China's Hunan Construction Investment Group has been awarded the contract to develop seven buildings in the 'Spine' area located in Hulhumalé Urban Isle.
The agreement was signed on behalf of Urbanco by Managing Director Ibrahim Fazul Rasheed, who is in China as part of President Dr. Mohamed Muizzu's delegation. The project is expected to cost USD 50 million (MVR 771 million).
Plans have already been made to construct special buildings for business activities in 'Urban Isle,' which is being developed as a tourism zone in Hulhumalé. The commercial area is intended to provide services to tourism boutiques and hotels in the tourism area.
Under the 'Commercial Spine' project, seven buildings will be interconnected. It will consist of seven commercial buildings and a supporting services building, offering retail shops, wellness services, entertainment services, and banking services.
The nearly 290,000-square-foot area will have three to four levels, and Urbanco stated that the seven interconnected buildings will become one of the most prominent structures in the area. The project is named 'Spine' due to its interconnected design.
The development of the area will make it the largest commercial zone in the Maldives. Urbanco has stated that guesthouse tourism will expand in the area, incorporating leisure and entertainment activities. Once the buildings in the area are completed, Urbanco will lease them out to businesses.
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