25-storey, USD 122 mn Finance building project assigned to Malaysian companies

The USD 122 million (MVR 1.8 billion) project to build a 25-storey building for Finance Ministry has been assigned to two Malaysian companies.

A senior officials from Finance Ministry spoke to “Sun” and said that the decision was made to assign the project to Malaysian companies W Z R Group and Funnel Investment Private Limited.

The official said that the other companies that sent proposals were two Sri Lankan companies. And that they had proposed to complete the project for USD 145 million.

“Finance shared information with Economic Youth Council regarding the project last month. The council decided to hand over the project to the Malaysian companies,” said the official.

The Malaysian companies will be paid for construction work by government over a 20-year period.

Finance Minister Abdulla Jihad said in an earlier interview with “Sun” that the building would be constructed after demolishing the two buildings to the west and to the north of Maldives Inland Revenue Company (MIRA) building.

The building will be constructed on 32,000 square meters of land.