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State Electric Company (STELCO) hands over flats built for the company’s staff under the Hiya housing project.
As part of the Hiya project, state-owned companies were provided land plots in Hulhumale’ Phase II to develop flats for staff. STELCO is the first company to complete the development and handover of the flats.
The ceremony held to officially hand over the flats was held on August 6. Speaking at the handover ceremony, Managing Director of STELCO Ahmed Shareef said the company is delighted to complete the project and hand over the flats to staff at affordable prices. He noted arrangements have been made for staff to pay for the flats through the company instead of taking a bank loan, in order to reduce the total amount that would need to be paid.
The project to develop STELCO’s flats was undertaken by a Chinese contractor. Under the project, two towers were developed with 360 apartments, which includes one-room apartments and two-room apartments with a maid room. The monthly instalment to be paid for the flats is USD366 for a one-room apartment and USD675 for a two-room apartment with a maid room. Payment is to be carried out over a period of 18 years.
In addition to STELCO, three other companies are currently developing housing towers in Hulhumale’ Phase II under the Hiya project. They are Maldives Airports Company Limited (MACL), Maldives Ports Limited (MPL) and Male’ Water and Sewerage Company (MWSC).