Male’, Maldives – Housing Development Cooperation (HDC) stated on Tueday, that the construction for the ‘Gedhoruveriya’ flats project in Hulhumale’ has commenced, and is expected to reach a conclusion in 2023.
The development of the mixed residential units, which is part of the state’s 1000 social housing flats project, is divided into three stages, the first of which is set to be completed by March 31, 2023. HDC explained that work concerning the second and the third stage will follow shortly and end by October 31 in the same year, if all goes according to schedule.
The project consists of building three types of housing units in both Phase 1 and Phase 2 of Hulhumale. They are:
Affordable Housing Units
According to the plan, 50 units of 2-room apartments are to be developed in slots measuring 650 sq ft, whilst 170 units of 3-room apartments will stretch across 900 sq ft. These flats will be sold under the Lease to Own scheme issued by the Fahi Dhiriulhun Corporation. The registration of the apartment will be changed under the owner’s name after the complete payment for the flat is made.
Council Housing Units
According to the plan, 60 units of 2-room apartments are to be developed in slots of 650 sq ft whilst 60 units of 3-room apartments will stretch across 800 sq ft. These flats will only be given for lease or lease models. Under the Lease to Own scheme by the Fahi Dhiriulhun Corporation, the registration of the apartment can changed under the owner’s name as well after the complete payment for the flat is made.
Mid-level Housing Units
According to the plan, these units are to be sold at a rate not exceeding MVR 2400 per sq ft. 160 units of 2-room apartments that will be built on 750 sq ft space whilst 500 units of 3-room apartments space out to 1000 sq ft.
The aforementioned project is carried out under the developer financing project and is the biggest project to be carried out by a Maldivian company, Apollo Housing. These flats are an initiative under the wider housing policy of the incumbent government of Maldives.