STO launches construction of two towers under Hiyaa project

The Government has launched the construction of the two towers under the Hiyaa project.

The project was launched by Economic Minister Mohamed Saeed, State Trading Organization (STO) Chairman Salim Mohamed and Managing Director Ahmed Shaheer.

Speaking in the ceremony held in February in the second phase of Hulhumale’, MD Shaheer said housing was an acute crisis facing Maldives. The launch of Hiyaa housing scheme, he added, will address much of the need.

The US$ 27 million project is carried out under the joint partnership of STO and China’s MCG China Millennium Development Group. Hiyaa is to be completed in a two-year period. Once completed the two towers will have 350 apartments, either with one-, two- or three-bedroom apartments.

Hiyaa is financed under the contractor assisted finance method.

Shaheer also addressed rumors that STO had lagged in getting started on the project, noting that STO had always attempted every project after careful planning and preparation.

He added the towers will provide housing for the company’s staff. A third tower will provide further accommodation for STO Group staff, though details of the planned extension are to be revealed.

Shaheer further assured the Hiyaa will the most affordable housing given to the company’s staff.

Speaking in the launch ceremony, Economic Minister Mohamed Saeed said that STO was the backbone of the nation’s economy, adding that STO staff were the biggest asset in this endeavor.

Hiyaa housing scheme is conducted through various state owned enterprises and two foreign companies. Under this scheme, 62 towers are to be constructed.

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