The State Trading Organisation (STO) has decided to develop a 25- storey multipurpose building in Male' City. The organisation is seeking contractors to undertake the project, with opportunities for interested parties to submit their proposals before August 13. STO stated that interested parties must be a primary contractor of a project worth over USD1.2 million during the past five years. STO said that parties who took on projects as subcontractors will not be accepted.
STO disclosed this significant decision was taken, aiming to increase the workspace to strengthen the organisation's management and to execute efforts to expand trade activities. The building will be established on a land slot of 15,000 acres, next to STO's Head Office. The new building will feature a special area for work, a training centre, a multipurpose hall, a cafeteria, a recreational area, as well as a wellness centre.
The development of the building will be done in a contractor financing scheme, with STO providing 15% of the projects' equity. The project will be contracted under the Engineering, Procurement and Construction (EPC) model.