed in March 2021, and they are required to complete the project within 1125 days.
Each company will construct 16 towers, including 1400 apartments with three rooms and 600 units with two rooms, as part of this project. While each three-room apartment must be 900 square feet, each two-room unit must be 650 square feet.
Exim Bank of India provided a USD 227 million credit for the construction of the apartments, which was divided into two USD 116.45 million and USD 110.5 million loans.