Agreement signed with a Korean company to develop 3000 housing units

Friday, July 30th, 2010

Ministry of Housing and Environment has signed an agreement with Republic of Korea’s Next Gen Company, to develop 3000 housing units throughout the Maldives, a contract worth USD 110 million.

Akram Kamaaludhdheen, Deputy Minister of Housing and Environment signed the contract on behalf of the government. Yun Chul Kim, Planning Manager of the Company signed on behalf of the company, in a ceremony held at Ministry of Housing and Environment.

Speaking at the ceremony Akram also noted that the agreement signed is a “conditional contract” including the cost of the housing units and the schedule on the completion of the units.

Within two months final contract would be finalized and signed after a month, Akram explained. After a month from signing the actual contract, construction work would begin.

This project would be completed in two years and would have to be repaid in 20 years, although he did not specify the exact details of the repayment.

Of the 4000 housing units being constructed with assistance from Chinese government, work on 1000 units which would be constructed in Hulhumale would begin before 11 November 2010, Akram also added.

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