The State Trading Organization Plc (STO) has issued a call for Expressions of Interest (EOI) for the ambitious development of a twenty-five-storey multi-purpose commercial building. This project, aimed at transforming Male’s commercial infrastructure, is expected to draw interest from leading construction firms.
The proposed development will operate under a contractor finance model with STO providing 15% equity. The project will adhere to the Engineering, Procurement, and Construction (EPC) method, ensuring a comprehensive and streamlined process from inception to completion. This model is designed to attract companies with proven expertise in managing large-scale projects, particularly those with experience in constructing multi-purpose commercial buildings.
To qualify for consideration, interested companies must have successfully completed at least one concrete structure multi-purpose commercial building valued at USD 18 million or more as the primary contractor within the past five years. Subcontractor experience will not be considered, highlighting STO’s commitment to engaging only the most qualified and experienced firms for this landmark project.
Expressions of Interest must be typewritten and signed by an authorised representative of the applicant company. All submissions are to be sent via email to tenders@sto.mv, clearly marked with the subject line “EOI for the development of a Twenty-Five storey multipurpose commercial building.” The deadline for submission is set for 13 August 2024, at 14:00 hrs, Maldives Time. STO retains the discretion to extend this deadline, and any EOIs received after the specified time will not be considered. Applicants may withdraw their submissions prior to the deadline, but modifications to the EOI will not be accepted after the deadline has passed.
This announcement marks a crucial opportunity for construction companies to engage in a project that promises to enhance the commercial landscape of the Maldivian capital. Interested parties are encouraged to contact STO for further information and to obtain the necessary documentation, including the Terms of Reference and Project Brief.
The development of this twenty-five-storey commercial building is poised to be a cornerstone in the ongoing urban development of Male, reflecting STO’s strategic vision and commitment to fostering economic growth through substantial infrastructure projects.
