The contract to build 1,000 housing units in Baa Eydhafushi has been awarded to China's Sino Hydro Corporation.
Construction Minister Dr. Abdullah Muthalib signed the agreement on behalf of the government at a ceremony held at the President's Office today. Country Manager Pen Guangshu signing on behalf of Sino Hydro Corporation.
The project scope includes twelve 15-storey towers housing 772 two-bedroom flats and 336 three-bedroom flats. According to Minister Muthalib, the decision to build multiple high-rise towers was taken as Eydhafushi was recently designated as an urban center under the current administration, and the island's land area cannot sustainably be expanded further.
Addressing the nation's housing challenges remains a key priority for the government. As part of the efforts, the government has launched the "Housing Finance Scheme" which provides loans for house construction at a profit margin of five percent.
