Adhadhu has learnt that the Urban Isle Commercial Spine project in Hulhumale' has not yet started, several months after it was awarded to a Chinese company with millions paid in advance.
The project, valued at about USD 50 million (MVR 771 million), was awarded by the Housing Development Corporation (HDC) to China's Hunan No.6 Engineering Corporation Limited.
The company was awarded the contract during an investment forum held during President Mohamed Muizzu's official visit to China in January 2024.
HDC has paid the Chinese company an advance of 15 percent of the total cost of the project, or USD 7.6 million (MVR 117 million). The remaining USD 42.4 million (MVR 653 million) for the project is to be raised by the Chinese company.
HDC must pay that amount to the Chinese company when the work is completed and the site is handed over. The Chinese company was given two years to complete the work. Last year, HDC said the contractor would start work once funding was arranged. No further details were given.
Adhadhu questioned HDC to find out why the project work has not started. An official for the company said an update would be provided in the afternoon.
Adhadhu also observed the latest satellite images for Hulhumale', which confirms no developments on the site.
The Commercial Spine, which covers an area of approximately 9,500 square meters, will have seven three-storey buildings. The buildings will have 30 outlets, including businesses, entertainment venues, restaurants, brand outlets and a wellness centre.
The buildings will be connected together like a spine and the name Commercial Spine comes from its concept and design.
According to the government, the project will establish the largest commercial zone ever developed in the Maldives.
Meanwhile, Qatar's MBS Investments was also awarded a contract to build a large USD 8 billion financial centre in the Urban Isle. But the project has seen no progress since the groundbreaking ceremony months ago.
