A Procurement and Construction (EPC) contract has been signed between Fahi Dhiriulhun Corporation (FaafuDhaalu) and India’s NBCC company to construct 2,000 flats in reclaimed suburbs, Hulhumale’. India’s NBCC is a 100 percent state-owned project management and real estate development company.
FaafuDhaalu was established by the current government to carry out housing projects across Maldives. The corporation said the 2,000 flats will be constructed in the Second Phase of Hulhumale’. This includes 1,400 units of 900 square feet and 600 units of 650 square feet. The project is estimated to cost USD 130 million.
The project cost is being covered under a loan assistance provided by India’s Exim Bank. The loan was issued to FaafuDhaalu in return for a sovereign guarantee issued by the Maldives’ government.
No housing projects have been carried out since the establishment of FaafuDhaalu until now. However, a project agreement was signed between the corporation and a Chinese company last March to build 1,700 housing units. The project was planned by the previous government, and all documentation regarding the project was prepared by the previous government.
President Ibrahim Mohamed Solih in his presidential address delivered at this year’s inaugural session of the parliament announced plans to begin the construction of 5,000 flats before the end of the year. While the construction of 1,000 mixed model housing units are underway, practical work on the construction of 2,000 affordable range housing units in Hulhumale’ will commence this May, said the president.
