Maldives to inaugurate mega housing project

Male: Ministry of Economic Development's Invest Maldives has revealed that the country's largest ever housing project will be inaugurated this February.

The Ministry has now put on tender to find out those who are interested in construction work of the 10,000 housing units proposed by the government to solve the nationwide housing problem.

Out of the 10,000 housing unites, 7000 will be built within islands selected within atolls and the government is not looking to reclaim land as part of the project.

The Ministry said that 1000 luxury villas will be built under the project, and that an estimated 500 Million US Dollars will be spent on the project.

According to the Ministry, Maldivian embassies abroad are also working to further strengthen the project, in which 1100 housing units will be built in Male'. 900 in Hulhumale', 7000 housing units within atolls and 1000 luxury villas will be constructed.

The Ministry has said that the project has been put on public tender, and that anyone with the required capabilities may apply for it. Priority will be given to those who are most capable of such large-scale projects, says the Ministry. Foreign Company's and partnerships between locals and foreigners will also be accepted.

President Nasheed has said that the government will pay any amount of the payments to housing units which goes over 20% of the income of people. Company's from Europe, China and India are said to have already expressed interest in the project.