Maldives Transport and Contracting Company (MTCC) has inaugurated a housing scheme to be developed in Phase II of capital city Male’s suburban extension, Hulhumale.

The housing scheme was officially inaugurated by Chairman Ahmed Niyaz an Chief Executive Officer Ibrahim Ziyath of MTCC at a ceremony held on Tuesday night at Hotel Jen in the capital city.

MTCC reveals that the 14-storey two towers to be constructed under the project in Phase II of Hulhumale’ comprises of a total of 400 apartments. According to MTCC, the two-tower housing unit comprises of 160 one-bedroom apartments, 80 two-bedroom apartments and 160 two-bedroom plus one maid room apartments.

Price tags on these apartments are as follows:

• One-bedroom apartments ranging between MVR 700,000 and MVR 800,000
• Two-bedroom apartments ranging between MVR 1.2 million and MVR 1.3 million
• Two-bedroom with maid room apartments ranging between MVR 1.4 million and MVR 1.7 million

“These prices are quite affordable compared to the ones in the current real estate market of Maldives. It is in fact 50% discounted from the ones on real estate market. I would like to highlight that a convenient way will be paved for employees of the company to pay up their down payments within 24 months” said Ziyath.

Although Ziyath revealed this, he did not state the amount designated as down payment.

While 330 out of the 400 apartments will be given to MTCC employees, the remaining 70 will be put on real estate market for the general public. Out of these 330, 10 apartments will be reserved for employees with special needs.

Moreover, MTCC will begin issuing forms to its employees within the commencing week and permanent employees of the company will be given the opportunity to submit their applications through a window to be opened till the end of September.

While MTCC estimates the project to cost MVR 439 million, they estimate the project to be completed within the next two years.