The State Trading Organization (STO) has announced an ambitious new project: the construction of a 15-storey multipurpose building in the heart of Malé, set to be developed next to the company’s existing headquarters.
The plan was revealed during STO’s Annual General Meeting (AGM), where Managing Director Shimad Ibrahim provided an update on the project’s progress. He confirmed that the concept design is currently in development and expected to be finalized within the next five months.
This new development replaces an earlier proposal to build a 25-storey structure on the same plot. The revised plan is seen as a more practical approach, designed to meet the evolving business and operational needs of STO while remaining financially feasible. The project will be financed through a contractor-financing model, with STO contributing 15 percent equity. The proposed building will occupy approximately 15,000 square feet of land.
According to STO, the building will serve multiple functions, housing essential corporate and public amenities. Facilities planned for inclusion are a welcoming reception area, modern office spaces, a fully equipped training centre with classrooms and a lecture hall, and an auditorium. Additional features will include restrooms, a pantry, a multipurpose hall, a cafeteria, and a wellness centre offering gym facilities. The building will also have dedicated parking and recreational areas, including a clubhouse-like space.
In line with its commitment to high construction standards, STO has opened the project to bids from experienced companies. Interested contractors must have a proven track record, including the successful completion of at least one project valued at a minimum of USD 18 million within the past five years. Subcontractors or firms that do not meet this requirement will not be considered for the project.
The development reflects STO’s broader strategy to modernize its infrastructure and expand its service capabilities. Once completed, the new building is expected to become a prominent fixture in Malé’s cityscape, supporting STO’s growing operational needs while also serving as a hub for training, wellness, and business activity.
