State Electric Company Limited (STELCO) has announced that it will soon begin a housing project in Villimale’.
Speaking to STELCO employees at a conference, Managing Director Ahmed Shareef said STELCO is preparing to begin the housing project and the company board is in the process of approving the project. He noted that Villimale’ will become a prime real estate investment once the bridge connects the island to Male’ City and Hulhumale’.
Furthermore, Shareef said that STELCO has always prioritised the well-being of its employees by maintaining a healthy work environment. He assured the board is working on providing more benefits to the employees.
Additionally, STELCO has nearly completed the development of two towers consisting of 15 floors with 360 apartments in Hulhumale’ Phase II and will begin handing over the flats to employees on August 6. The towers consist of 72 one-room apartments with a monthly rent of USD170, and 288 two-room apartments with a monthly rent of USD690. Tenants will be required to pay a maintenance fee of USD65. However, STELCO will begin collecting rent next year.