Housing Development Corporation (HDC) confirmed yesterday that it had handed over “The Gardens” residential project in Hulhumale’ to Rasheed Carpentry and Construction (RCC).
However, the corporation did not provide any additional details regarding the transfer of the project.
On January 27, HDC had issued a 45-day ultimatum to JAAH Investments to complete The Gardens residential project. Originally awarded in 2017, the project’s deadline has been extended multiple times, yet it remains incomplete. HDC stated that this notice is the final step before contract termination, and failure to deliver within the specified timeframe will result in the project being taken over by another party. The corporation emphasised that the decision aims to ensure that buyers who have already paid for their apartments receive them as soon as possible.
According to The Gardens website, the residential complex is set to feature various amenities, including a café, market, play areas, swimming pools, a garden pavilion, a gym, and dedicated parking and security. JAAH Investments, formerly known as JAUSA Investments, was formed in 2016 as a joint initiative between JAUSA Trading Maldives and JAUSA Construction Maldives. The company rebranded in 2018 to reflect a broader investment strategy while maintaining its roots in the construction sector.
