The first contract signing ceremony has been held Monday for the development of 3,000 housing units and an office complex in Hulhumalé.
Sri Lanka-based property developer Coral Holdings was assigned to develop 350 housing units in Hulhumalé, under the first phase of the project contracted to Sea Life Global.
The first phase of the project, to develop middle and high range apartment blocks, would see the development of a total of 1,000 housing units.
The development of 350 housing units contracted to Coral Holdings is expected to be completed in 18 months.
Development of the remaining apartment blocks under the first phase of the project will be contracted on a similar basis to different developers.
The function held to sign the agreement was officiated by Dr. Mohamed Muizzu, Minister of Housing and Infrastructure, in addition to Ahmed Munawwar Minister of Finance and Treasury, and Rav S. Karunanayake, the Minister of Finance and Planning of Sri Lanka.
Speaking at the function, Karunanayake highlighted the investment potential of the Maldives, and assured efforts to promote Maldives with Sri Lankan investors.
Chairman of Coral Holdings Dr. S. Prabaharan assured that all development work would be completed as per schedule, and assured quality of their work.