Sealife Global said on Thursday that the people who had requested for refund for the money they had paid to the company for apartments will be returned within a month.
The government had given the 3000 housing unit to Sealife over three years ago. Although several "finishing" dates had been announced over the years, so far, most of the project remains incomplete.
A total of 280 people had booked to purchase properties from the 300 apartments allocated within the first phase. An initial payment of MVR 50,000 had been charged to each individual under the condition that it would be refundable at any time.
Since then, many had come forward requesting for refunds due to the unexpectedly slow speed of work, several of which had also made complaints stating that they had not been recieving the entitled refund.
Sealife's Managing Director Ahmed Moosa "Ammaty" told Mihaaru that most of the people who had requested for refunds had already been paid. He added that only 47 people are left and they will be paid within a month.
Ammaty also said that the main obstacle in refunding the money was due to having have paid the sum of money to Coral, a Sri Lankan contracting company.
He noted that the company faced difficulties as a great deal of time had been spent in court trying to get back the project after Hulhumale Development Corporation (HDC) had terminated the project in 2015.
According to Ammaty, he is currently in Lanka trying to secure loans to allow for the payment of the refund amounts. He added that all work would commence once the loans are arranged and that the company anticipated all apartments would be completed by next year.
The three-block residential property features 1000 apartments and was planned for completion by 2019.
The Dubai and Maldivian company was awarded the project three years ago in a special ceremony by President Abdulla Yameen Abdul Gayoom.