$50m Hulhumale business hubs project awarded to Chinese contractor
The services required for the hotel projects in Urban Isle will be developed with the project.
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By
Aishath Fareeha Abdulla
Hulhumale Phase II integrated tourism project, 'Commercial Spine', has been announced in Urban Isle and a Chinese company has been awarded the contract to build buildings for businesses.
The project agreement was signed during the Invest Maldives Forum in China. The work has been awarded to Hunan Construction Investment Group.
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Fazul Rasheed, Managing Director, signed the agreement on behalf of Urbanco
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The project cost is USD 50 million (MVR 770 million); however, it is not known where the funds are coming from yet
The project is scheduled to be completed within two years. The aim of the project is to promote tourism and increase employment opportunities in Maldives.
The purpose of the project, according to the government, is to make it easier for people to come and go to work, instead of traveling too far from where they live to work.
The services required for the hotel projects in Urban Isle will be developed with the project.
The project will expand retail activities in the area, introduce wellness, entertainment activities and banking services to the Urban Isle area. Thus:
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A total of 290,000 square feet of commercial area will be established
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A total of seven buildings will be constructed
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They will be 2-3 storey buildings
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The development is planned to be interconnected with each other; this project is called Commercial Spine for this reason
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Activities in one building will also be connected to activities in another building
Once the project is completed, the area will become the largest commercial area in Maldives. The area will provide many services to the public and tourists, especially with areas dedicated to various sports and entertainment activities.
Once the project is completed, the buildings will be leased to businesses by Urbanco. The purposes of the project is, according to the government:
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Bringing business and sporting events of popular big brands to Maldives
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This will also provide an opportunity for Maldivian entrepreneurs and artists to showcase their skills and promote their businesses
The land for the 'Urban Isle' project is located at the northernmost end of the second phase of Hulhumale, opposite Full Moon Resort.
