Hiya flat max rent set at MVR 7,500 per month

Minister of National Planning, Housing and Infrastructure, Mohamed Aslam | Photo: Majlis

Malé, Maldives – Minister of National Planning, Housing and Infrastructure, Mohamed Aslam has revealed that the current administration has set the monthly rental price of Hiya flats at MVR 7,500 (USD 486.4).

Speaking at a press briefing today, Minister Aslam stated that if the flat receivers pay the down payments with the monthly rental payments, then the total amount of monthly rent can be lowered from the set amount.

Minister Aslam also pointed out that even though the maximum rental price was set at MVR 7,500 per month, the real cost was MVR 11,000 if cost of construction and cost of financing through the loans was included. He also added that this project was a hassle for Housing Development Corporation (HDC).

Minister also told that once the draw for the flats are held, an agreement would be made between the flat receiver and HDC and that a three month period would be given to those to fix doors, lights and tiles in the flats.

Housing Development Corporation (HDC) had announced that they will hold the draw which determines what apartment is issued to the winners of the Hiyaa apartments tomorrow. The draw on Thursday would only include category H10 (Category for persons with disabilities). Individuals will be selected in order of their NID number.

The draw will be broadcasted live form state news channel PSM. After a draw is made, the flat number, floor and tower number will be displayed on TV according to the corporation. The flat winner will also be notified with this information via an SMS.

Hiyaa Project comprised the development of 7,000 flats, in the form of 16 towers of 25-storeys each in Hulhumalé Second Phase. The project, awarded to China State Construction Engineering Corporation (CSCEC), was undertaken with a USD 437 million loan from the EXIM bank of China along with a sovereign guarantee from the government, at an interest of six percent. A period of five years to repay 15 percent of the loan, and 15 years to settle the remaining amount was granted to the Maldivian government.

Hiyaa apartments will be given to the recipients without completing the finishing works, such as installing doors and lights, painting and tiling the walls and floors which had received harsh criticism to the government.