FDC Receives Greenlight for Loan to Build 5,000 Housing Units in Greater Male’
Flats under development by FDC in Hulhumalé Phase 2 | Photo: MV+
The Fahi Dhiriulhun Corporation (FDC) has received the greenlight from a Chinese bank to finance the construction of 5,000 housing units in the greater Malé area.
The loan commitment marks a key milestone in FDC’s broader plan to develop 13,000 housing units across the Maldivian capital.
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According to FDC’s managing director, Hamdhan Shakeel, the corporation has received a term sheet from the bank, signalling its intent to provide funding for the project. While the name of the bank has not been disclosed, the term sheet has been forwarded to the Economic Council for evaluation.
FDC will proceed with the signing of the loan agreement following approval from the Economic Council and the finalisation of an Engineering, Procurement and Construction (EPC) contract with a selected contractor. Under an EPC contract, the contractor assumes full responsibility for the project from design and engineering through to procurement and construction.
In January, Hamdhan stated that all 13,000 housing units would be developed under fully contractor-financed models. To this end, FDC has already signed framework agreements with three international companies. The agreements include 5,000 units with a Turkish company, another 5,000 with a Chinese firm, and 3,000 with a Sri Lankan company.
