People will be able to move in to their homes in the first housing project initiated by Fahi Dhiriulhun Corporation (FDC) by August this year, the corporation revealed.
FDC is currently developing 2000 housing units under the government's affordable housing initiative. On Friday evening, President Ibrahim Mohamed Solih visited the housing project being developed in Hulhumalé phase 2 to inspect the progress.
Speaking to Mihaaru News after the President's visit, Ahmed Shamool Abdulla, the Business Development and Corporate Affairs Manager of FDC said that housing towers will be completed in two phases.
Under the first phase titled 'Udhares', FDC will be developing 13 towers, and it is expected to be completed, with utilities, by July or August.
The project will be fully complete by early 2025, he added.
- Construction of 32 towers of 17-18 stories
- Eight housing units on each floor
- 1,200 units of two-bedroom apartments (650 square feet each)
- 2,800 units of three-bedroom apartments (900 square feet each)
The government's affordable housing initiative, 'Gedhoruveriyaa,' is being carried out by two Indian construction companies, JMC Projects and NBCC. They have been contracted to develop 4,000 housing units, with each company developing 2,000 units, or 16 towers.
India’s EXIM bank provided a USD 116.45 million and USD 110.5 million loans (USD 227 million) for the project, after the Maldives government provided a sovereign guarantee.
While the application submission for the housing flats concluded in October 2022, HDC reported receiving 20,697 applications. Though the entire project will not likely be completed before the current presidential term ends, apartment registries will be handed over to the winning applicants according to the Ministry of National Planning, Housing and Infrastructure.
The ministry has yet to announce the finalists for the housing initiative and the rent structure.
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