President Abdulla Yameen has on Sunday launched the Rasfannu Mixed Use Development Project, or the Coral Boulevard project, in capital Malé City.

The project was launched at a special ceremony held at Rasfannu Beach on Sunday night.

The Coral Boulevard project is being carried out as part of the current administration's redevelopment plan of the capital city and will include four, 25 to 28-storey towers with residential bedrooms and hotel rooms. It will also include retail stores.

After the launching, President Yameen took a tour of the show flat displaying a residential unit of one of the towers of the Coral Boulevard.

The 'Rasfannu Mixed Use Development Project' is being developed by Singapore’s Chang Hua Construction Pte Ltd., the same company that is constructing Indhira Gandhi Memorial Hospital (IGMH)'s new 25-storey building, which is to be named 'Dharumavatha Hospital'.

According to Coral Boulevard's official website, three of the towers will have 549 residential units while the President's Office notes that its luxury towers will consist of 533 residential bedrooms and 228 hotel rooms.

Back in March, booking was opened for 80 of the residential apartments; while these apartments are three-bedroom apartments, the booking fee is MVR 150,000.

Housing Minister Dr. Mohamed Muizzu had said that 'this would be a Singapore standard place', adding that 'there will be 40% greenery and open spaces'.