The State Trading Organization (STO) has announced plans to construct a 15-storey multi-purpose building adjacent to its head office in Malé.

Speaking at STO’s Annual General Meeting (AGM), Managing Director Shimad Ibrahim stated that the concept design for the project is currently underway and is expected to be completed within five months.

The upcoming development will replace a previously announced plan to construct a 25-storey building on the same plot of land. The project will be developed on a contractor-finance basis, with STO contributing 15 per cent equity. The total land area allocated for the building is approximately 15,000 square feet.

The new building will feature a range of facilities aimed at supporting STO’s operational and business needs. Planned features include a reception area, office space, a training centre comprising a classroom, lecture hall, and auditorium, as well as bathrooms, a pantry, a multipurpose hall, cafeteria, parking space, recreation or clubhouse area, and a wellness centre with a gym.

STO has opened the opportunity for qualified companies to express interest in the project. Interested parties must have successfully completed a project worth at least USD 18 million as the primary contractor within the past five years. Applications from subcontractors or firms that do not meet this criterion will not be accepted.