Malé, Maldives – Housing Development Corporation (HDC) has announced that the “Vinares” flats in second phase Hulhumalé would be complete by May 2022.
10 towers of 13 floors which have 3 room apartment totaling up to 1,344 units are being developed in the Phase 2 of Hulhumalé which was reclaimed during the administration of Former President Abdulla Yameen Abdul Gayoom.
HDC noted that the towers contain four different types of apartments. These are Marina view, Outer view, Inner view and Standard view. According to HDC, Marina view apartments overlook the Yacht Marina and Cruise Terminal, inner view apartments overlook the main roads. Outer view overlooks the city and tandard apartments are in the middle of the towers.
Inner view, Outer view and Marina view apartments are 902 square feet in size while standard view apartments are 883 square feet in size. HDC had told that all units would have three rooms, three toilets and a balcony.
HDC stated that when the finishing work is done, the living room and bedrooms of the apartments will be tiled, bathrooms will also have tiled walls and floors, as well as fixtures. Kitchens will would have full kitchen cupboard sets fixed to the wall, all rooms will be air conditioned. HDC added that no furnitures will be given with the flat.
While each tower contains four lifts, an ATM, CCTVs and parking spaces, HDC noted that the ground floor and first floor are for commercial use. These will contain office spaces, supermarts, convenient stores, gyms, cafés and restaurants.
While 42 percent of the towers have been completed by last month the rest is to be completed by next year may according to HDC.
The apartments are to be sold in three models. One is lease to own model, which requires 15 percent downpayment and the rest to be paid per month for 20 years. If 20 percent is paid as down payment, the rest can be paid within 25 years. Own equity finance model allows you to pay the total amount altogether, or within a payment schedule. End user financing model allows you to buy an apartment for a loan, using a third authority such as the bank or other financial institutions.
HDC stated that 10 percent discount will be given to the people using own equity model or end user financing model.
Apartment prices:
1. Marina view
- 64 Top floor apartments – MVR 2.73 million
- 80 Mid floor apartments – MVR 2.62 million
- 28 Lower floor apartments – MVR 2.6 million
2. Outer View
- 96 Top floor apartments – MVR 2.7 million
- 112 Mid floor apartments – MVR 2.62 million
- 164 Lower floor apartments – MVR 2.6 million
3. Inner View
- 96 Top floor apartments – MVR 2.6 million
- 128 Mid floor apartments – MVR 2.62 million
- 128 Lower floor apartments – MVR 2.6 million
4. Standard View
- 128 Top floor apartments – MVR 2.59 million
- 160 Mid floor apartments – MVR 2.57 million
- 160 Lower floor apartments – MVR 2.54 million
HDC also added that the apartments will be sold to people within the age of 18 to 60 years. If applicant and core applicant’s salary is included, they should be in permanent jobs for past 12 months.
