Ashoka Buildcon wins contract for $140m social housing project in Maldives

Ashoka Buildcon Limited said that it has been issued a letter of acceptance from Fahi Dhiriulhun Corporation Limited for a contract pertaining to an INR1,018.36 crore ($140.33 million) social housing project in the Maldives.

Fahi Dhiriulhun, which is a state-owned company in the Maldives, has awarded the contract on engineering, procurement, and construction (EPC) basis for the design and construction of 2,000 social housing units at the Hulhumale project phase 2.

Ashoka Buildcon wins contract from Fahi Dhiriulhun Corporation for a $140m social housing project in the Maldives. Photo courtesy of Fahi Dhiriulhun Corporation Ltd.

The social housing project in the Maldives involves the construction of 500 units of two-bedroom apartments of 650sft and 1,500 units of three-bedroom apartments of 900sft. It is planned to be financed through a loan from the Export Import Bank of India (EXIM Bank), said Fahi Dhiriulhun.

The Fahi Dhiriulhun Ashoka Buildcon housing project is slated to be wrapped up within three years.

In March 2021,  Fahi Dhiriulhun awarded a contract to JMC Projects (India) has won a contract for the development of 600 two-bedroom apartments units of 650sf and 1,400 three-bedroom apartments of 900sft as part of the $137 million worth Fahi Dhiriulhun JMC Housing Project.