Additional funding required for the FDC housing units to be completed
According to statements from Hamdhan Shakeel, the Managing Director of FDC, additional funding will be imperative to finalize the construction of the housing units.
The Edition
The housing crisis gripping the Maldives, particularly in the bustling Greater Male’ Area, continues to pose significant challenges, marked by exorbitant prices and a scarcity of available properties. Despite several previous attempts to address this pressing issue, a substantial portion of residents, including long-standing inhabitants of Male’ City, still find themselves reliant on rented accommodations.
In response to this enduring predicament, the former administration unveiled the 'Gedhoruveriya' housing scheme, specifically tailored to cater to the needs of Male’ residents. Launched in June 2023, the initiative garnered an overwhelming response, amassing over 20,000 applicants eager to secure housing under the program.
Contracted to the Fahi Dhiriulhun Corporation (FDC), the ambitious project aimed to construct a total of 4,000 housing units, primarily in the form of 32 towering structures, each comprising 18 floors. The proposed accommodation included 1,200 two-bedroom apartments and 2,800 three-bedroom apartments, offering a variety of options to suit the diverse needs of Male’ residents.
However, recent developments have shed light on potential obstacles hindering the project's completion. According to statements from Hamdhan Shakeel, the Managing Director of FDC, additional funding will be imperative to finalize the construction of the housing units. Shakeel disclosed that an estimated MRF 454.5 million will be required to facilitate the completion of the flats, particularly in the second phase of development in Hulhumale’.
Providing insights into the project's progress, Shakeel revealed key milestones achieved during the construction process. Under the previous government's tenure, a commendable total of 216 floors were erected within a span of 22 months. Notably, the pace of construction witnessed a significant surge in recent months, with an impressive 192 floors completed in just four months. Shakeel attributed this accelerated progress to enhanced efficiency, evidenced by a remarkable increase in the number of floors completed monthly, skyrocketing from 10 to an impressive 48.
Despite these notable advancements, Shakeel emphasized the indispensable role of additional financial support in realizing the project's full potential. FDC remains committed to collaborating closely with the government to secure the necessary funds, ensuring the seamless completion of this crucial endeavor aimed at alleviating the housing woes plaguing Male’ residents.
Source: https://mfr.mv/real-estate-and-housing/government-announces-recipients-for-gedhoruveriya-scheme
