Maldives Transport and Contracting Company (MTCC) has launched Hiya social housing scheme for its employees, as part of the largest social housing project initiated in by the government. The scheme was officially inaugurated by Chairman of MTCC Ahmed Niyaz at a special ceremony held at Hotel Jen.
Under the scheme, MTCC will construct two 14-storey towers, with a total of 400 apartments. Both towers will comprise of 160 single room units, 80 two room units and 160 two room units with maid rooms.
Speaking at the ceremony, Chairman Ahmed Niyaz noted MTCC have experienced major challenges and financial hurdles which were thought to be unrecoverable in the past, adding the policies implemented since President Abdulla Yameen Abdul Gayoom assumed office in 2013, have transformed MTCC as a profit-based company. In this regard, Niyaz said it enables the company to conduct new projects, highlighting the achievements made by the company, within the past four years, are remarkable.
Moreover, CEO of MTCC Ibrahim Ziyath expressed the social housing scheme of the government is a step forward in enhancing the livelihoods of the people. Ziyath expressed hope to conclude the project within two years, adding the prices for the housing units will be 50% lower than the real estate prices in the country. The down payment can be paid within 24 months, stating 10 units are reserved for employees with special needs, according to the CEO.
Two room units are priced between USD 77,000 and USD 84,000, while two room units with a maid room are priced between USD 90,000 and USD 109,000, according to MTCC. The government initiated the largest ever social housing project in Maldives to provide affordable housing for a population of over 100,000 in the newly developed Hulhumale' phase two.