Fahi Dhiriulhun Corporation (FDC) has said the advance payment for the construction of 4,000 housing units in Hulhumale' Phase II has been paid to the contractors.
FDC said the advance payments for the construction of 2,000 housing units each were paid to National Buildings Construction Company (NBCC) and JMC Projects India.
Sixteen towers will be built under a mixed residential development model under each project, with 1,400 three-bedroom units of 900 square feet and 600 two-bedroom units of 650 square feet. The ground and first floor of the 16 and 17 story towers will have retail outlets and parking zones, and the remaining floors will have eight residential units. Each building will have three lifts.
India's EXIM Bank will be providing USD 228 million for the project as buyer's credit. Out of this, USD 34 million has already been disbursed to mobilize the project.