FDC to develop 13,000 housing units in Male’ area

The Fahi Dhiriulhun Corporation (FDC) is preparing to launch projects to develop 13,000 housing units in the greater Male’ area, according to the corporation’s managing director Hamdan Shakeel.

Hamdan told Sun on Sunday that the FDC has signed framework agreements with three international contractors to develop the units.

This includes one signed with a JV between Sri Lanka’s Hayleys Aviation and Projects and Maldives’ Onyx Builders in January to develop 3,000 units.

Hamdan said that the FDC has also signed framework agreements with a Turkish company to develop 5,000 units, and a Chinese company to develop another 5,000 units.

 According to Hamdan, the 13,000 units will be built in three phases.

Hamdan said that the FDC is working on securing funding for the projects, and will begin construction as soon as it is arranged.

According to Hamdan, the projects will be financed with loans from foreign financial agencies.

Hamdan said that the FDC will ask for approval from the Economic Council before the end of the year, and will disclose more details once the corporation receives the financing term sheet for the projects.

President Dr. Mohamed Muizzu announced in November that the government will commence the construction of over 27,000 housing units across the Maldives next year. According to him, this will include 15,000 units in the Male’ area and 12,940 units in the atolls.

At present, the FDC is finishing work on the first 4,000 units developed in Hulhumale’ Phase II under the former administration’s ‘Gedhoruveriya’ housing scheme.

Back in September, Hamdan said that said the corporation expects to complete the project and finish handing over the last of the units before the end of July next year.