Fahi Dhiriulhun Corporation (FDC) has made the advance payments to the contractors of projects to develop 4,000 housing units in Hulhumale’ Phase II.
Construction of 2,000 the units was contracted to NBCC (India) Ltd. in February, while the construction of the remaining 2,000 units was contracted to JMC Projects (India) Ltd. in March.
The projects are financed with loans from Export-Import (EXIM) Bank of India, which disbursed USD 34 million as advance payment for the projects under buyer’s credit earlier December.
FDC has now made advance payments of USD 20.6 million to NBCC and USD 19.5 million to JMC.
According to FDC, the projects involve the construction of 2,800 three-bedroom units of 900 square feet and 1,200 two-bedroom units of 650 square feet.
The units will be developed based on a mixed residential development model. The ground floor and first floor of the buildings will have parking and retail outlets.
16 towers will be built under each of the projects. And each of the towers will have three elevators.
FDC states it is set to begin construction work soon.