Chinese firm awarded Hankede tourism project under $142m loan
"We have been entrusted with the task of completing the project in about two years," Hassan Manik said.
By
Aishath Fareeha Abdulla
A government company on Thursday awarded the long-awaited Hankede tourism project to a Chinese firm, after securing loan of USD 142 million (MVR 2.2 billion) from a Chinese bank.
The Hankede project, which will be developed for integrated tourism, was announced by the government in late January ahead of the main ruling party's presidential primary. At that time, the government shared renderings showcasing the end product.
State-owned Maldives Fund Management Corporation (MFMC) and China National Electrical Engineering Company (CNEEC) signed an Engineering, Procurement and Construction (EPC) contract on Thursday.
Managing Director of MFMC Hassan Manik, who signed the agreement on behalf of the company, told Atoll Times that the project was being executed through a USD 142 million loan from a Chinese bank to MFMC. He, however, declined to provide further details about the bank or the loan taken.
"The company will complete the project in about two years," Hassan Manik said.
MFMC had earlier said that 1,041 rooms in different categories and ranges will be constructed in Hankede.
According to MFMC, the Hankede project will create jobs in Addu and open up more avenues for the southernmost city's development
Timeline of the Hankede project:
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In 2006, a company called Thoondu Private Limited was awarded a contract to develop a city hotel in Hankede
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The agreement with Thoondu was terminated for failure to carry out any works, and Hankede was then handed over to a company called Half Degree in 2008; the company also did not take up any work
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Subsequently, in June 2011, all rights related to Hankede were transferred to a Singapore-based company called Dalton Private Limited
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The company also released plans on how to develop Hankede
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The company decided to develop Hankede as a five-star resort
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In 2019, the deal with Dalton Private Limited was scrapped
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The government decided to go ahead with real estate tourism in Hankede last month and handed it to MFMC
In addition to Hankede, a real estate tourism project will also be undertaken in K. Gaafaru.
