Only nine parties have made payments to purchase apartments from the Coral Boulevard project, contracted to Singapore's Chang Hua Construction during former President Abdulla Yameen’s administration.

The Ministry of Housing and Urban Development revealed this during a press conference on Thursday. As such, Housing Minister Athifa Shakoor revealed that the average rate set for the apartments according to agreements is at USD 315,350.

Nine parties have thus far paid the down payment amount at USD 104,500, revealed the minister.

Further, Minister Athifa revealed that although some media outlets are observed to be reporting that some of the buyers have sought compensation for their payments, the ministry is yet to receive any such complaints.

The minister said that if they receive such a complaint, they will follow through as the buyer requests.

Shedding light on recent discussions held with the developer of the project, Minister Athifa said that the company has requested for two additional weeks to submit a record of the expenses for the project as per the timeline under the agreement.

While the previous government had contracted Singapore's Chang Hua Construction with the construction of the four 28-storey towers with 350 apartments in capital city Malé, as part of its “redevelopment plan” in 2017, the ministry revealed that they have completed 13 percent of the foundation work for one of the towers. However, work on the remaining three towers is yet to begin.

The current administration had on 25 February 2019, decided to move the project from capital city Malé to Hulhumalé, its suburban extension.

While this was done as the capital city is notably congested, the government allocated a plot of land measuring 129,000 square feet from Hulhumalé on 18 June. The project was moved to Hulhumalé as the construction guidelines allow 15-storey buildings in the suburbs. The development project was granted a plot of land measuring 70,000 square feet from Malé.

However, the developer is yet to decide on carrying out the project in the land.

The ministry has since stated that it will not be moving the development project back to Malé even if the government has to fund it in hefty amounts.

One of the 100-meter-long towers are to be developed as a luxury hotel with 228 bedrooms. The hotel tower is to measure 8,600 square feet. The other three towers are to contain 533 residential flats ranging from two-bedroom to four-bedroom apartments. The second tower is to measure 10,000 square feet and the third to measure 13,000 square feet. The development project was to take up a plot of land measuring 70,000 square feet.

While the towers will be built around 15 percent of greenery, they are to contain recreational facilities such as swimming pools, a playground for children as well as a barbecue area.