Fahi Dhiriulhun Corporation Limited (FDC) has denied that it is seeking additional loans for the finishing work of flats being developed in Hulhumale' Phase II.
FDC has held discussions with various banks in the Maldives to raise funds for the finishing work of 4,000 housing units under construction in Hulhumale' Phase II, according to a report published online. However, in a statement, FDC said it did not need to take any additional loans to complete the finishing works and that it was not negotiating with any bank for additional loans. FDC also assured that 4,000 housing units contracted to the two Indian companies will be completed according to the schedule.
Meanwhile, Minister of National Planning, Housing and Infrastructure Mohamed Aslam has stated that some of the apartments are currently undergoing finishing work. He said that the government will continue to hand over the apartments as they are completed. He also said that the government is working to release the permanent list of flat recipients in July.
In September 2021, FDC signed the loan agreements for the construction of 4,000 new housing units with two Indian companies. As such, 2,000 social housing units are developed by NBCC India Limited and another 2,000 social housing units are being developed by JMC Projects (India) Limited. FDC stated the loans are worth USD 116 million and USD 110 million respectively. FDC said Amaan Hiya has been named for the housing units being developed by JMC Projects and the name for the NBCC housing units will be announced soon. A total of 32 towers that are 17 or 18 storeys high are under development as part of the project.
The social housing units constructed under the two projects will include two-bedroom and three-bedroom units. The two-bedroom units will have an area of 650sqft, while the three-bedroom units will have 900sqft.