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FDC contracted to build 2,000 housing units in Hulhumale'

09 March 2021, MVT 16:52
Fahi Dhariulhun Corporation has signed an agreement with Indian company JMC Projects to develop 2,000 housing units Phase Two of Hulhumale'.
09 March 2021, MVT 16:52

Fahi Dhariulhun Corporation (FDC), on Monday, signed an agreement with Indian company JMC Projects to develop 2,000 housing units Phase Two of Hulhumale'.

According to FDC, 600 of the housing units would measure 650 square feet and consist of two bedrooms. The remaining 1,400 housing units will measure 900 square feet and consist of three bedrooms.

The aforementioned project will be financed under a credit facility extended under EXIM Bank's Buyer’s Credit scheme. A total of USD 137 million will be spent to finance the housing units which are scheduled for completion within a three-year period.

The government plans to commence construction efforts for a minimum of 5,000 housing units during 2021.

Speaking at a press conference in February, Minister of National Planning, Housing and Infrastructure Mohamed Aslam, stated that the administration supported the allocation of social housing to the most deserving people.

In this regard, the minister revealed plans to introduce housing schemes under four income bands which range from low to high income categories.

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