The 10-storey building developed by the Maldives Tourism Development Corporation (MTDC) has been inaugurated.
The building was officially opened by the Minister of Tourism and Civil Aviation Mohamed Ameen.
The 3345-square-foot building was developed over a 6195.25-square-foot plot, and is located in front of the Central Park in Hulhumale’. It features administrative offices, a convention hall, a ground-floor cafe’ and basement parking.
MTDC expects the building to generate regular rental income and strengthen its financial position. According to the corporation, it symbolises the corporation’s strong policies of fully utilising resources and diversifying its revenue sources beyond tourism.
The building’s development began with the purchase of the land plot from the Housing Development Corporation (HDC) on 30 May 2022. The construction contract was awarded to Hunan Six Engineering Company on 25 September 2023, and the foundation stone was laid on 17 July 2024.
MTDC said the completed building signifies MTDC’s vision, growth and economic development.
Managing Director Haris Mohamed said although the company’s achievements over the last 20 years were limited, its future was bright and promising. He said MTDC was planning several projects to diversify its revenue streams, and outlined plans to develop another office building in the Male’ area, with work expected to begin soon.
Haris further said the company aims to increase shareholders returns through new investments and businesses while protecting its existing income-generating assets.