Maldives: Hulhumale Phase II Ready to Roll

July 18, 2014

Housing Development Corporation Ltd. (HDC) and Dredging International N.V. (Belgium) have signed the framework agreement that will allow Hulhumale Phase II dredging and reclamation works to carry on.

The agreement was signed yesterday at a ceremony in Nasandhura Palace Hotel, by HDC Managing Director, Mr. Suhail Ahmed and Resident Manager – Indian Subcontinent, Mr. Amedeo Peyron on behalf of Dredging International N.V.

The dredging and reclamation works on the Hulhumale Phase II will be financed through a loan facility from the Bank of Ceylon. It is estimated that the project mobilization will take place during August 2014 and the reclamation works will be completed within a period of seven months.

Completion of the works is scheduled for December 2015.

The Hulhumale Phase II comprises of 240 hectares of land with a target population of 100,000 people. This development consists of Residential Developments, Business District & Commercial Spine, Light Industrial Park, Yatch Marina & Cruise Terminal, Knowledge Park & Technology Park, Heritage Island and a Tourism District.

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Press Release, July 18, 2014