Ahmed Niyaz, the Managing Director of Maldives Tourism Development Corporation (MTDC), has announced that the company’s new office building is scheduled for completion next month. Niyaz stated that the completion of this building will significantly enhance the company’s revenue.
MTDC initiated the project to construct its office building in 2023. That same year, Housing Development Corporation (HDC) acquired the land and finalized the design work. According to MTDC, the physical construction commenced in June of last year.
During an appearance on PSM’s “Haftaa 104” program, MTDC Managing Director Ahmed Niyaz provided an update on the project’s progress. He noted that substantial headway has been made over the past 17 months since construction began. He further indicated that, based on current projections, the building’s construction is expected to conclude by January of next year.
Niyaz elaborated, “The building’s construction will be entirely completed by January of next year. This structure represents a significant advancement for the company, as it will boost our revenue. Already, various entities have expressed interest in different floors of the building, and discussions regarding leasing arrangements are currently underway. Therefore, this is a very crucial project that we undertook to secure additional financial benefits for the company.”
MTDC highlighted that its new office building is being developed to be distinct from typical office buildings in the Maldives, offering numerous modern conveniences. This 11-story building will feature a conference hall, and the first floor will house a business lounge.
Niyaz reiterated his belief that the building will substantially increase the company’s income. He estimates that the revenue generated from leasing this building will be equivalent to the annual lease income received from one of the company’s resorts.
“Currently, we operate two resorts. When we compare the annual lease income from these two resorts, the revenue from this office building alone is projected to match the income from one resort. This signifies a very substantial advancement for the company,” Niyaz affirmed.
MTDC has expressed confidence that with the completion of the new office building and other ongoing projects, the company’s revenue will experience a significant increase, and operations will be streamlined to maximize benefits for shareholders. One of the largest ongoing projects for the company is the development of HDh. Naagoshi.
