The Housing Development Corporation (HDC) is accelerating the design and execution of the mega project to develop a significant total of 3,960 housing units across 13 islands, HDC Managing Director Ali Zuhair has revealed.
Zuhair confirmed to PSM News that the design and execution work for these massive housing projects are already progressing, cementing localised housing development as a top priority for the corporation this year.
He emphasised that the expansion allows HDC to undertake various development projects in different parts of the country, moving beyond their traditional scope. The projects vary considerably in size, encompassing everything from smaller developments of 50 to 100 units up to large-scale initiatives comprising 2,000 housing units.
Addressing the funding mechanism required for this widespread undertaking, Zuhair noted a strategic financing approach.
"The work is planned to be contractor financed, the larger projects, especially 1,000 or 2,000 housing units. Small 50 or 100 housing units are being financed in other ways,” he explained
The Managing Director added that HDC is collaborating closely with the Ministry of Construction, Housing and Infrastructure on development strategies, while simultaneously working with local island councils to design new projects, allocate land, and re-initiate projects that had previously stalled after commencement.