STO has announced a 15-storey multipurpose building next to its existing headquarters in Malé, replacing an earlier 25-storey proposal for the same plot. Managing Director Shimad Ibrahim said the concept design is in development and expected to be finalized within the next five months, with the project financed through a contractor-financing model and 15 percent STO equity.
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the construction of a 15-storey multipurpose building in the heart of Malé, set to be developed next to the company's existing headquarters
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This new development replaces an earlier proposal to build a 25-storey structure on the same plot.
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The project will be financed through a contractor-financing model, with STO contributing 15 percent equity.
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The proposed building will occupy approximately 15,000 square feet of land.
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the successful completion of at least one project valued at a minimum of USD 18 million within the past five years
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In line with its commitment to high construction standards, STO has opened the project to bids from experienced companies.
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