Payment arranged for flats developed by Apex Realty

The Government on Thursday said it had made arrangements to pay for flats developed on Arabia and Gaakoshi plots via Housing Development Corporation, HDC.

Under the arrangement, the state-owned company will make the initial payment of MVR 278.1 million to the developer, Apex Realty Private Limited.

According to the Finance Ministry, HDC and Apex Realty have now agreed down payment terms for the units.

The Ministry said it had now released the funds to HDC, and the arrangement would make it more convenient for recipients to pay for the units.

The Ministry also said further details about the arrangement would be made public soon.