Industrial and Commercial Bank of China Limited (ICBC) has signed an agreement with HDC to provide loans to develop 7000 housing units under Phase II of the Hulhumale' Development Project.
Phase II targets a population of 240 thousand and would see over 30 thousand housing units developed on the island. According to Housing Development Coporation (HDC), of the 15 thousand housing units currently earmarked for contractors, practical work has now begun on 7000 housing units. These 7000 housing units developed by China State Construction Engineering Corporation Limited (CSCEC), would consist of 16 towers, each 25 stroreys high.
Speaking about Phase II of the Hulhumale' Development Project, the Managing Director of HDC Mohamed Saiman said that work is underway to secure funds for the development of the remaining housing units. He said that work is being managed in a way that the corporation can accommodate multiple projects, simultaneously. Construction of the mosque for Phase II is also underway.
People are scheduled to be settled in the area developed under Phase II of the Hulhumale' development project, in 2018.