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Bank of China declines to lend money to develop housing units in Hulhumale'

Lamya Abdulla
07 December 2021, MVT 14:45
(FILE) Initiating the project for 1,700 housing units in Hulhumale on March 10, 2020 -- Photo: Mihaaru
Lamya Abdulla
07 December 2021, MVT 14:45

Bank of China declines to lend money to develop 1,700 housing units in the Second Phase of Hulhumale' as previously agreed.

The project was handed over to Sinohydro Global Construction from China to develop housing units meant for citizens of Male'. Bank of China had agreed to lend 85 percent of the MVR 308,177,181 required for this project. However, according to Isles Website, the bank had withdrawn their financing offer.

Isles website publicizes progress regarding government projects.

The website also stated that with the aid of a sovereign guarantee, the contractor was currently in discussions with another bank to obtain loans required to carry out this project.

This was the first project initiated in order to fulfil the presidential vow of providing affordable housing. Eleven towers with15 to 16 floors each were to be developed under this project.

This project was initiated on March 10, 2020.

The project was originally designed in the previous administration, to develop 2,500 housing units. However with the changes the current administration made to this project, the number of housing units decreased to 1,700.

The project is scheduled to start by June 2022, and estimated to be completed within two years. The delay in starting this project is due lack of funding.

The project will include 1,020 three-room apartments of 900 square feet and 680 two-room apartments of 650 square feet.

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