FDC settles outstanding USD 11.5 million payment of 4,000 housing units project

Hamdhan Shakeel, Managing Director of Fahi Dhiriulhun Corporation (FDC), has disclosed that the outstanding amount of USD 11.5 million for the construction of 4,000 housing units in Hulhumale’ Phase II has been fully paid. This update was shared during his appearance on a special program on PSM News, where he discussed the progress of the project.

The housing units in Hulhumale’ Phase II are being developed by Kalpataru Projects International Limited (KPIL) and the National Buildings Construction Corporation (NBCC). The project is being financed with support from both the Government of India and the Maldivian government. The Government of India is contributing 15% of the total project cost, while the remainder is being funded by the Maldivian government. The total value of the project is estimated at USD 267 million.

During the interview, Hamdhan Shakeel noted that the project had faced delays due to the previous government’s failure to make timely payments. However, he confirmed that the outstanding USD 11.5 million has now been paid within the first six months of the current government’s tenure, which has led to a significant acceleration in the pace of work. Shakeel further explained that by the end of the previous administration’s term, approximately 31% of the work had been completed. In contrast, the first eight months under the new government saw an additional 32% of the work completed, marking substantial progress.

The contract for the construction of 32 towers, which will house a total of 4,000 units, was awarded to the two Indian companies—KPIL and NBCC—in 2021. The 16 towers being developed by KPIL are named “Aman Udhares,” while the 16 towers being developed by NBCC are named “Aman Dhoadhi.” FDC now aims to complete the entire project, including all 4,000 flats, by July 2025.