FDC to Construct 13,000 Units in Greater Malé

The Fahi Dhiriulhun Corporation (FDC) has revealed the plans to undertake an ambitious project to construct 13,000 housing units in the Greater Malé Region. 

The initiative will be executed under a framework agreement with three international banks, signalling a significant step towards addressing the housing shortage in the Maldives.

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Speaking to PSM News, FDC Managing Director Hamdhan Shakeel shared details of the corporation’s broader housing strategy. Earlier this year, a framework agreement was signed with a Sri Lankan company to develop 3,000 social housing units. Shakeel stated that efforts to secure financing for the project are ongoing. 

Additionally, he disclosed that another agreement has been finalised with two foreign companies to develop 10,000 housing units, with funding expected to come from international financial institutions.

In parallel with these new ventures, FDC is currently overseeing the construction of 4,000 housing units in Hulhumalé Phase II. The project, which is targeted for completion next year, has received a financial boost with outstanding payments of USD 1.2 million now cleared. The corporation is making concerted efforts to expedite the work to meet its deadline.

The Maldives continues to grapple with a longstanding housing crisis, which has become a key focus of President Dr Mohamed Muizzu’s administration. The president has prioritised addressing this issue, reflected in the state budget for 2025, where the largest allocation has been earmarked for housing initiatives.

This multifaceted approach by FDC and the government underscores a commitment to alleviating the housing deficit and improving living standards in the Maldives.