President Abdulla Yameen Abdul Gayoom on Sunday night laid the foundation of four high-end towers being constructed at Rasfannu in capital Male.
Named "Coral Boulevard", the four towers are being developed by Chang Hua Construction of Singapore, under the Rasfannu Mixed Use Development project at the western artificial beach of the capital city.
President Yameen was accompanied by Minister of Housing and Infrastructure Dr. Mohamed Muizzu, along with some other ministers of his Cabinet, at the foundation laying ceremony.
The project site encompasses the land plot of the former BG Sports Club field, up to the netball court of Social Centre. The four towers will have 25 - 28 storeys featuring 350 apartments, sports complexes, parking lots on four floors accommodating 500 cars and 300 motorcycles, and 40 percent green open space.
According to the housing ministry, 120 flats from the finished towers are to be given to government. The ministry assured that these apartments will be sold at a controlled rate.
Under the contract with Chang Hua Construction, Coral Boulevard is to be completed by the end of 2020.
Chang Hua Constuction is also the contractor of the new state-owned, 25-storey Dharumavantha Hospital being developed near Indira Gandhi Memorial Hospital (IGMH). The project was awarded to Chang Hua in July 2017.