The state-owned Maldives Transport and Contracting Company has hired a Singapore firm to build two housing towers in Hulhumalé.
MTCC signed agreements with RI Engineering Private Limited on Sunday to build two 15-storey towers with 362 apartments:152 one-room apartments and 210 two-room apartments.
The project is part of the government’s Hiyaa social housing programme which will provide accommodation for more than 80,000 people.
Other state-owned bodies, including two universites, have announced they will also seek contractors to build towers as part of the same development.
MTCC CEO Ibrahim Ziyath told online news website Sun.mv the construction would be finished in 18 months,
“We hired them to finance, design and develop the towers. Since they are already mobilised (in Hulhumalé) they inform us that it will be finished in one and a half years,” Ziyath said.
The apartments will be sold to MTCC employees at low rates, he said.
“We have a five-year period to pay back the contractor with a two-year grace period included,” he added.